Briefings on Financial Results for the Third Quarterof the Fiscal Year Ending September 30, 2023
(FY2023)

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

1. 3Q FY2023 Financial Summary
2. 3Q FY2023 Results by Segment

Contents

3. FY2023 Consolidated Forecast
4. Growth Strategy and Challenges
5. Management Philosophy

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2

3Q FY2023 Financial Summary

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3Topics

Net sales¥

34.2
Upbillion

OperatingprofitEBITDA¥

2.75 billion 1.55
¥billion

1.2％ YoY

Up・Platform:

Increase in sales and earnings

7.1％ YoY

UpProfit attributable toowners of parent¥

9.9％ YoY

250Upmillion

15.4％ YoY

・Technology: Increase in sales and decrease in earnings
・Other:Decrease in sales and loss reduction* Note: EBITDA = Ordinary profit + depreciation + amortization of goodwill

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4

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

3Q FY2022

Ratio to netsales

3Q FY2023Ratio to netsales

YoYchangeNet sales

33,834-

34,238-+403

Gross profit

8,010

23.7%

8,429

24.6％

+418

SG&A expenses

6,592

19.5%

6,871

20.1%

+278

Operating profit

1,417

4.2%

1,557

4.5%

+139

Ordinary profit

1,064

3.1%

964

2.8%

-99

224

0.7%

258

0.8%

+34

2,569

7.6%

2,750

8.0%

+181

Profit attributable toowners of parent
EBITDANote Non-operating expenses: Equity-method profit/loss; loss of ¥140 million (down ¥80 million YoY)
 Non-operating income: Foreign exchange gains/loss; loss of ¥20 million (down ¥230 million YoY) Extraordinary income: Loss (gain) on sales of non-current assets; loss of ¥20 million (up ¥50 million YoY)
Note: EBITDA = Operating profit + depreciation + amortization of goodwill

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5

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

EndFY2022

3Q FY2023

ChangeEndFY2022

3Q FY2023

ChangeCurrent assets

16,45016,407-43

Current liabilities

11,952

12,977+1,024

Cash and deposits

8,318

8,487+168

Accounts payable-trade

1,537

1,470-67

Accounts receivable-trade

1,817

1,695-122

Short-term borrowings Note 1

3,036

3,855+818

Operational investment
securities

1,054

958

-95

Other

7,377

7,651+273

Other

5,258

5,265+6

Non-current liabilities

19,277

17,728-1,54819,094

18,583-510

Long-term borrowings

15,707

14,043-1,664

Property, plant and equipment

2,687

2,657

-29

Long-term lease and guarantee
deposited

1,453

1,333-120

Intangible assets

9,776

9,678

-98

Other

2,116

2,352-235

Goodwill5,604

5,040-564

Total liabilities

31,22930,705-523

Other

4,172

4,638+466

6,630

6,247-383

Capital

8,002

8,021

+18

35,54534,991-554

Net assets

4,315

4,285-30

Total liabilities and netassets

35,54534,991-554

Non-current assets

Investments and other assets

Total assets

Note: 1. Includes current portion of long-term borrowings

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Financial Summary ｜ Quarterly Sales(Billions of yen)

FY2021

FY2022
44.9

44.4

34.2

33.8

33.6

22.7

22.511.1

1FY2023

22.8

11.0

10.8

23456789101112 Effect on the application of the accounting standard for revenue recognition: 3Q FY2023 -¥550 million (3Q FY2022 -¥510 million, 3Q FY2021 - )Note: Quarterly sales are cumulative results.

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Financial Summary ｜ Quarterly EBITDA Note
(Billions of yen)

FY2021

FY2022

FY2023
3.43

2.94

2.75
2.56

2.12
1.69

1.68

1.21
0.77

0.72

0.53

1234

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

56789101112

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Financial Summary ｜ Quarterly Operating Profit(Billions of yen)

FY2021

FY2022

FY2023
1.89

1.55
1.41

1.35

0.93

0.92

0.42

0.90

0.39

0.34

0.14
123

Note: Quarterly operating profit is cumulative results.

456789101112

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Financial Summary ｜ Profit Structure

Constant revenue accounts for about 70% of gross profit
Management

Rental management fee(Includes sub-leasing)
Platform

Company-rented
housings

Brokerage fee

Cloud service

Usage fee

Franchise service

Royalty fee

Metered parking

Parking fee

TechnologyConstant-revenue gross profit

70.9％

Other

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

As of Jun. 30, 2023

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

FY2021

FY202271%

FY2023
71%

70%

Share of constantrevenue gross profit
in total gross profit
Gross profit
Gross profit

Gross profit

128.42

8.01

7.72

2.45

2.26

2.33

Constant revenue

Constant revenue

Constant
revenue

5.46

5.67

5.97

3

Note: Quarterly gross profit is cumulative results

45

6

7

8

9

10

11

ストック

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3Q FY2023 Results by Segment

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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

3Q FY2022

No. of units undermanagement

3Q FY2023

YoY Change

90,476

90,102-374

71

72+1

No. of companies using thecompany housing agency
service

3,189

3,272+83

No. of companies using thecompany-rented housing
service107

132+25

No. of directly managed
storesCopyright © APAMAN Co.,Ltd. All rights reserved.

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

Topics Sales in PM, company housing and store operations
were firm Subleased company-rented housing reached 1,000 units(Millions of yen)Segment sales
27,024

Segment profit
27,57927,209

2,213
2,027
+1.4%

+9.2%
1,489

123

13Q FY2021

23Q FY2022

33Q FY2023

 Lower sales due to the application of the accounting standard for revenue recognition: -¥550 million in 3Q FY2023
 Lower sales due to the application of the accounting standard for revenue recognition: -¥510 million in 3Q FY2022
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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

Staffappointment

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 Number of meetings increased for the first time in 3years(Millions of yen)Segment sales
5,798

Segment profit
6,033

5,897

593603
440+2.3%-27.0%

123123Copyright © APAMAN Co.,Ltd. All rights reserved.

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

SG&A expenses

Gross profit+418• Increase in overall
personnel expenses• Revitalize localcommunities(Invigorating localcommunities)

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FY2023 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
FY2022Results

FY2023
Forecast

ChangeNet sales

44,92645,700+773

EBITDA

3,435

3,600+164

Operating profit

1,893

1,900+6

Ordinary profit

1,419

1,300-119262

300+37

Profit attributable toowners of parent

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Growth Strategy and Challenges

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Growth Strategy

1. Growth of rental managementrevenues
2. Acquisition of rental properties
under management
3. Expansion of company housing
for 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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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.

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