KOSHIDAKA HOLDINGS Co., LTD.
(TSE Prime Market 2157)

Results of Operations
for the First Nine Months of the
Fiscal Year Ending August 2024
(3Q FY8/2024)

Results of Operations for 3Q FY8/2024

Agenda1 Executive Summary

2 3Q FY8/2024 Financial Summary
3 FY8/2024 Consolidated Forecast
4 Shareholder Return Policy
5 Strategies and Actions2

1. Executive Summary

1. Executive Summary

3Q FY8/2024 Overview• Record-high sales and earnings in the first nine months on a Curves spinned-off basis• Continuing to open stores in the Kinki region (12 locations), including the first in the city of Kyoto (1 locationin November and 2 in December)• Speeding up growth outside Japan (3 locations in Malaysia, 1 in Thailand and 1 in Indonesia), totaling
22 overseas locations

Accelerate EIP (Entertainment Infrastructure Plan*1)/Intermidiate target in sight-FY8/2024 revised sales forecast is 96.5% of FY8/2025 intermediate EIP target of 65 billion yen• Operate karaoke Manekineko throughout JapanEntertainment as
Infrastructure
InfrastructureEntertainment as「エンタメをインフラに」Continuing to open stores aggressively in the Kinki region
Continuing to add many new stores (Station front/cozy commercial area/Relocation projects)→ Continuing pace for 50 stores in a year in Japan• Make entertainment a vital part of everyone’s life
Continuing development to expand PER (Private Entertainment Room*2) → ONEREC VK• An outstanding entertainment experience for people worldwide
Aggressive store openings overseas, in Southeast Asia
Collaboration with Japanese animation contents in Japan and overseas• Utilizing Customer base for B to B business as marketing supporting tools“Neko no Te” trial starts*1. EIP: The Entertainment Infrastructure Plan has the goal of accomplishing the medium-term corporate vision of “entertainment as infrastructure.”*2. PER: Private Entertainment Rooms, which are part of the “entertainment as infrastructure” vision, are a platform for providing karaoke along withmany other forms of entertainment.

4

2. 3Q FY8/2024 Financial Summary

2. 3Q FY8/2024 Financial Summary

3Q FY8/2024 Consolidated Results of Operations◼ Sales and operating profit in the first nine months were consistent with the plan
◼ (1) Even after the rapid recovery sales continue to increase as operations enter a phase of steady growth.
Revising prices as needed to reflect market trends.
(2) Contribution of stores opened steadily even during the pandemic(Million yen)(3) Increased efficiency through larger stores
1Q-3Q
FY8/2023

1Q-3Q
FY8/2024

39,981Gross profit

Item

YoY change

Vs. 1Q-3Q forecast
Achievement
Forecast
ratio

AmountRatio

46,384+6,403+16.0%

46,404100.0%

9,976

12,083+2,107+21.1%--

SG&A expenses

4,021

5,035

+1,015+25.2%--

Operating profit

5,955

7,047

+1,092+18.3%(Operating profit to net sales)

14.9%

15.2%

6,864

102.7%

Ordinary profit

6,143

7,801

+1,658+27.0%(Ordinary profit to net sales)

15.4%

16.8%

7,548

103.4%

Profit attributable to owners ofparent

6,843

5,367

-1,476-21.6%

17.1%

11.6%

5,199

103.2%(Profit to net sales)

Net income per share (Yen)

83.94

65.84

-18.10-21.6%

63.78

103.2%Net sales62. 3Q FY8/2024 Financial Summary

Consolidated Results of Operations by Segment (YoY Change)◼ Karaoke: Sales up 18.3% and operating profit up 19.1% due to continuation of opening many stores and growth in thenumber of customers and sales per customer at existing stores. Profit ratios increased despite expenditures for new stores,
upgraded equipment at existing stores and expenses due to higher salaries (Workstyle Innovation Plan).
◼ Real Estate Management: Sales unchanged as the decline due to the sale of Sport Nagoya was offset by new properties.
◼ Other: Sales down because of the closing of Tokyo Kenko Land Maneki-no-Yu Bath House (former Bath House Segment).
(Million yen)

Item

1Q-3Q
FY8/2023

1Q-3Q
FY8/2024

YoY change

AmountVs. 1Q-3Q forecast
Achievement
Forecast
ratio

Ratio

39,981

46,384+6,403+16.0%

46,404100.0%

37,93544,887+6,952+18.3%

44,92099.9%

Real Estate Management

1,131

1,154

+23

+2.0%

1,159

99.6%

Other

1,087

651

-436

-40.1%

577

112.7%

Adjustment

-173

-308

-135

-

-252

-

Operating profit

5,955

7,047

+1,092+18.3%

6,864

102.7%

Karaoke

6,802

8,104

+1,302+19.1%

7,893

102.7%(17.9%)(18.1%)

20460(18.0%)(5.2%)-24-45(-2.2%)(-6.9%)-1,025-1,072

Net sales
Karaoke(Operating profit to net sales)
Real Estate Management(Operating profit to net sales)
Other(Operating profit to net sales)
Adjustment(17.6%)
-144

-

82

73.2%

(7.1%)
-21

-

-36

-

-47

-

-1,074-7

2. 3Q FY8/2024 Financial Summary

YoY Change in Operating Profit(Million yen)

Increase

Decrease

Total(Million yen)◼

Major increase in sales✓ New stores(Karaoke):+4,078✓ Existing stores(Karaoke): +3,113✓ Other:-436✓ Adjustment:-135◼

Major increase in cost of sales✓ Personnel:+1,436 (+14.7%)✓ Rents:+1,033 (+15.4%)✓ Cost of merchandise: +632 (+20.6%)✓ Fees and commissions: +211 (+25.5%)✓ Utilities:-201 (-8.0%)✓ Distribution fees:+185 (+13.3%)◼

Major increase in SG&A expenses✓ Advertising Expenses: +317 (+93.6%)✓ Personnel:+255 (+19.9%)✓ Opening expenses:+127 (+20.7%)+

8

2. 3Q FY8/2024 Financial Summary(*Reference) Changes in Net Sales and Operating Profit in the First Nine Months◼ Growth is continuing even after the rapid recovery of sales and operating profit to higher thanthe pre-pandemic levels. (after Curves spin-off basis)

Net sales(Million yen)
50,0009,000

During the
pandemic

45,0005,000

35,00030,0003,000

25,00046,38420,00039,981

28,1881,000

16,817-5,0003Q FY8/2020

3Q FY8/2021

3Q FY8/2022

3Q FY8/2023

3Q FY8/2024

7,047

3,117
1,305
-1,135-4,944-3,0005,000
3Q FY8/2019

5,955-1,00027,02622,97010,0000

During theコロナ禍pandemic

7,000

40,00015,000Operating profit(Million yen)

3Q FY8/2019

3Q FY8/2020

3Q FY8/2021

3Q FY8/2022

3Q FY8/2023

3Q FY8/2024

9

2. 3Q FY8/2024 Financial Summary

Karaoke Business10

2. 3Q FY8/2024 Financial Summary

Karaoke Business◼ Number of customers increased as patronage at existing stores increased and customers at newly opened
stores are added.
◼ Renewed menu and revised room rates (from December 2022) → Average sales per customer increased(decreased vs. plan).
◼ Higher profit margin as the growth in the volume and sales per customer of this business more than offset
higher salaries and benefits for employees(Million yen)
1Q-3Q FY8/2021
Previous classification

1Q-3Q FY8/2022
Previous classification

1Q-3Q FY8/2023
Previous classification

1Q-3Q FY8/2023
New classification

1Q-3Q FY8/2024*

ResultComp.

ResultComp.

ResultComp.

ResultComp.

ResultComp.

Net sales

15,590-25,705-38,234-37,935-44,887-

Cost of sales

17,800114.2%

21,64084.2%

28,527

74.6%

28,19674.3%

32,873

73.2%

Gross profit(2,210)

-

4,065

15.8%

9,707

25.4%

9,738

25.7%

12,013

26.8%

1,926

12.4%

2,215

8.6%

2,950

7.7%

2,936

7.7%

3,909

8.7%

Operating profit (4,137)

-

1,849

7.2%

6,758

17.7%

6,802

17.9%

8,104

18.1%

SG&A expenses*Starting at this FY, several pure restaurant/bar stores which do not provide with Karaoke service is newly categorized into “Other” business segment112. 3Q FY8/2024 Financial Summary

Existing Store Sales◼ Existing store sales increased 8.3% in the first nine months compared with the same period of FY8/2023 and up 14.5% comparedwith the sum of the same months in 2019 (existing stores are defined on a monthly basis). In November and December sees rather
high growth rate, since this FY business was back to normal busy year end season compared to sluggish last year due to last (8th)pandemic wave.
◼ Sales increased 7.2% YoY at near station/prime shopping area stores due to revenge consumption that emerged in 2Q FY8/2023.
Sales at these locations were 22.7% higher than that in 2019.
◼ At suburban/roadside stores, where revenge consumption began to emerge later, sales increased 10.6% which is higher than that ofnear station/prime shopping area, Sales were 5.1% higher than in 2019.
170%

FY2408 Total
158%

160%

150%

Near Station/Prime Shopping Area
142%

139%

140%

120%
110%

119%

127%

114%

120%

113%

112%

100%

121%

103%

112%

112%

111%
108%

119%

114%

135%
120%

114%

114%
109%
105%

FY2308 Total
132%

125%
130%

Suburban/Roadside

104%
104%

110%

107%

103%

101%

99%

101%
95%

2310

2311

2312

2401

2402

2403

121%

102%

90%
2309

123%

2404

2405

98%
2406

2407

2408

12

2. 3Q FY8/2024 Financial Summary

Sales at Existing Stores/Number of Customers/Sales Per Customer◼ The contribution of price increases in Feb. 2023 reached one year in Feb. 2024, ending the effect on YoY comparisons.
Revising prices to reflect changes in the market conditions of individual stores.
◼ The number of customers continues to increase, except in October.
[Existing store sales compared with same month in 1Q-3Q FY8/2023 ]
125%

Sales

Number of Customers
121%

Sales per Customer

120%

115%

114%

114%
115%

110%

112%
108%

107%
109%

105%

105%

105%

105%

109%

109%

107%

104%
106%

105%

106%
101%

102%

100%
99%

99%

95%

104%
98%

98%
95%

94%

90%
20230920231020231120231220240120240220240320240420240513

2. 3Q FY8/2024 Financial Summary

Karaoke Segment Quarterly Net Sales and Operating Profit◼ Sales and earnings are lowest in the 1Q and highest in the 2Q, which includes the year-end/New Year holiday, followed by the
4Q, which includes Obon holiday and summer vacation, and the 3Q, which includes spring break and Golden Week.
◼ Before the pandemic, there was a loss in the 1Q every year. But sales and earnings became profitable from 1Q FY8/2023 andwere even higher in 1Q FY8/2024.

Karaoke Segment Quarterly Net Sales and Operating Profit(Million yen)
18,000Net sales (left scale)Operating profit (right scale)

１Q
２Q
３Q
４Q

16,00014,000Net sales(Million yen)forecast
5,000
Actual profit

4,000
3,000

12,0002,000

10,000

1,000

8,000

Operating profit
forecast (right scale)

6,000

１Q
２Q
３Q
４Q

4,000
2,000

0
(1,000)(2,000)(3,000)1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q

FY8/2018

FY8/2019

FY8/2020

FY8/2021

FY8/2022

FY8/2023

FY8/202414

2. 3Q FY8/2024 Financial Summary

Number of Locations and Rooms◼ Continued to increase store size and open new stores in prime shopping areas near railway stations→ Improved efficiency of store operations

Number oflocations/rooms
Manekineko

No. ofrooms

No. oflocations

ChangeNo. ofrooms

No. oflocationsNo. of
rooms

340

9,411

376

10,496+36+1,085Suburban/roadside
locations

274

6,563

276

6,690

+2

+127

Total

614

15,974652

17,186+38+1,212

6

212

6

207

-

-5

620

16,186658

17,393+38+1,207

Total

Number of locations
opened/closed

No. oflocationsclosedNo. oflocations

1Q-3Q FY8/2024

Near railway stations/prime shopping areas

One Kara

No. oflocations
openedFY8/2023

1Q FY8/2024

2Q FY8/2024

3Q FY8/2024

FY8/2024

Near railway stations/prime shopping areas
Suburban/roadside
locations

12

15

12

39

0

1

3

4

Total

12

16

15

43

0

2

3

5

15

2. 3Q FY8/2024 Financial Summary[New Stores in Japan]◼ Of the 43 stores opened in the first nine months, 16 were in the Kinki region and Nagoya area, 13 in Tokyo
Metropolitan area, and 2 in Fukuoka Prefecture.
◼ Continuing to add many stores in the Kinki region and more stores in the Tokyo Metropolitan area. Also targeting areas
rather less cultivated areas.

Strategy for new stores
Continue opening many stores nearstations and shopping districts, mainlyin the Tokyo Metropolitan area

Manekineko share of karaokerooms in Japan*1
Manekineko
17.5% (As of May 2024)

Karaoke other than
Manekineko

Rapidly increase the number oflocations in the Kinki region

Open stores in regions where there isenormous potential for growth

Manekineko(When the EIP
is achieved)
30.2%

Rapidly opening storesin the Kinki region
Opened 16 locations in 1～3Q
(Kinki region/Nagoya area)

Opened 13 locations in
1～3Q FY8/2024

Opened 2 locations in 1～3Q
FY8/2024 (Fukuoka pref.)*1 Calculated based on the number of rooms as of May 31, 2024 (Koshidaka)/
Karaoke White Paper as of March 31, 2022
Assumes no change in the total number of rooms (99,441 nationwide) even when
the EIP is achieved.

Continue opening
stores in Tokyo area

30% -Open stores in areas
where Koshidaka has
not yet well cultivated

10% - 30%0% - 10%16

2. 3Q FY8/2024 Financial Summary
SETAPAK CENTRAL MALL
Malaysia

Overseas Performance◼ Continued aggressive store openings in the Southeast Asia:
Opened 3 stores in Malaysia, 1 in Thailand and 1 in Indonesia.
◼ Local personnel opened his first Manekineko store in Indonesia→ Utilize local human resources(Million yen)

FY8/2023

Silom Edge, Thailand

FY8/2024

3Q

Full year

3Q

Net sales

OperatingprofitNo. oflocations

Net sales

OperatingprofitNo. oflocations

Net sales

OperatingprofitNo. oflocations

Overseas

473

9

17

779

(2)

17

874

53

22

South
Korea

73

(7)

4

99

(14)

4

93

(10)

4

Malaysia

286

23

10

452

17

10

503

32

13

Thailand

86

(1)

2

185

11

2

221

34

3

Indonesia

28

(5)

1

43

(16)

1

56

(3)

2

Lippo Mall Puri, Indonesia*Sales and operating profit in Malaysia, Thailand and Indonesia are not consolidated.

17

2. 3Q FY8/2024 Financial Summary

Real Estate Management
Other Businesses18

2. 3Q FY8/2024 Financial Summary

Real Estate Management Business◼ Sales decreased because of the sale of “Sport Nagoya”◼ Occupancy was almost 100% at both of the major properties→ AQERU Maebashi, Fleuret Sakuragicho◼ Increase in expenses due to acquisition and opening of new properties for leasing(Million yen)

1Q-3Q FY8/2020 1Q-3Q FY8/2021

1Q-3Q FY8/2022 1Q-3Q FY8/2023 1Q-3Q FY8/2024

ResultComp.

ResultComp.

ResultComp.

ResultComp.

ResultComp.

Net sales

518

-

495

-

814

-

1,131

-

1,154

-

Cost of sales

532

102.7%

661

133.5%

696

85.5%

906

80.1%

1,071

92.8%

Gross profit

(13)

-

(165)

-

117

14.4%

225

19.9%

82

7.1%

SG&A
expenses

10

1.9%

12

2.4%

14

1.7%

21

1.9%

21

1.8%

Operatingprofit

(24)

-

(179)

-

104

12.7%

203

17.9%

60

5.2%
19

2. 3Q FY8/2024 Financial Summary

Other Businesses◼ Closing of Tokyo Kenko Land Maneki-no-Yu Bath House (former Bath House segment)eliminated revenue from this facility.
◼ Sales of 348 million yen and loss of 19 million yen transferred from Karaoke Segment. An
improvement in food/beverage store performance offset expenses for preparations to open
many new locations, the launch of a new business format and other activities.
(Million yen)

1Q-3Q FY8/2021
Previous classification

1Q-3Q FY8/2022
Previous classification

1Q-3Q FY8/2023
Previous classification

1Q-3Q FY8/2023
New classification

1Q-3Q FY8/2024

ResultComp.

ResultResultComp.

ResultComp.

ResultComp.

Net sales

731

-

663

-

789

-

1,087

-

651

-

Cost of sales

825

112.9%

697

105.1%

745

94.5%

1,074

98.8%

663

101.8%

Gross profit

(93)

-

(33)

-

44

5.5%

12

1.1%

(12)

-

SG&A
expenses

32

4.4%

20

3.0%

24

3.0%

36

3.3%

33

5.1%

Operatingprofit

(126)

-

(54)

-

20

2.5%

(24)

-

(45)

-

Comp.

20

2. 3Q FY8/2024 Financial Summary

Balance Sheet(Million yen)August 31, 2023
Current assets

Non-current assets
Property, plant and equipment
Intangible assets
Investments and other asset
Total assets
Current liabilities
Short-term borrowings
Current portion of long-termborrowings
Non-current liabilities
Long-term borrowings

Total liabilities
Shareholders' equity
Net assets
Total liabilities and net assets

May 31, 2024

Change12,374
44,63332,032510
12,09057,007
13,9640

9,896
50,35135,885653
13,81160,24813,3130-2,478+5,718+3,853+143+1,721+3,241
-651
-

1,911

1,961

+50

17,6486,937
31,61325,72225,39457,007

17,2885,891
30,602
29,94929,64560,248-360-1,046-1,011+4,227+4,251+3,24121

3. FY8/2024 Consolidated Forecast

3. FY8/2024 Consolidated Forecast

FY8/2024 Forecast◼ Profit attributable to owners of parent decreased because earnings in 3Q FY8/2023 include extraordinary income.
(Posted 4,330 million yen in extraordinary income in 3Q FY8/2023 for the sale of property owned by Koshidaka Products.)◼ Maintain the full-year forecast which was raised at the time of announcement of 2Q results

Consolidated Forecast
Items

Net sales

Operating profit(Operating profit to
net sales)

Ordinary profit(Ordinary profit to
net sales)
Profit attributable toowners of parent(Profit to net sales)

FY8/2023
Result54,629(Million yen)
FY8/2024
Revised Forecast

62,728

7,667

9,278

(14.0%)(14.8%)

7,767

9,939

(14.2%)(15.8%)

7,104

6,753

(13.0%)(10.8%)

Vs. FY8/2023

Forecast by Segment
Items
Net sales

ChangeRatio+8,09914.8%+1,611+2,172

21.0%

28.0%

Karaoke

52,31960,502+8,183Bath House

1,488

1,567

+79

Real EstateManagement

1,057

968

(89)

Adjustment

(235)

(309)

(74)

Operating profit

7,667

9,278

+1,611(Operating profit to net
sales)(14.0%)(14.8%)

Karaoke

9,006

10,649(Operating profit to
net sales)(17.2%)(17.6%)

149

127(10.0%)(8.1%)

52(63)(4.9%)-(1,540)(1,435)Bath House(Operating profit to
net sales)

-351

-4.9%

(Million yen)
Vs. FY8/2023
FY8/2023
FY8/2024
ChangeResultRevised Forecast
54,62962,728+8,099Real EstateManagement(Operating profit to
net sales)

Adjustment+1,643

(22)

(115)

+105

23

4. Shareholder Return Policy

4. Shareholder Return Policy

PolicyDistributing earnings to shareholders is one of the highest priorities of Koshidaka Holdings. Our policy is to pay dividends
consistently while taking steps for the medium/long-term growth of the value of our stock. By restarting the Entertainment
Infrastructure Plan*1 and creating the next core drivers of growth, we are aiming for more growth of our businesses and theeven more efficient use of capital.

◼ Increased the year-end dividend by 4 yen to 11 yen in consideration of our performancetrends. Plans to pay a full-year dividend of 18 yen per share.

Dividend per share/Payout ratio
FY8/2019(Yen)

FY8/2020

FY8/2021

FY8/2022

FY8/2023

FY8/2024 (forecast)Interim

6.0

8.0

2.0

4.0

5.0

7.0

Year-end

6.0

4.0

2.0

4.0

7.0

11.0

Annual

12.0

12.0

4.0

8.0

12.0

18.0

15.7%

-

-

17.9%

13.9%

21.9%

Payout ratio*1. The Entertainment Infrastructure Plan has the goal of accomplishing the medium-term corporate vision of “entertainment as infrastructure.”25

5. Strategies and Actions

5. Strategies and Actions

Medium/Long-term Plan and Strategic Initiatives

Initiative

1

Accelerate the Entertainment Infrastructure Plan*1
A) Aggressively open stores: Continue opening stores in Tokyo Metropolitan area and expand store
opening areas to less cultivated markets
B) More private entertainment rooms*2: Improve existing services and develop new services
C) A sound organizational structure: Introduce a new personnel system (increase in employee
salaries), enhance training and recruitment capabilities, recruit human resources with advanced
skills and continue activities to help accomplish the SDGs

Initiative

Initiative

Initiative2

Improve profitability by increasing productivity

3

Full-scale expansion outside Japan

4••

Increase labor productivity in order to both raise salaries for employees and lower labor’s share of income
Development of private entertainment rooms (PER) and the faster digital transformation of store and head
office operations.

Open stores faster in countries in Southeast Asia with enormous potential for growth

Create new sources of earnings
1. Contents collaboration business
2. Utilization of Karaoke customer base for B to B business as marketing supporting tools*1 The Entertainment Infrastructure Plan has the goal of accomplishing the medium-term corporate vision of “entertainment as infrastructure.”*2 Private Entertainment Rooms, which are part of the “entertainment as infrastructure” vision, are a platform for providing karaoke along with many other forms ofentertainment.

27

5. Strategies and Actions

1

Accelerate the EIP: Action Plan
For the Entertainment Infrastructure Plan*1, focus on actions for business growth (rapidly open stores / more
and upgraded PER) and building a sound organizational structure needed for the first two actions. The final
goal is sales of 100 billion yen.
On track to reach the FY8/2025 sales target of 65 billion yen (Achieved 96.5% of FY8/2024 revised forecast)
Sales target
100 billion yen

Sales per room
(More private entertainment
rooms to give people
more reasons to visit a 300,000
karaoke location)

FY8/2023
FY8/2025 target
Net sales:
65 billion yen

200,000

Increase rooms/floors
at existing locations
Occupy locations vacatedby competitors, utilizing
existing rooms andequipment

100,000

Karaoke

M&A

Number of Rooms
Recruiting and training (sound organization for accomplishing the EIP)
(Accelerate opening stores atprime shopping areas/nearrailway stations)*1 The Entertainment Infrastructure Plan has the goal of accomplishing the medium-term corporate vision of “entertainment as infrastructure.”28

5. Strategies and Actions

2

4 Create New Sources of Earnings

More DX to Develop and Introduce
Systems to Increase Productivity◼ Enhance efficiency of outlet operation/back office
operation• Automated shift preparation system• Automated ordering system• Remote store operations support• Invoice and payment system◼ Improve service to customers• New POS system• Reservation system• Automatic reception: “Remote concierge system”• Self-checkout units

43◼ Contents collaboration business• Increase the number of contents• Contents for overseas market• Expand EC business overseas◼ Marketing research support business• “Neko no Te” service

Full-scale Expansion Outside Japan◼ Growth using the “Family Karaoke” business format in Southeast Asia

29

KOSHIDAKA HOLDINGS Co., LTD.
(TSE Prime Market 2157)

The purpose of this presentation is to provide information about the Koshidaka
Group based on results of operations for the first nine months of the fiscal year
ending August 31, 2024. This is not a solicitation to purchase securities issued by
Koshidaka Holdings.
This presentation is based on information as of May 31, 2024. Opinions, forecasts
and other information that is not a fact represent the judgments of management
at the time this presentation was prepared. Koshidaka Holdings provides noguarantee or other assurance that the information in this presentation is accurate
or complete and may revise information without prior notice.
Information about other companies and industries in this presentation use public
information and other sources. Koshidaka Holdings does not guarantee theaccuracy of this information.