Briefings on Financial Results for the Second Quarterof the Fiscal Year Ending September 30, 2024 (FY2024)

APAMAN Co., Ltd.
May 10, 2024
Copyright © APAMAN Co.,Ltd. All rights reserved.
Tokyo Stock
Exchange (Standard): 88891

1. 2Q FY2024 Financial Summary
2. 2Q FY2024 Results by Segment

Contents

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

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2

2Q FY2024 Financial Summary

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3Topics

Net sales¥22.4
Downbillion

1.7% YoY

Operatingprofit

EBITDA¥

1.52
Downbillion ¥9.4 % YoY

0.61
Down

Profit attributable toowners of parentbillion ¥32.4 % YoY-0.18

Downbillion¥0.17 billion YoY

Technology: Decrease in earnings due to higher depreciation and various campaigns(down ¥0.20 billion YoY)
Profit:Increase in extraordinary loss due to support for disaster relief andother factors

Note: EBITDA = Ordinary profit + depreciation + amortization of goodwill

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

Ratio to net
sales

2Q FY2023

2Q FY2024

Ratio to netsales

YoYchangeNet sales

22,889-22,497--391

Gross profit

5,406

23.6%

5,215

23.2%

-190

SG&A expenses

4,500

19.7%

4,603

20.5%

+102

Operating profit

905

4.0%

612

2.7%

-293

Ordinary profit

455

2.0%

269

1.2%

-185

-8

-0.0%

-184

-0.8%

-176

1,685

7.4%

1,527

6.8%

-158

Profit attributable toowners of parent

EBITDA Note Non-operating expenses: Equity-method profit/loss; loss of ¥80 million (up ¥30 million YoY)
 Non-operating income: Foreign exchange gains/loss; gains of ¥20 million (up ¥160 million YoY) Extraordinary income: Special subsidy; loss of ¥100 million (down ¥90 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)

EndFY2023

2Q FY2024

ChangeEndFY2023

2Q FY2024

ChangeCurrent assets

16,756

15,883-872

Current liabilities

13,32613,530+203

Cash and deposits

8,920

7,251

-1,669Accounts payable-trade

1,814

1,730-84

Accounts receivable-trade

1,799

1,935+136

Short-term borrowings Note 1

3,887

4,110+223

Operational investment
securities

1,015

1,055+39

Other

7,624

7,689+64

Other

5,020

5,640+619

Non-current liabilities

17,04915,561-1,48718,187

17,249-938

Long-term borrowings

13,338

12,229-1,109Property, plant and equipment

2,316

2,224

-91

Long-term lease and guarantee
deposited

1,327

1,306-21

Intangible assets

9,533

8,947

-586

Other

2,383

2,026

-357

Goodwill

4,844

4,519

-324

Total liabilities

30,37629,092-1,283

Other

4,689

4,427

-261

6,337

6,076

-260

Capital

8,021

8,039

+18

34,94433,132-1,811

Net assets

4,567

4,040

-527

Total liabilities and net
assets34,94433,132-1,811

Non-current assets

Investments and other assets

Total assets

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

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6Financial Summary ｜ Quarterly Sales(Billions of yen)

FY2022FY2023
45.7

44.9

34.2

33.8

22.7

22.8

22.4

11.0

10.8

1Q

FY2024

2Q

3Q

4Q

Note: Quarterly sales are cumulative results.

1Q

10.7

2Q

3Q

4Q

1Q

2Q

3Q

4Q

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Financial Summary ｜ Quarterly EBITDA Note
(Billions of yen)

FY2022

FY2023

FY2024
3.75

3.43
2.75
2.56

1.69

1.68

0.77

1Q

1.52

0.72

2Q

3Q

4Q

1Q

0.59

2Q

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

3Q

4Q

1Q2Q

3Q

4Q

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Financial Summary ｜ Quarterly Operating Profit(Billions of yen)

FY2022

FY2023

FY2024
2.04

1.89
1.56
1.41

0.92

0.90

0.61
0.39

0.34

0.12
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

Rental management Management fee(Includes sub-leasing)

Platform

Constant-revenue gross profit

68.0%

Company-rented
housings

Brokerage fee

Cloud service

Usage fee

Franchise service

Royalty fee

Metered parking

Parking fee

Technology

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 Mar. 31, 2024

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

FY2022

FY202366%

68%

FY2024
68%

Share of constantrevenue gross profitin total gross profit

1Q

Gross profit

Gross profit

5.30

5.40

5.21

1.79

1.69

1.67

Constant revenue

Constant revenue

Constantrevenue

3.51

3.70

3.54

2Q

3Q

4Q

Note: Quarterly gross profit is cumulative results

1Q

2Q

Gross profit

3Q

4Q

1Q

2Q

3Q

4Q

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11

2Q FY2024 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

2Q FY2023
No. of units undermanagement
No. of directly managed
storesNo. of companies using thecompany housing agency
serviceNo. of companies using thecompany-rented housing
service

2Q FY2024

YoY Change

90,657

88,246-2,411

72

72-

3,259

3,566

+307

128

134

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

Topics Focused on improving customer services and current
sources of earnings
 Focused on expanding company housing for employees
Segment sales

18,241

18,417

Segment profit

18,071

1,403

1,525-1.9%

2Q FY2022

2Q FY2023

1,493-2.1%

2Q FY2024

2Q FY2022

2Q FY2023

2Q FY2024

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Results by Segment｜ Technology Business (FC)(Millions of yen)

Topics Higher depreciation due to digital transformation ofAPAMAN
 Various campaigns
Segment sales

3,977

4,099

Segment profit
3,960
203

-3.4%

2Q FY2022

2Q FY2023

93

2Q FY2024

2Q FY2022

2Q FY2023-207-113

2Q FY2024

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

SG&A expenses-247
Gross profit-190

2Q FY2023
Operating profit

Platform
Gross profit

TechnologyGross profit

OthersGross profit-102

Adjustment

SG&A expenses

2Q FY2024
Operating profit

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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
ForecastChangeNet 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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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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