Newly Listed Company Introduction Report (Issued by The Stock Research Center)

LOGOS HOLDINGS (205A TSE Growth)July 8, 2024

Engaged mainly in the construction of custom-made detached houses
This report is an English translation of part of the report issued on July 2, 2024.
For inquiries concerning the report, please contract info@stock-r.org【205A LOGOS HOLDINGS Sector：Construction】
Fiscal YearNet sales

YoY

OperatingprofitYoY

Ordinary
profitYoYProfit

YoY

EPS

BPS

DPS

(mn yen)(%)(mn yen)(%)(mn yen)(%)(mn yen)

(%)

(yen)

(yen)

(yen)

May 2022

24,850-1,185-

1,189-

774- 202.5

847.8

0.0

May 2023

28,025

12.8-118-

-139-

-80-

-21.0

827.0

0.0

32,72516.8

1,468-

1,426-910- 236.1-0.0

May 2024f

Note: Consolidated basis.Figures for the fiscal year ending May 2024 is the company's forecasts.
It conducted 10:1 reverse stock split on April 15, 2024.Per share indicies are adjusted retroactively.

Supplies Custom-made Detached Houses Primarily in Hokkaido
The core business of the Logos Holdings Group is the construction of custom-madedetached houses. The group consists of six companies, including the company as well ascompanies engaged in housing construction, renovation and sales of ready-built houses
and residential land. It also provides engineering firms with assistance for home design
and IT consulting services.
Custom-made houses accounted for 72.1% of net sales in fiscal year ended May 2023,
ready-built houses for 7.1%, residential land sales for 16.5% and other business for 4.3%.
The group does not display at housing exhibitions, which is a common sales method forreceiving orders for custom-made homes. Instead, they employ digital marketing to attract
customers.
Cutting travel costs is one of LOGOS HOLDINGS’ key management issues as it operates
in the vast Hokkaido region. Examples of initiatives include utilizing digital marketing toattract customers instead of displaying at housing exhibitions, situating showrooms andmodel houses near the company’s sales offices and conducting business discussions andinspections online.
The company also builds some of its houses by employing its proprietary manufacturingcarry-build (MCB) construction method. This method entails assembling the walls andfloors of the wooden frame construction method into box-shaped modules and transportingthem to the site with all sashes, insulation, electrical wiring and other items alreadyinstalled before installing them on top of a pre-built foundation using a crane. The
advantages of this construction method are shortened construction times and reduced
costs. Additionally, it addresses the construction worker shortage, lowers costs andstabilizes quality. It is also suitable for high-mix, low-volume production and can satisfy avariety of design needs.

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The contents indicated in the report are based on information as of the date the report was created and are subject to change without prior notice. The Stock Research Center
makes no warranty or representation concerning the accuracy, reliability, completeness, adequacy and reliability of the information indicated in the report, and shall not assume
no responsibility or obligation whatsoever. The Stock Research Center assumes no responsibility for any direct or indirect loss, lost profit, damage or other results from investors
accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
responsibility for investments lies with investors that accessed the report. In addition, intellectual rights concerning the report belongs to The Stock Research Center and may
not be copied, reprinted, quoted, etc. without permission.

Newly Listed Company Introduction Report (Issued by The Stock Research Center)

LOGOS HOLDINGS (205A TSE Growth)July 8, 2024

Financial Statements
Statement of income

Fiscal Year

May 2022(mn yen)

Nine monthsto Feb.2024

May 2023(%)(mn yen)(%)(mn yen)(%)

Net sales

24,850100.0

28,025100.0

20,257

100.0

Cost of sales

20,372

82.0

23,931

85.4

16,53881.6

Gross profit

4,477

18.0

4,094

14.6

3,718

18.4

Selling, general and administrative expenses

3,291

13.2

4,212

15.0

3,338

16.5

Operating profit

1,185

4.8-118-380

1.9

Non-operating income

40-

29-

17-

Non-operating expenses

37-

50-

39-

Ordinary profit

1,189

4.8-139-357

1.8

Profit before income taxes

1,194

4.8-83-

326

1.6

774

3.1-80-181

0.9Profit attributable to owners of parent

Balance sheet

Fiscal Year

May 2022(mn yen)Current assets

May 2023(%)(mn yen)Feb.2024(%)(mn yen)(%)

11,343

78.2

11,04575.2

12,223

75.9

5,325

36.7

4,945

33.7

4,982

30.9

340.2

32

0.2

98

0.6

5,510

38.0

5,688

38.7

6,758

41.9

3,168

21.8

3,646

24.8

3,889

24.1

Property, plant and equipment

1,645

11.3

2,143

14.6

2,389

14.8

Intangible assets

1,284

8.8

1,216

8.3

1,198

7.4

238

1.6

286

2.03011.9

Total assets

14,511

100.0

14,692101.2

16,113111.0

Current liabilities

9,170

63.2

8,778

59.7

10,474

65.0

2,485

17.1

1,943

13.2

1,986

12.3

Short-term borrowings

987

6.8

1,934

13.2

2,259

14.0

Current portion of long-term borrowings

391

2.7

452

3.1

589

3.7

Advances received on construction
contracts in progress

2,473

17.0

2,157

14.7

4,295

26.7

Deposits received

1,731

11.9

1,396

9.5

395

2.5

Non-current liabilities

2,070

14.3

2,722

18.5

2,255

14.0

1,896

13.1

2,569

17.5

2,123

13.2

Cash and deposits
Accounts receivable fromcompleted construction contracts
Inventories
Non-current assets

Investments and other assets

Accounts payable for construction contracts

Long-term borrowings
Asset retirement obligation
Net assets
Owners' equity

Statement of cash flows

Fiscal Year

Cash flows from operating activities
Depreciation

82

0.6

81

0.6

81

0.5

3,270

22.5

3,190

21.7

3,384

21.0

3,270

22.5

3,190

21.7

3,384

21.0

May 2022

May 2023(mn yen)(mn yen)

3,043-1,52377100

Cash flows from investing activities-296-534

Cash flows from financing activities

-413

1,677

Dividends paid--Net increase in cash and cash equivalents

2,335

-379

Cash and cash equivalents

5,325

4,945

Note:Consolidated
Source: Prepared by Stock Research Center based on the notifiable prospectus.

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The contents indicated in the report are based on information as of the date the report was created and are subject to change without prior notice. The Stock Research Center
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no responsibility or obligation whatsoever. The Stock Research Center assumes no responsibility for any direct or indirect loss, lost profit, damage or other results from investors
accessing and using the report or relying on the report concerning the distribution of the report. Final investment decisions shall be made by the investors themselves, and entire
responsibility for investments lies with investors that accessed the report. In addition, intellectual rights concerning the report belongs to The Stock Research Center and may
not be copied, reprinted, quoted, etc. without permission.

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