Briefings on Financial Results for the Fiscal Year Ended
September 30, 2023 (FY2023)

APAMAN Co., Ltd.
November 10, 2023
Copyright © APAMAN Co., Ltd. All rights reserved.
Tokyo Stock
Exchange (Standard): 88891

1. FY2023 Financial Summary
2. FY2023 Results by Segment

Contents

3. FY2024 Consolidated Forecast
4. Growth Strategy and Challenges
5. Management Philosophy

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FY2023 Financial Summary

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Topics

Net sales¥45.7
Upbillion

1.9% YoY

OperatingprofitEBITDA¥

3.75 billion 2.04¥

Up

9.4% YoY

Up

7.9%

Profit attributable toowners of parent

570billion¥YoYUpmillion

118.8% YoY

Net sales, EBITDANote and operating profit:
Higher sales and earnings in the Platform Business
Smaller loss in other businessProfit: Decrease in extraordinary loss (including impairment loss)
Note: EBITDA = Ordinary profit + depreciation + amortization of goodwill

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Financial Summary｜ Overview of Consolidated Statement of Income(Millions of yen)

Ratio to netsales

FY2022

FY2023

Ratio to netsales

YoYchange

Net sales

44,926-45,785-+858

Gross profit

10,80224.0%

11,092

24.2%+290

SG&A expenses

8,909

19.8%

9,050

19.8%

+140

Operating profit

1,893

4.2%

2,042

4.5%

+149

Ordinary profit

1,419

3.2%

1,312

2.9%

-106

262

0.6%

573

1.3%

+311

3,435

7.6%

3,758

8.2%

+323

Profit attributable toowners of parent

EBITDANote Non-operating expenses: Equity-method profit/loss; loss of ¥150 million (down ¥80 million YoY)
 Non-operating income: Foreign exchange gains/loss; gain of ¥0 million (down ¥290 million YoY) Extraordinary income: Loss (gain) on sales of non-current assets; gain of ¥90 million (up ¥160 million YoY)
Note: EBITDA = Operating profit + depreciation + amortization of goodwill

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Financial Summary ｜ Overview of Consolidated Balance Sheet(Millions of yen)

FY2022

FY2023

ChangeFY2022

FY2023

ChangeCurrent assets

16,45016,756+305

Current liabilities

11,952

13,326+1,374

Cash and deposits

8,318

8,920+601

Accounts payable-trade

1,537

1,814+277

Accounts receivable-trade

1,817

1,799

-18

Short-term borrowings Note 1

3,036

3,887+850

Operational investment
securities

1,054

1,015-38

Other

7,377

7,624+247

Other

5,258

5,020

-238

19,277

17,049-2,227

19,09418,187-907

Non-current
liabilities
Long-term borrowings

15,707

13,338-2,368Property, plant andequipment

2,687

2,316-370

Long-term lease andguarantee deposited

1,453

1,327-126

Intangible assets

9,776

9,533-243

Other

2,116

2,383-267

Goodwill

5,604

4,844-760

Other

4,172

4,689

Total liabilities

31,22930,376

-853

+517

6,630

6,337

-293

Capital

8,002

8,021

+18

35,54534,944-601

Net assets
Total liabilities andnet assets

4,315

4,567

-251

35,54534,944-601

Non-current assets

Investments and otherassets

Total assets

Note 1: Includes current portion of long-term borrowings

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Financial Summary ｜ Quarterly Sales(Billions of yen)

FY2021

FY2022

34.2

33.8

33.6

22.7

22.5

11.122.8

11.0

10.8

2Q

45.7

44.9

44.4

1Q

FY2023

3Q

4Q

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

 Effect on the application of the accounting standard for revenue recognition: FY2023 -¥730 million (FY2022 -¥690 million, FY2021 - )Note: Quarterly sales are cumulative results.

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Financial Summary ｜ Quarterly EBITDA Note
(Billions of yen)

FY2021

FY2022

FY2023
3.75
3.43

2.94

2.75
2.56

2.12
1.69

1.68

1.21
0.77

0.72

0.53

1Q

2Q

3Q

4Q

1Q

2Q

Note: EBITDA = Operating profit + depreciation + amortization of goodwill
Quarterly EBITDA is cumulative results.

3Q

4Q

1Q

2Q

3Q

4Q

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Financial Summary ｜ Quarterly Operating Profit(Billions of yen)

FY2021

FY2022

FY2023
2.04
1.89
1.56

1.41

1.35

0.93

0.92

0.42

0.90

0.39

0.34

0.14
1Q

2Q

3Q

4Q

Note: Quarterly operating profit is cumulative results.

1Q

2Q

3Q

4Q

1Q

2Q

3Q

4Q

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Financial Summary ｜ Profit Structure

Constant revenue accounts for about 70% of gross profit
ManagementPlatform

Rental management fee(Includes sub-leasing)Company-rented
housings

Brokerage fee

Cloud service

Usage fee

Franchise service

Royalty fee

Metered parking

Parking fee

Technology
Constant-revenue gross profit

72.3%

OtherNote: Sales for businesses in the same segment that are divided between constant-revenue and other gross profit include transactions within thesegment that are eliminated in the consolidated financial statements.

As of Sep. 30, 2023

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10Financial Summary ｜ Share and Amount of Constant Revenue Gross Profit(Billions of yen)

FY2021

FY2022
72%

Share of constantrevenue gross profit
in total gross profit

Gross profit

10.38
2.90

1Q

2Q

3Q

FY202373%

72%

Gross profit

Gross profit

10.80

11.09

2.85

3.07

Constant revenue

Constant revenue

7.47

7.94

4Q

Note: Quarterly gross profit is cumulative results

1Q

2Q

3Q

4Q

Constant
revenue

8.01
1Q

2Q

3Q

4Q

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11FY2023 Results by Segment

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12Results by Segment ｜ Platform Business(PM + Company Housing + Store Operations)

Topics The number of companies using the company-rented
housing service and company housing agency service
increased

FY2022
No. of units undermanagement
No. of directly managed
storesNo. of companies using thecompany housing agency
serviceNo. of companies using thecompany-rented housingservice

FY2023

YoY Change

90,60888,663-1,945

71

70-1

3,189

3,443

+254

115

132+17Copyright © APAMAN Co., Ltd. All rights reserved.

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Results by Segment ｜ Platform Business(PM + Company Housing + Store Operations)

Topics Focused on improving customer services and current
sources of earnings
 Subleased company-rented housing reached 1,000
units in the second quarter(Millions of yen)Segment sales
35,738Segment profit
2,796

36,80836,078

2,646
1,994
+2.0%

4Q FY2021

4Q FY2022+5.7%

4Q FY2023

4Q FY2021
21/94Q

4Q FY2022
22/94Q Lower sales due to the application of the accounting standard for revenue recognition: -¥730 million in 4Q FY2023
 Lower sales due to the application of the accounting standard for revenue recognition: -¥690 million in 4Q FY2022

4Q23/9FY20234Q

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Results by Segment ｜ Platform Business(PM + Company Housing + Store Operations)
The use of technology to search for an apartment

Time of day• Customers can select a time of day when
visiting the store is easier• Improves the efficiency of store operations

Staff
appointment

Apamanshop
Online*Images are for illustration purposes.

• Assigning the most suitable individual for eachcustomer’s requirements improves customer
satisfaction and the pct. of customers wholease an apartment from APAMAN• More efficient customer services

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Results by Segment｜ Technology Business (FC)

Topics Higher depreciation due to digital transformation ofAPAMAN
 Held FC National Conference Locally for the first timein 3 years(Millions of yen)Segment sales
7,601

Segment profit
8,067

7,930

919

952
672

+1.7%

4Q FY2021

4Q FY2022-29.4%

4Q FY2023

4Q FY2021

4Q FY2022

4Q FY2023

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Results by Segment｜ Analysis of Operating Profit (YoY Change)(Millions of yen)

SG&A expenses

Gross profit+290• Revitalize localcommunities• Increase in overall
personnel expenses

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FY2024 Consolidated Forecast

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Overview of Consolidated Forecast(Millions of yen)

Forecast increases in business efficiency and depreciation due to the digitaltransformation of APAMAN
FY2023Results

FY2024
Forecast

ChangeNet sales

45,78546,000+214

EBITDA

3,758

3,900+141

Operating profit

2,042

2,100+57

Ordinary profit

1,312

1,400+87573

600+26

Profit attributable toowners of parent

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Growth Strategy and Challenges

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Growth Strategy

1. Growth of rental management
revenues
2. Acquisition of rental properties
under management
3. Expansion of company housingfor employees
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Challenges

1. Importance to cash flow

2. Debt-free management (Net Debt 0)
3. Reduction of assets held

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Management Philosophy

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Management Philosophy
I.

We pursue the happiness of all employees and theirfamilies with a sense of mind.
II. We raise a personality without being arrogant humblyand contribute to the community.
III. Businesses dedicated to the happiness of ourcustomers.

In line with our management philosophy
 Salary increase of 8.1% over the past two years
 Introduction of a single-parent subsidy scheme Introduction of a defined contribution pension scheme Substantial increase in qualification allowancesand more
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Cautionary Statements
Amounts are rounded down to the nearest million yen and percentages are rounded off to the first decimal place. Accordingly, figures calculated using mathematicalformulas and the resulting figures stated in this material may not agree. The information presented in these materials, excluding past results but including
management strategies, plans, and forecasts, is forward-looking information, based on certain assumptions deemed reasonable in light of the information available atthe time these materials were prepared. Actual results may differ significantly from these forecasts as a result of a variety of factors going forward. The information
contained in these materials is subject to change without notice.
Every effort has been made to ensure the accuracy of the information contained herein, but APAMAN makes no guarantee regarding the accuracy, usefulness, ortimeliness of such information. APAMAN assumes no responsibility for losses incurred as a result of errors in the information contained herein.

These materials were prepared for the purpose of presenting the business overview of APAMAN and its affiliates, and are not intended as a solicitation or offer forinvestment. Investment decisions are entirely those of the investors.
This presentation uses numbers that are accurate at this time and makes no guarantee regarding numbers used in past presentations concerning results of operations.

Copyright © APAMAN Co., Ltd. All rights reserved.

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