COMPANY RESEARCH AND ANALYSIS REPORTRESOL HOLDINGS Co., Ltd.
5261
Tokyo Stock Exchange Prime Market

6-Aug.-2024
FISCO Ltd. Analyst

Kimiteru Miyata

FISCO Ltd.
https://www.fisco.co.jp

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/■ Index■Summary---------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 01
1. Characterized by a synergies model based on the uniqueness of its businesses and its
business portfolio........................................................................................................................................

01

2. The mainstay operations businesses (hotels and golf) are the driving force.................................................

01

3. Following the rapid increase in inbound demand, in FY3/24 hotels greatly recovered andreturned to profitability................................................................................................................................

01

4. Entering a profit-growth stage by capturing medium- to long-term inbound demand..................................

02■Company summary-------------------------------------------------------------------------------------------------------------------------------------------------- 03
1. Company summary and management policy. ..............................................................................................

03

2. Business characteristics........................ ......................................................................................................

04

3. History................................................... ......................................................................................................

05■Business description---------------------------------------------------------------------------------------------------------------------------------------------- 06
1. The RESOL NO MORI (CRCC) business. .....................................................................................................

06

2. The hotel operations business............... ......................................................................................................

09

3. The golf operations business................. ......................................................................................................

11

4. The welfare business............................. ......................................................................................................

12

5. The renewable energy business...................................................................................................................

13

6. The investment recovery business......... ......................................................................................................

14■Results trends--------------------------------------------------------------------------------------------------------------------------------------------------------------- 14
1. FY3/24 results trends............................. ......................................................................................................

14

2. Results trends by segment.................... ......................................................................................................

15

3. FY3/25 results forecast................................................................................................................................

22

4. Medium-term initiatives.. ........................ ......................................................................................................

24■Shareholder returns policy-------------------------------------------------------------------------------------------------------------------------------- 25
1. Dividend policy...................................... ......................................................................................................

25

2. Shareholder benefits program. . .............. ......................................................................................................

25

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/■ SummaryEntering a profit-growth stage, spurred on by the rapid increase in
inbound demand
1. C haracterized by a synergies model based on the uniqueness of its businesses and its business portfolio
RESOL HOLDINGS Co., Ltd. <5261> (hereafter, also “the Company”), based on its twin axes of facility operations
and investment recovery, is developing six diversified businesses that are strongly unique, of the hotel operations
business, the golf operations business, the RESOL NO MORI (CRCC) business, the welfare business, the renewableenergy business, and the investment recovery business. At first glance, the Company’s business segments appear
to be unrelated, but one of its major characteristics is a synergies model based on its business portfolio. Facility
operations and investment recovery have complementary relations in terms of earnings, and based on this, theCompany mutually leverages synergies between its unique businesses to provide added value, of high levels of
convenience and higher levels of satisfaction to customers, and it aims to differentiate itself further in each of its
respective industries. In addition to the uniqueness of each business and its business portfolio, another major
strength of the Company is the synergies it generates with the Mitsui Fudosan <8801> Group and KONAMI GROUP<9766>.
2. The mainstay operations businesses (hotels and golf) are the driving force
In the hotel operations business, the Company operates lodging facilities under a variety of brands, including
RESOL Hotels that it is rebranding toward becoming tourist hotels. The golf operations business includes notjust soft aspects like planning and services, it also has an excellent reputation for improving the quality of hard
aspects, such as renovations. The RESOL NO MORI (CRCC) business provides a high-quality resort life, including
through the expansion of the Grandvaux Spa Village. Inbound demand is strong in each of these businesses, andthe Company is further strengthening services and hard aspects to capture this demand. In addition, the welfare
business is actively developing operations through its strengths of a settlement business model, Plus Your Choice,and Group directly managed facilities. The renewable energy business conducts two businesses, electricity sales
and self- consumption, while the investment recovery business is an important source of earnings while paired withthe operations businesses, and it supports the stabilization of Group earnings in a complementary manner as asource of funds.
3. Following the rapid increase in inbound demand, in FY3/24 hotels greatly recovered and returned to
profitability
The FY3/24 results were extremely positive, with net sales of ¥25,717mn (up 16.6% year on year (YoY)) and operating
profit of ¥2,122mn (up 554.8%). The environment continues to be excellent in the post COVID-19 period, includingthat domestic travel and inbound demand are growing rapidly. In this sort of operating environment, in addition to
the Japanese government target of 60mn inbound visitors by 2030 and the growing participation of young people
and women in golf, the golf business is benefiting from other developments, such as the increase in inbound golfers
and the lengthening of the playing lives of senior golfers. In addition to pursuing synergies, the Company is aiming
to grow its existing businesses, including by expanding facilities, conducting marketing to acquire inbound anddomestic travel demand, providing services that are one rank higher, and offering higher levels of quality. As a resultof these efforts, although profits declined in the investment recovery business, which had been the profit driver,
due to the novel coronavirus pandemic (hereafter, COVID-19), the hotel operations business recovered and greatly
returned to profitability, while profits in both the golf operations business and RESOL No MORI (CRCC) businessincreased significantly.

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01 25

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/

Summary

4. Entering a profit-growth stage by capturing medium- to long-term inbound demand
For the FY3/25 results, the Company is forecasting net sales of ¥27,000mn (up 5.0% YoY), operating profit of¥2,200mn (up 3.6%), and ordinary profit of ¥2,000mn (up 2.7%). So the forecasts are for sales and profits to continue
to increase, as in addition to capturing inbound demand that is expected to rise in the medium- to long-term,
the golf courses that started operating in the previous fiscal year will be operational for the full fiscal year, while
the Company is reducing costs by increasing operational efficiency through DX and other means, and unifying
purchasing. Moreover, while being aware of financial soundness, it is implementing policies with an eye toward
continuous business expansion, including acquiring new facilities, developing new businesses, and investigating
overseas businesses development. Also, in parallel with this medium-term growth strategy, it is integrating members
through a smartphone app and plans to further increase synergies. The Company can be said to have entered a
stage of achieving concrete results, including steady profit growth.
Key Points
Characterized by a portfolio of six business that are strongly unique, including hotel operations and golf
operations• The operations businesses, mainly hotels and golf, are performing strongly due to the rapid growth of inbounddemand• Implementing business expansion policies, including for new facilities and new business, and entering a new
growth stage•

Results trends
Net sales (left)

Ordinary profit (right)

（¥mn）

（¥mn）

30,00025,71725,00020,611
20,00015,0001,003

19,53420,90227,0002,500

22,061
1,947

2,000
2,000
1,500

1,673
785

10,000

3,000

1,000

5,000

500

187

0

0

FY3/20FY3/21

FY3/22

FY3/23

FY3/24

FY3/25 E

Source: Prepared by FISCO from the Company’s financial results

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
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RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/■ Company summary
With sustainability management as its foundation, is working tomaximize social and economic values.
Capturing inbound and other demand that has been recovering
greatly in the post COVID-19 period
1. Company summary and management policy
The Company has two business axes, operations and investment recovery, and it is developing six diversified
businesses of the hotel operations business, the golf operations business, the RESOL NO MORI (CRCC) business,
the welfare business, the renewable energy business, and the investment recovery business. With all value being
based on the Group’s corporate slogan of “Bringing more smiles to you in your time off,” it provides a life worth
living, bonds, health promotion, and relaxation to customers and is working to produce many smiles. Also, basedon its sustainability management and citing its three long-term policies of Be Friendly (to people, to society, and to
the Earth), it is working to maximize social and economic values through each of its businesses and to achieve theSustainable Development Goals (SDGs). Currently, its operations businesses are performing extremely well against
the backdrop of the increase in inbound demand and other factors, and it is shifting its management from being
centered on the investment recovery axis during COVID-19 to being centered on the operations axis in the post
COVID-19 period.
Corporate slogan and long-term policies

Bringing more smiles to you in your time off.

Be People-Friendly

Be Earth-Friendly

Be Society-Friendly

Source: Reprinted from Company materials

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/

Company summary

Creating value through the RESOL Group’s sustainability management

Creating value throughthe RESOL Group’s sustainability management
Corporate slogan: Bringing more smiles to you in your time off.
Corporate ideals: We contribute to a bright society by providing support for a life worth living,bonds, health promotion, and relaxation through innovative ideas and initiatives.

Business activities
Is developing a proprietary business model for theoperations and investment recovery business areas

Source: Reprinted from Company materials

2. Business characteristics
The Company’s businesses are strongly unique even within their respective industries and at first glance they
appear to be unrelated. But, on the axes of operations and investment recovery, it is generating synergies between
the businesses, with the welfare business providing the foundation for the Group’s synergies. In a typical year, in
addition to mutually sending customers between the businesses, the earnings from the hotel operations businessand the golf operations business stably support the next generation growth businesses, of the RESOL NO MORI
(CRCC) business, the welfare business, and the renewable energy business, and this creates significant added value.
Moreover, it is able to leverage various synergies thanks to its diversified business portfolio, including that during
COVID-19, the investment recovery business, which is on the opposing axis to the renewable energy business andoperations businesses, supported results as a whole. It also has many businesses that contribute directly to society
from the viewpoint of the environment and the effective use of resources, such as its renewable energy business andinvestment recovery business. The RESOL NO MORI (CRCC) business is the total embodiment of the Company’sbusiness portfolio and its contribution to society.
Currently in the post COVID-19 period, domestic travel has recovered and is performing well, while inbound demand
has also recovered significantly, and the situation is that even after seeming to peak, demand is growing even more.
The Japanese government has set the target of 60mn inbound visitors by 2030 to become an advanced tourism
country, and inbound demand is expected to continue to be strong in the future. For golf as well, young and female
golfers, who increased due to COVID-19, continue to trend strongly in the post COVID-19 period, and when adding
to them the new inbound golfers, golf is booming. For senior golfers who are the largest volume group, demand isstrong among those in their sixties and seventies, but it seems the number of senior golfers in their eighties is also
increasing. Thanks to these favorable developments, the likelihood has increased that the Company will achieve
major profit growth.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/

Company summary

3. History
The Company has a long history, being founded in 1931, and it was listed on the Tokyo Stock Exchange 1st Sectionin 1949. In 1988, the Company changed its name to Misawa Resort Co., Ltd. and started full-scale hotel and golfcourse operations after the bursting of the bubble economy, and this can be said to be the Company’s foundation
period in actual terms. In 2005, it entered into a business and capital alliance with Mitsui Fudosan and changed its
company name to Resort Solution Corporation, combining the words “resort” and “solution,” and it realized synergies
between its businesses on the two axes of operations and investment recovery. Moreover, in 2006, the Company
concluded a business and capital alliance with KONAMI CO., LTD. (currently KONAMI GROUP) and strengthened
and expanded its hotels and golf courses operations businesses. At the same time, one after another it developed
new products, services, and businesses, including the card membership system, the customer points system, andthe welfare business, expanding its business scope. The Company’s strengths include the uniqueness of each ofits businesses, its two business axes, and its portfolio of 6 businesses, but another major strength is the synergies
it generates with the Mitsui Fudosan Group and KONAMI GROUP. In October 2016, it changed its company namefrom Resort Solution to RESOL HOLDINGS Co., Ltd. and unified the Group as a whole under the RESOL brand,
and then in April 2020, RESOL Seimei no Mori, which are facilities that embody the Company brand, underwent
major renovations to transform them into Sport & Do Resort RESOL NO MORI experience-based resort facilities.
The business environment during the COVID-19 period was extremely harsh, especially for the hotel operations
business, but even so recognition of the RESOL brand steadily spread through the Company implementing policies inaccordance with its three types of friendliness. On entering the post COVID-19 period, domestic travel and inbounddemand have greatly recovered, and it has been steadily capturing this demand.
The RESOL Group’s synergies model

The RESOL GroupUse of products and services
Provides Group information through the member websites and apps

The RESOL Group’s various members
Membership

Use of facilities
The regeneration business

Facility operations

The hotel
operations
business

The RESOLNO MORI
business

Purchasing

Activation

The renewableenergybusiness

Mutually sending customers
between businesses

Regeneration

The investment
recoverybusiness

Fairway
Front Villas

RESOL Stay

The welfare
business

The golf
operations
business

Sales & leasing

Optimal use of acquired properties throughproprietary know-how

Mutually sending customers between businesses

KONAMI GROUP

Property introductions, real estate liquidation, etc.

The Mitsui Fudosan Group

Konami Sports Club

Mitsui Garden Hotel

Source: Reprinted from Company materials

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/■ Business description
The increase in inbound golfers and other overseas wealthy
customers and the recovery of corporate training have beenremarkable.
Progressing the shift to tourist hotels and strengthening branding
1. The RESOL NO MORI (CRCC) businessSport & Do Resort RESOL NO MORI, which was fully renovated and upgraded in April 2020, is in an excellent
location within 50km of the city center on an expansive area of natural beauty. It is an experience-based resortcomplex with lodging facilities, a golf course, various sports and recreation facilities, restaurants, and clinics, and
it is positioned as a facility that symbolizes the Group. On the themes of resorts, health, sports, and the outdoors,
the Company is conducting a real estate development business that utilizes its strengths, of the resort facilities
operations business and the natural environment. So that users can enjoy a high-quality resort life and resort work allyear round and to facilitate the Company itself generating earnings, it has been actively making upgrades, including
conducting renovations, introducing new facilities, and improving services. On entering the post COVID-19 period,
the increase in inbound golfers and other overseas wealthy customers and the recovery of corporate training havebeen remarkable, and all of the facilities have become extremely popular. For users other than lodging and golf
users as well, the Medical Training Center and the Longzip Slide, which is the longest zip-slide activity in Kanto, arealso popular as day-trip activities.
In this business, the Company is strengthening the outdoors business with a focus on glamping areas. In April
2020, it opened Grandvaux Spa Village, which is a glamping area equipped with tent cabins and terrace houses
where guests can enjoy a high-quality outdoor resort. Following its favorable reception, in July 2021 it expanded
the facilities to the resort poolside Glamping Area Lac Leman. Currently also, it continues to develop new facilities
and is constructing 10 new buildings at Dear Wan Spa Garden, which is a pet villa with a private spa and dog runscheduled to open in October 2024, while in addition, within its medium- to long-term plan, it plans to construct a
new building at Grandvaux Spa Village. Also, the Medical Training Center, which is a fully fledged sports facility where
top athletes come to train, has undergone large-scale renovations, and in addition to a fitness room, running track,
gymnasium, 25-meter pool and other indoor sports facilities, guests can use its outdoor sports facilities including
a 400m track, and also its Nagara Karuna no Yu hot spring facility that offers the Ramune no Yu carbonated hot
spring and a sauna.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/

Business description

Golf Vacation Club RESOL No MORI, which is a members-only resorts club in which members can spend 30 nights
a year in special rooms with superior views on the upper floors of the RESOL NO MORI Trinity Shosai resort hotel,
continues to sell well since its launch in December 2020. The rooms are designed to be used as a second home forgolf stays or a workcation together with the family, and require no daily maintenance, and the fact that they can also
be used for entertainment or for employee benefit purposes has been a factor behind their strong performance. In
addition, it appears that the Golf Vacation Club is selling well as luxury villa-type accommodation in the glamping
area. From out of the 30 nights available, both types guarantee exclusive use for 3 consecutive nights during either
the Golden Week or the New Year vacation periods, and guests can use free of charge the Momiji-no-Yu natural hot
springs within the facility, while they are also offered membership of the Manna Country Club, located in RESOL NO
MORI, at a special price. Currently, golf tourism from Thailand, Taiwan, and South Korea is becoming increasingly
active, and the Company is also strengthening its sales to Western agencies in order to expand its golf inboundsales channels. Going forward, it is considering selling the highest grade of the Golf Vacation Club to the wealthy
and constructing Fairway Front Villas at the Manna Country Club.
Sport & Do Resort RESOL NO MORI

Source: Reprinted from Company materials

The Grandvaux Spa Village’s glamping area

Source: Reprinted from Company materials

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/

Business description

Golf Vacation Club RESOL NO MORI
A special room on the upper
floor of the resort hotel

Hotel Trinity Shosai

A luxury villa in the glamping area

The Manna Country Club’s Manna Course (27 holes) and Manna Gary Player Course (18 holes)

Source: Reprinted from Company materials

Images of the Dear Wan Spa Garden pet villa with private spa (scheduled to open in October 2024)

Source: Reprinted from the Company’s supplementary financial materials

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/

Business description

Hotel RESOL Trinity Naha

Source: Reprinted from Company materials

2. The hotel operations business
The hotel operations business’ mainstay brand of RESOL Hotels is aiming to convert to become tourist hotels thatare differentiated from business hotels, targeting women, tourists, and medium- to long-term stay guests. Therefore,
based on the new concept of hotels with a story, in addition to each hotel having its own design with uniquecharacteristics, the Company is strengthening branding based on the new strengths. These include Concierge,
which provides tourist information and value-added experiences such as hotel events; Eatwell Breakfast, which is ahealthy and tasty breakfast menu supervised by a nutritionist; and Relaxation, which is the hotel’s original purpose,and the Company’s thoughts are to use these to raise occupancy rates and the customer unit price.
The RESOL Hotels brand operates 20 facilities nationwide (as of the end of March 2024) and consists of the main
Hotel RESOL, Hotel RESOL Trinity, which offers a higher grade of relaxation, the Hotel RESOL Stay series that offersa more functional shared space for medium- to long-term stay guests, and the RESOL Poshtel that is a cabin-type
hostel providing interactive lodging facilities. All of the facilities are popular for their relaxing RESOL style, which
includes Living Lobby®, which is as cozy as a home*1, a shoes-off style, an original welcome aroma, and original
beds. By progressing the conversion to tourist hotels, in addition to this RESOL style, by strengthening CX* 2 theCompany is capturing the domestic travel and inbound demand that has been recovering significantly, for example
by providing inbound tourists with a calligraphy experience and local sweets, or by organizing a Maiko (apprenticegeisha) dance event in Kyoto.
*1	Living Lobby is the Company’s registered trademark*2	CX (Customer Experience)

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/

Business description

In addition to the RESOL Hotels, the Company operates around 90 facilities nationwide under a variety of otherbrands, including the Pet & Spa Hotels (3 locations), which are hotels where pets can stay, and RESOL Stay (Suite
Villas) (68 locations), which are rental villas that offer a stay that is just like staying at home. On the one hand, theformation of these brands provides users with convenience of choice, such as for aspects like location, length ofstay, and purpose of use, while on the other hand, as the optimization of operations is made possible by carefully
assessing the various conditions of each facility, for example its location, customer groups, and competition, for theCompany as well, it has the merit of enabling it to set its own detailed investment strategy and marketing strategy.
Among them, the RESOL Stay business, which is a new business that shares villas for stays ranging from one night
to long term based on the concept of staying as if you were living in a villa, has been performing well in the post
COVID-19 period, and the Company is proactively expanding these Suite Villas. It is not only utilizing its own facilities
but also strengthening the development of individual vacation homes that have low utilization rates, and by theCompany proposing intermediary services that cover all operations, from business startup preparations through tooperations, management and customer acquisition, it is aiming to reduce the burden on vacation homeowners and to
maximize earnings. To meet user needs, it offers three choices of stay patterns for the Suite Villas of weekly, monthly,and daily, and this is creating new demand for vacation homes. Moreover, it appears that in addition to the rapidly
increasing inbound demand, their use for medium- to long-term stays by Japanese guests is also increasing. In thisway, expectations are high that the RESOL Stay business will become a new pillar of earnings, and the Company
is growing this business through further expanding its scope and stimulating demand.
RESOL Hotels nationwide
Hotel RESOL Ueno

Hotel RESOL Trinity Osaka

Hotel RESOL Trinity Naha

Source: Reprinted from Company materials

RESOL Stay’s Suite Villa series
Costa de la Roca Manazuru

Oceanfront Miura CoastGRANVIEW Minami Boso

Source: Reprinted from Company materials

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/

Business description

Inbound golfers are increasing, and the Fairway Front Villa businessis also performing well
3. The golf operations business
The golf operations business operates 18 courses (includes 2 operation-partner courses), and it is responding
to various customer needs through its unique operations style tailored to the characteristics of each golf course,such as the location, brand, and services. During COVID-19, the decline in corporate demand for competitions
and banquets had a significant impact on short-term results. But conversely, as a safe outdoor sport that avoids
crowds, golf-course use increased among individuals, mainly among young people, women and senior citizens
in their eighties. There were concerns that this increase would slow down in the post COVID-19 period but it hascontinued, particularly among women and seniors, and when adding to this the rapid increase in inbound golfers,
golf is enjoying a major boom. Therefore, in order to secure new and repeat customers, the Company is not only
aiming to improve its soft aspects, such as establishing services for inbound golfers and preparing food menus andservices especially for senior and women golfers, but also hard aspects like expanding tee boxes.
Against the backdrop of the strong performance of golf, the Company is actively acquiring golf courses. In February
and March, it acquired 4 golf courses – Kansai Country Club (Kameoka City, Kyoto Prefecture, 18 holes), Miki
Yokawa Country Club (Miki City, Hyogo Prefecture, 27 holes), Mochizuki RESOL Golf Club (Saku City, Nagano
Prefecture, 18 holes), and Arida RESOL Golf Club (Arida District, Wakayama Prefecture, 18 holes) – from TOKYULAND CORPORATION, which had highly evaluated the Company’s golf course operations, and it has started
operations at each course. Also, Iruma Country Club (Iruma District, Saitama Prefecture, 18 holes) began operationsin September 2023 and has an excellent reputation for its convenient location of being less than one hour from Tokyoand its course conditions, and it is popular as a hilly woodland course that offers dynamic play. In January 2024, theCompany started an operating partnership with Otsuki Country Club (Otsuki City, Yamanashi Prefecture, 18 holes).
The Company is focusing on the Fairway Front Villa business as a new business that responds not only to thelengthening of stays in domestic travel, but also to golf tourism that is increasing worldwide. Following on from the
Spa & Golf Resort Kuji, which is located next to a golf course and offers outstanding views, the Fairway Front Villas
at Setouchi Golf Resort, which opened in November 2022, offers magnificent views of the golf course and the Seto
Inland Sea from the wooden-deck terraces that are integrated into the course. Currently, the Company is progressing
plans to build new villas at Dai-Atami Kokusai Golf Club where guests can enjoy views of Mt Fuji and fairways, while
it is also considering building new villas at other courses. On the other hand, it is also working to expand the scopeof golf tourism through collaborations between the hotel operations business and the golf operations business,
including Hotel RESOL Trinity Hakata, Karatsu Golf Club, Kansai Country Club, and 3 hotels in Kyoto, and it plansto actively pursue demand from overseas.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/

Business description

Setouchi Golf Resort

Source: Reprinted from Company materials

Spa & Golf Resort Kuji

Source: Reprinted from Company materials

Aiming to transform the industry model by leveraging its uniquestrengths
4. The welfare business
The welfare business utilizes the framework of the Life Support Club of welfare services to provide services that
support the health and happiness of companies and organizations, and also their workers and their families. During
COVID-19, it worked to expand partnerships for lifestyle-related menus to response to stay-at-home demand andto enhance functions toward improving convenience for members. In the post COVID-19 period, while capturing thegrowing demand for in-company training and other aspects, the Company has been actively promoting initiatives
to increase the value of new orders and the number of new contracts.
Toward this, the Company is differentiating itself from its competitors by leveraging its unique strengths in comparison
to the industry standards. These strengths include the settlement business model that offers a highly transparent
fee structure that settles and refunds subsidies according to the results of the companies using the service, andPlus Your Choice, a highly customizable plan that also enables access to non-partner facilities, and Group directly-managed facilities offering preferential rates at the Company’s directly managed facilities such as hotels and golfcourses, and exclusive plans for business trips and corporate training. Furthermore, by promoting features such as
the largest number of partner lodging facilities, a low-priced and easy-to-use lifestyle menu, and the introductionof a cross-search reservation system, the Company is working to acquire new customers including by entering
into business partnerships with major insurance agencies, promoting transactions with Group member companies,
providing OEM products to the customers of major travel agencies, and entering into a partnership with Kanto IT
Software Health Insurance (fully fledged start from May 2024). In addition to the above, for the future it is developing
new welfare services in order to improve corporate value by improving productivity at customer companies at thesame time as realizing the true wellbeing of employees. As the welfare services function to promote the mutual
sending of customers between the hotels, golf courses, and the RESOL NO MORI business, the welfare businesscan be said to provide the foundation for the Group’s synergies.

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COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/

Business description

Conducting sustainability management through the renewableenergy business5. The renewable energy business
The renewable energy business conducts two businesses, electricity sales and self- consumption, by installing solar
power generation facilities on land and buildings on the Group’s golf courses, and at other locations. Both businesses
are pursing initiatives for decarbonization and directly conducting sustainability management that is Earth-friendly.
The electricity sales business operates the 1.5 MW solar power generation facility opened in 2021 at RESOL NO
MORI, and it conducted electricity sales of approximately 1.4mn KW per year in FY2023. Self-consumption operates
Japan’s first locally produced and locally consumed energy system, which started operations at RESOL NO MORI in
2020, with Tokyo Electric Power Company Holdings, Inc. <9501> and others, and it jointly received the New Energy
Foundation Chairman’s Award in the Distributed-type New Energy Advanced Model category of the New EnergyAward 2021 sponsored by the New Energy Foundation. In 2023 in operational golf courses, it launched a solar
carport business at three golf courses (Spa & Golf Resort Kuji, Chukyo Golf Club Ishino Course, and Setouchi Golf
Resort). The solar carport business involves constructing carports equipped with solar power generation facilities
in golf course parking lots and other locations with a view to expanding the use of facilities for self-consumption,
emergency power sources in times of a disaster, and power sources for charging the batteries of electric vehicles(EVs) whose use is expected to become widespread in the future, and it is investigating expanding them to theGroup’s golf courses. In the future, it will utilize the knowledge it has cultivated up to the present time to develop a
new local production for local consumption type business centered on golf courses, and to be a corporate groupthat is Earth-friendly.
Solar carport

Source: Reprinted from Company materials

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13 25

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/

Business description

6. The investment recovery business
The Company is utilizing the know-how it has accumulated in real estate development to regenerate real estate,including recreation centers, vacation homes, golf courses, and idle assets, and depending on the situation at thetime, it decides whether to continue to hold the asset as it is in each business and thereby have it contribute toprofits, or to increase the value of that asset in the investment recovery business and turn it into a gain on sale. The
problem here is that it is difficult to understand the importance of this since the earnings level changes significantly
from period to period, but it is possible to generate relatively large earnings by selling the recovered assets. Therefore,
this business can drive results as a whole when the results of the operations businesses slump and can be a key
source of earnings relative to the operations businesses that are more sensitive to economic fluctuations, and it has
supported the stabilization of the Group’s earnings as a source of funding, as was clearly seen in the results during
COVID-19. Currently, the operations businesses are performing well, including due to the strong recovery of inbounddemand, and the Company is currently steadily working toward acquisitions in the future.

■ Results trends
Achieved a major increase in profits, including from the recovery of
the hotel operations business
1. FY3/24 results trends
The FY3/24 results were extremely positive, with net sales of ¥25,717mn (up 16.6% YoY), operating profit of¥2,122mn (up 554.8%), ordinary profit of ¥1,947mn (up 936.4%), and profit attributable to owners of parent of¥1,411mn (up 95.3%). The results were also higher than the initial forecasts, net sales by ¥2,217mn, operating profit
by ¥722mn, ordinary profit by ¥747mn and profit attributable to owners of parent by ¥612mn.
FY3/24 results(¥mn)
FY3/23

FY3/24

Result% of sales

Result% of sales

Net sales

22,061100.0%

25,717100.0%

YoY
16.6%

Gross profit

12,871

58.3%

17,829

69.3%

38.5%

SG&A expenses

12,54656.9%

15,706

61.1%

25.2%

Operating profit

324

1.5%

2,122

8.3%

554.8%

Ordinary profit

187

0.9%

1,947

7.6%

936.4%

Profit attributable toowners of parent

722

3.3%

1,411

5.5%

95.3%

Source: prepared by FISCO from the Company’s financial results

We encourage readers to review our complete legal statement on “Disclaimer” page.

14 25

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/

Results trends

The Japanese economy has shown a gradual recovery as social activities are normalizing despite the impact ofdomestic and international economic uncertainties, such as rising resource prices, the Chinese economy, and thesituation in the Middle East. The Company’s operating environment continues to be excellent, as in addition to theongoing growth of inbound demand, other positive factors include that demand for domestic travel is strong, demand
for training is growing as companies increase their investment in human resources, and sports activities are widening
due to the rising awareness of health. Moreover, the reclassification in May 2023 of novel coronavirus infections asClass 5 has been accelerating these trends. In this sort of operating environment, the Company is benefiting fromfactors such as the Japanese government’s target of 60mn inbound visitors by 2030, the additional participation ofyoung people and women in golf, the growth of inbound golfers, and the lengthening of the playing lives of seniorgolfers, and it aimed to grow its existing businesses by expanding facilities, conducting marketing to capture inbounddemand and domestic travel, providing services that are one rank higher, and offering the highest levels of quality.
As a result, in the operations businesses of hotels, in which guest numbers are recovering rapidly, and golf, in which
the five golf courses whose operations were newly started are performing well, net sales increased greatly, which
absorbed the (planned) decline in the investment recovery business, so that sales increased substantially. In profits,
positive factors, including that the hotels’ occupancy rate and room average unit price improved and the addition to
profits of the five golf courses, absorbed the SG&A expenses that increased alongside the economic normalization,such as for sales promotion expenses, so operating profit increased 6.5 times. Moreover, the reduction in the gain
on negative goodwill arising from the golf course acquisitions was absorbed, so profit attributable to owners ofparent increased by around 2 times. Compared to the initial forecasts, the net sales target was achieved thanks tothe strong performance of hotels, while the profits forecasts were also achieved due to the improved occupancy
rate and room unit price at hotels, and the strong performance of the new golf courses.
2. Results trends by segment
In net sales by segment, in the golf operations business, in which the recovery of the number of guests in the hotels
operations business and the performance of the new golf courses both contributed, sales increased significantly.
However, sales declined in the renewable energy business and investment recovery business. Segment profit grewsignificantly, because in addition to the higher sales in the hotel operations business and the golf operations business,
profitability improved in the RESOL No MORI (CRCC) business and the welfare business. But profits decreased
greatly in the renewable energy business and the investment recovery business. The Company’s segment profit
is based on ordinary profit/loss in order to clarify the operating results of each segment, including the investment
recovery business.

We encourage readers to review our complete legal statement on “Disclaimer” page.

15 25

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.

6-Aug.-2024

5261 Tokyo Stock Exchange Prime Market

https://www.resol.jp/eng/

Results trends

Results by segment in FY3/24(¥mn)
Net sales

FY3/23ResultFY3/24% of sales

Result% of sales

YoY

The hotel operations business

7,521

34.1%

12,349

48.0%

64.2%

The golf operations business

6,093

27.6%

8,084

31.4%

32.7%

The RESOL NO MORI (CCRC) business

3,490

15.8%

3,658

14.2%

4.8%

The welfare business

874

4.0%

903

3.5%

3.3%

The renewable energy business

125

0.6%

97

0.4%

-22.7%The investment recovery business

3,955

17.9%

624

2.4%

-84.2%(¥mn)

Segment profit before adjustments

FY3/23ResultFY3/24

Profit ratio

ResultProfit ratio

YoY

The hotel operations business-1,152-15.3%

1,235

10.0%

-

The golf operations business

685

11.3%

1,070

13.2%

56.1%

The RESOL NO MORI (CCRC) business

185

5.3%

243

6.7%

31.0%

2

0.3%

45

5.1%

1,423.5%

The renewable energy business

49

39.4%

1

1.8%

-96.5%The investment recovery business

1,289

32.6%

40

6.5%

-96.8%

The welfare business* Segment profit is based on ordinary profit/loss in order to clarify the operating results of each segment, including the investment
recovery business.
Source: Prepared by FISCO from the Company’s financial results

In the hotel operations business, results were extremely excellent, as alongside the recovery of travel demand,
including inbound demand, the room unit price and the occupancy rate steadily improved, and net sales were¥12,349mn (up 64.2% YoY) and ordinary profit was ¥1,235mn (compared to an ordinary loss of ¥1,152mn in theprevious period). Operations started at Hotel RESOL Stay Akihabara in April 2023, and they restarted at RESOL
Poshtel Tokyo Asakusa, which had been temporarily closed due to COVID-19, while in addition, progress wasmade for initiatives such as responding to inbound demand and strengthening branding. In particular, to respondto the strong inbound demand, the Company conducted direct sales to overseas agencies, while by proactively
developing events and services tailored to each area, such as for the Tokyo Station market that has many Europeanand American inbound visitors and the Taito Ward market that has many Southeast Asian inbound visitors, it wasable to significantly grow use by inbound tourists. It also strengthened branding in order to convert to tourist hotels
that target women, tourists, and medium-to-long-term stay guests, and it worked to further improve services andfacilities. In the RESOL Stay business, which is a new business, in addition to focusing on the opening of the newSuite Villa rental villas, it has adopted three stay patterns (weekly, monthly, and daily) that can be selected according
to needs to create new demand for villas, and as a result, their use by medium-to-long stay and inbound guests
increased.

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16 25

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/

Results trends

Interior views of Hotel RESOL Stay Akihabara

Source: Reprinted from Company materials

RESOL Poshtel Tokyo Asakusa

Source: Reprinted from Company materials

The Suite Villa series of stay-type rental villas
Nasu Kogen Doggy’s Ohana

Atami Ocean House

Atami Momoyama

Source: Reprinted from Company materials

In the golf operations business, results were net sales of ¥8,084mn (up 32.7% YoY) and ordinary profit of ¥1,070mn(up 56.1%), because the contributions of the new golf courses and the strong sales of membership rights absorbed
the rises in energy costs and other costs. Toward building a stable earnings base, on the one hand the Company
strategically expanded operations facilities, while on the other hand it aimed to differentiate itself from other companies, including by further improving course conditions, customer services, and word-of-mouth evaluations, andby updating facilities, and these efforts resulted in the customer unit price increasing. Also, the four golf courses it
acquired from TOKYU LAND that started operations at the end of FY3/23 (Kansai Country Club, Miki Yokawa Country
Club, Mochizuki RESOL Golf Club and Arida RESOL Golf Club), and Iruma Country Club that started operations in
September 2023, each performed steadily. In addition, membership sales at Kansai Country Club and Miki Yokawa
Country Club were strong, leading to an increase in the number of golfer visits. In the Fairway Front Villa business,
which is a new business, following on from the strongly performing Spa & Golf Resort Kuji and the Setouchi Golf
Resort, it plans to develop new villas at the Dai-Atami Kokusai Golf Club, and it is preparing to develop high-end golf
resorts that can respond to the increase in inbound golfers that is expected in the medium- to long-term.

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17 25

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.

6-Aug.-2024

5261 Tokyo Stock Exchange Prime Market

https://www.resol.jp/eng/

Results trends

Iruma Country Club

Source: Reprinted from a Company press release

Results trends in the golf operations businessNet sales (left)

Ordinary profit (right)

（¥mn）

（¥mn）

9,000

8,084

7,500
6,000

2,500
5,881

6,093
2,000

4,500
3,000

3,000

1,070
634

1,500
1,000

685

1,500

500

0

0

FY3/22

FY3/23

FY3/24

Source: prepared by FISCO from the Company’s financial results

We encourage readers to review our complete legal statement on “Disclaimer” page.

18 25

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.

6-Aug.-2024

5261 Tokyo Stock Exchange Prime Market

https://www.resol.jp/eng/

Results trends

In the RESOL NO MORI (CRCC) business, which the Company is developing on the twin axes of the operations of
the Sport & Do Resort RESOL NO MORI, which is an experience-based resort with landmark facilities, and real estate
sales within the area, net sales were ¥3,658mn (up 4.8% YoY) and ordinary profit was ¥243mn (up 31.0%). In thegolf department (Manna Country Club), the number of visitors from overseas, such as from Taiwan and South Korea
who use the Golf & Stay Plan to enjoy golf while staying in the resorts area, increased significantly. Also, the lunch
buffet launched in December 2023 at the Manna Gary Player Course has been well received, leading to an increasein visitors. In the resorts department, due to the significant increase in group use, such as for corporate training
and incentive travel and by sports teams, the use of meeting rooms and team-building programs grew steadily,
and ancillary earnings, including from food and beverages and stores, also increased. The Hybrid Cottage, which
is a lodging facility that enables both communication and privacy, was especially highly evaluated for the corporate
training sessions. In the real estate department, sales of land and condominiums in the area and sales of the Golf
Vacation Club, which is a members-only resorts club, were strong due to the improvement of brand value. Also, asa new business, the Company is developing Dear Wan Spa Garden pet villas (10 buildings in total, scheduled toopen in October 2024) and it started sales in April 2024.
Manna Country Club

Manna Gary Player Course

Source: Reprinted from Company materials

Results trends in the RESOL NO MORI (CCRC) businessNet sales (left)

Ordinary profit (right)

（¥mn）

（¥mn）

5,000

500

4,000
3,000

3,490

400

243

300

2,940
185

2,000
1,000

3,658

200

57

100

0

0

FY3/22

FY3/23

FY3/24

Source: Prepared by FISCO from the Company’s financial results

We encourage readers to review our complete legal statement on “Disclaimer” page.

19 25

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.

6-Aug.-2024

5261 Tokyo Stock Exchange Prime Market

https://www.resol.jp/eng/

Results trends

In the welfare business, the results were net sales of ¥903mn (up 3.3% YoY) and ordinary profit of ¥45mn (up1,423.5%), as the Company focused on acquiring new customers using its settlement business model, Plus Your
Choice, and directly managed facilities as tools to differentiate itself. It has been focusing on employee welfare
benefits to companies that are looking to reform their work styles and to strengthen employee retention, andbased on this, it has been prioritizing reviewing benefit systems and proposing products that meet current trends
in order to encourage management such as corporate health management®*, diversity management, and humancapital management. Also, through partnerships with the lodging site provided by JTB Corp., Japan’s largest travel
agency, and with ASOVIEW Inc., a company that aims for the social implementation of recreation in clothing, food,and housing, it has dramatically increased the number of partner lodging facilities, leisure facilities, and the numberof menu items such as gourmet foods, to the highest levels in the industry, thereby greatly improving member
convenience. Moreover, it plans to upgrade the system of the MEMBER’S NAVI members-only website and intends
to further improve services, including through adding a cross-search system.
*	Health management® is a registered trademark of Nonprofit Organization Kenkokeiei

Results trends in the welfare businessNet sales (left)

Ordinary profit (right)

（¥mn）

（¥mn）

1,000
866

874

903

800

100
80

600

60
45

400

35

40

200

20
2

0

0

FY3/22

FY3/23

FY3/24

Source: Prepared by FISCO from the Company’s financial results

We encourage readers to review our complete legal statement on “Disclaimer” page.

20 25

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.

6-Aug.-2024

5261 Tokyo Stock Exchange Prime Market

https://www.resol.jp/eng/

Results trends

In the renewable energy business, results were net sales of ¥97mn (down 22.7% YoY) and ordinary profit of ¥1mn
(down 96.5%), because although the Company is developing the businesses of electricity sales, leasing land forsolar power facilities, and facilities management contracts, it was impacted by the sharply rising energy prices.
In electricity sales, it operates a 1.5MW solar power generation facility within the RESOL NO MORI facility, which
generates electricity sales of approximately 1.4mn KW per year. In the businesses of leasing land for solar power
facilities and facilities management contracts, it progressed the leasing of land for a mega-solar facility in Ishikawa
Town, Fukushima Prefecture, and the contracted management of two mega-solar power facilities, including the one
in Ishikawa Town. Going forward, it will utilize the knowledge it has cultivated up to the present time to promote thedevelopment of new facilities for locally produced and locally consumed energy, with a focus on golf courses. In theinvestment recovery business, results were net sales of ¥624mn (down 84.2%) and ordinary profit of ¥40mn (down
96.8%). The Company actively developed this business during the COVID-19 period when the operations businesses
were struggling, but currently it seems to be in a preparation period. In this sort of situation, the Company soldland for a solar power generation facility that was converted from a former golf course and increased the value of a
facility at one newly acquired golf course (Iruma Country Club). In the future, it is aiming to develop new businesses,
including a resorts-type revitalization business and the overseas development of the operations businesses.

Results trends in the renewable energy businessNet sales (left)

Ordinary profit (right)

（¥mn）
2,000

1,500

（¥mn）
800

1,798

600

627

1,000

400

500

200

125

97

FY3/231
FY3/2449

0

FY3/220

Source: Prepared by FISCO from the Company’s financial results

We encourage readers to review our complete legal statement on “Disclaimer” page.

21 25

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.

6-Aug.-2024

5261 Tokyo Stock Exchange Prime Market

https://www.resol.jp/eng/

Results trends

Results trends in the investment recovery businessNet sales (left)

Ordinary profit (right)

（¥mn）
6,000
5,000

（¥mn）
5,730

3,000
2,500

2,150
3,955

4,000

2,000
1,289

3,000

1,500

2,000

1,000

624

1,000

500

40
0

0

FY3/22

FY3/23

FY3/24

Source: Prepared by FISCO from the Company’s financial results

Will continue to strengthen the capturing of inbound demand,targeting higher sales and profit
3. FY3/25 results forecast
For the FY3/25 results, the Company is forecasting net sales of ¥27,000mn (up 5.0% YoY), operating profit of¥2,200mn (up 3.6%), ordinary profit of ¥2,000mn (up 2.7%), and profit attributable to owners of parent of ¥1,500mn(up 6.2%). Inbound demand will grow significantly, so the Company’s operating environment is expected to continue
to be favorable. Therefore, it will accelerate the capturing of demand not only in the hotel operations business, butalso in the golf operations business and the RESOL NO MORI (CRCC) business. While on the one hand it will beforced to strengthen operations-staff recruitment due to labor shortages and respond to spiking costs, including
energy and raw materials, on the other hand it plans for sales and profits to continue to increase because, in addition
to capturing inbound demand, the golf courses acquired in the previous period will be operational for the full fiscal
year, it will increase the efficiency of operations such as through DX, and it will promote cost reductions by unifying
purchasing and utilizing solar carports (self-consumption-type power generation facilities). Moreover, it will promote
investment and new businesses with a view to continuous business expansion, while maintaining financial soundness
by acquiring golf courses and opening new hotel facilities, such as the Fairway Front Villa, RESOL Stay, and petvillas. It is also progressing a fully-fledged investigation into launching overseas businesses.
FY3/25 results forecasts(¥mn)
FY3/24

FY3/25ResultNet sales

Forecast% of sales

Net sales

25,717100.0%

27,000100.0%

YoY
5.0%

Operating profit

2,122

8.3%

2,200

8.1%

3.6%

Ordinary profit

1,947

7.6%

2,000

7.4%

2.7%

Profit attributable toowners of parent

1,411

5.5%

1,500

5.6%

6.2%

Source: Prepared by FISCO from the Company’s financial results

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22 25

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/

Results trends

For the outlook by segment, the hotel operations business will actively capture inbound demand and also thoroughly
strengthen branding as tourist hotels and disseminate information by digital marketing, such as social media. Also,
sales promotions through the Group’s shared membership system that uses a smartphone app are scheduled to
begin in earnest from October 2024. Through its own website, the Company is aiming to strengthen sales andincrease profitability by improving the direct-sales ratio. It will strengthen sales to corporations as well, such as byproviding proposals for individual companies and regularly disseminating information. Particularly with regards tothe app, the hotel operations business, the RESOL NO MORI (CRCC) business, and the golf operations businesswill increase customer convenience by sharing customer points. At the same time, as it can utilize sales promotion
and branding measures that are tailored to customer attributes, it intends to effectively implement sales promotions
to increase the direct-sales ratio.
In the golf operations business, although the market is expected to remain active for the time being, the domestic
playing population is projected to decline in the future, so to respond to this, it plans to increase demand frominbound, senior, and women golfers. For example, it is establishing services for inbound golfers in advance of therest of the industry, such as having signs and menus in various languages, while it is newly building and expanding
facilities for seniors and women, including building tee boxes specifically for seniors and women. Moreover, in
addition to soft aspects like improving course quality and customer services and providing delicious food, it intends
to raise the customer unit price by constantly improving the quality of hard aspects, for example conducting majorrenovations of club houses and course renovations. Elsewhere, it will strengthen the Fairway Front Villa business,and in addition to young, old, male and female golfers, it is also aiming for its golf courses to cater to the needs of
non-golfer sightseeing tourists. Due to the very positive response to Spa & Golf Resort Kuji, including that it has
already expanded to 22 villas, at Dai-Atami Kokusai Golf Club it plans to build 10 luxury villas of a higher rank thatwill offer views of Mt. Fuji and the course’s fairways.
In the RESOL No MORI (CRCC) business, the golf department plans to increase customer satisfaction by improving
course quality, acquiring inbound golfers, and strengthening the Golf & Stay brand by strengthening advertising andpromotions, which will lead to sales of golf membership rights (7th period). The resorts department will strengthenorders for corporate training and from sports groups and will open the Dear Wan Spa Garden dog villa (October2024), while the real estate department plans to strengthen sales of the Golf Vacation Club scheduled to open in
July 2024 (16 floors, premium type).
The welfare business is pursuing, on the company side, the merits of the settlement business model, Plus Your
Choice, and directly-manged facilities that are different from the industry standards. It is also aiming to increase
the number of new contracts and the order amount, including by promoting usage through campaign measures,
improving convenience by introducing a cross-search system, and strengthening corporate-referral channels andOEM products. In addition, it is strengthening sending customers to the Group’s own facilities and partnerships withGroup companies and member companies.
The renewable energy business is conducting a business for the local production and local consumption of energy,
with a focus on golf courses, while the investment recovery business is acquiring new operations facilities andimproving the value of and actively utilizing operations facilities.

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23 25

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.
5261 Tokyo Stock Exchange Prime Market

6-Aug.-2024
https://www.resol.jp/eng/

Results trends

Has entered a stage of steady profit growth and other achievements
4. Medium-term initiatives
As the medium-term initiatives, the hotel operations business is providing delicious and healthy food and hospitality
services for tourists, as well as providing experiential value, and strengthening branding by introducing new specifications and services for medium-to-long-term stay guests, with the aim of converting RESOL Hotels into tourist hotels.
It also plans to actively develop new operations facilities, such as previously owned hotels and overseas hotels. It
has previously shown itself to be proficient at conducting M&A, so the (holdings) Company has credit through leasing
agreements and has been able to secure a number of properties, including overseas hotels.
In addition to the Dai-Atami Kokusai Golf Club, the golf operations business is expanding the Fairway Front Villabusiness and strengthening customer acquisitions by establishing a structure to receive inbound golfers. For this,it continues to conduct M&A for high quality golf courses, while also strengthening sales of membership rights.
Elsewhere, the Company intends to convert to central kitchens in clubhouse restaurants, reduce purchasing costs,
provide uniform levels of quality, and resolve the issue of the shortage of human resources.
The RESOL NO MORI (CRCC) business plans to newly construct a building in Keyaki Garden to expand Grandvaux
Spa Village and to develop the Fairway Front Villa business in the area around Mana Country Club. The welfare
business intends to increase contracts by utilizing its unique strengths that are different to the industry standards.
The renewable energy business is aiming to expand the solar carport business at the Group’s golf courses. The
investment recovery business is, on the one hand, focusing on acquiring new facilities such as hotels and golfcourses to expand the operations businesses, while on the other hand it intends to conduct various other initiatives
including resort-type regeneration by building villas; converting golf courses, including parts of existing golf courses,
to land for renewable energy facilities; and acquiring overseas operations facilities of hotels and golf courses.
Currently, inbound demand and domestic travel are expanding significantly, and golf demand is also steady, andthe Company is continuing to improve its existing services, products, and facilities and to develop new services,
products, and facilities to meet the needs of the times. Therefore, growth is expected to continue, centered on
the operations of the hotel operations business, the golf operations business, and the RESOL NO MORI (CRCC)
business. Also, the welfare business is expected to enter a period of growth, as it is making steady progress inattracting new customers by differentiating itself from its competitors. Moreover, it is thought that Group synergies
will be further strengthened and growth accelerated through the efforts to improve the direct-sales ratio in theoperations businesses and also from the introduction of the smartphone app. The Company can be said to haveentered a stage of achieving concrete results, including steady profit growth.

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24 25

COMPANY RESEARCH AND ANALYSIS REPORTFISCO Ltd.
https://www.fisco.co.jp

RESOL HOLDINGS Co., Ltd.

6-Aug.-2024

5261 Tokyo Stock Exchange Prime Market

https://www.resol.jp/eng/■ Shareholder returns policy
Continues to steadily increase the dividend.
Gifts RESOL Family Product Gift Tokens according to the number ofshares held
1. Dividend policy
With the aim of further increasing corporate value, the Company supplements internal reserves in order to allocate
funds to investments in highly profitable businesses, while at the same time, it works to raise the dividend level with
an awareness of the trends in its business environment, results, and financial condition. Based on this policy, in
FY3/24 it increased the dividend per share by ¥30.0 YoY for a period-end dividend of ¥80.0. For the FY3/25 dividend
per share, it plans to pay a period-end dividend of ¥90.0.

Dividend per share and dividend payout ratio
Dividend per share (left)

（¥）
100.0

Dividend payout ratio (right)

（%）
100.0

89.4

80.0

80.0
58.6

60.0

60.0
38.4

40.0

20.0

80.0

90.0

50.0

50.0

50.0

31.5

33.3

FY3/21

FY3/22

FY3/23

FY3/24

FY3/25 E

0.0

40.0

20.0

0.0

Source: Prepared by FISCO from the Company’s financial results

2. Shareholder benefits program
For shareholders holding at least 100 of its shares, the Company gifts once a year a RESOL Family Product Gift
Token based on the shareholder registry at the end of March. One RESOL Family Product Gift Token can beexchanged for a product or service worth ¥2,000, and shareholders holding from 100 to 299 shares receive 10
tokens (worth ¥20,000 a year), those holding 300 to 499 shares receive 15 tokens (¥30,000 a year), and thoseholding 500 shares or more 20 tokens (¥40,000 a year). This rewards shareholders according to the number ofshares they hold and enables them to use facilities operated by the Group. There are many fans of the benefits
program among the Company’s shareholders, and going forward, it intends to further enhance this program.

We encourage readers to review our complete legal statement on “Disclaimer” page.

25 25

Disclaimer
FISCO Ltd. (“FISCO”) offers stock price and index information for use under the approval of
the Tokyo Stock Exchange, the Osaka Stock Exchange and Nikkei Inc.
This report is provided solely for the purpose of offering information, and is not a solicitationof investment nor any other act or action.
FISCO prepared and published this report based on information which it considered reliable;
however, FISCO does not warrant the accuracy, completeness, fitness nor reliability of thecontents of this report or the said information.
The issuers’ securities, currencies, commodities, securities and other financial instruments
mentioned in this report may increase or decrease in value or lose their value due to influence
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not make any promises regarding any future outcomes. If you use this report or any information
mentioned herein, regardless of the purpose therefor, such use shall be made based on yourjudgment and responsibility, and FISCO shall not be liable for any damage incurred by you asa result of such use, irrespective of the reason.
This report has been prepared at the request of the company subject hereto based on theprovision of information by such company through telephone interviews and the like. However,
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subject to change without notice. FISCO is not obligated to update this report.
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may currently or in the future trade or hold the financial instruments or the securities of issuersthat are mentioned in this report.
Please use the information in this report upon accepting the above points.

◾ For inquiries, please contact: ◾

FISCO Ltd.
5-13-3 Minami Aoyama, Minato-ku, Tokyo, Japan 107-0062
Phone: 03-5774-2443 (IR Consulting Business Division)
Email: support@fisco.co.jp