Year Ended March 31, 2024 Financial Results Briefing

MIRARTH HOLDINGS, Inc.

Securities Code: 8897 May 17, 2024

Executive Summary Year Ended March 31, 2024's consolidated results reached record highs with Net sales 185,194 Millions yen (20.7% YoY),
Operating income 15,457 Millions yen (119.9% YoY), Ordinary income 12,984 Millions yen (158.0% YoY), and Net
income attributable to owners of parent 8,178 Millions yen (78.4% YoY).
 Energy Business, we will start biomass power generation using cashew nuts shells as a raw material, and while building
strong relationships with the Cambodian government, we will diversify the sources of power generation and contribute as
an energy source in Japan. We will also contribute to the creation of jobs within Cambodia and the development ofindustry to realize a circular economy.
 Although the equity ratio temporarily declined due to the impact of TOB on Takara Leben Infrastructure Fund Inc.,
Equity ratio (18.0% ⇒ 19.5%) and LTV (66.6% ⇒ 62.4%) improved due to thorough portfolio-management of therespective businesses. We will continue to grow steadily in Real Estate Business, develop Energy Business, and increase
profitability through stable earnings growth in Asset Management Business, while promoting Sustainability management

to realize a purpose.

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

2

INDEX

01

Year Ended March 31, 2024 Performance Summary

02

Full Year Forecast for the Fiscal Year Ending March 31, 2025

03

Medium- to Long-term Growth Strategy

P. 4
P. 17
P. 26

04

Appendix

P. 44

01
Year Ended March 31, 2024 Performance Summary
Performance Summary

Medium-Term Management Plan Year Ended March 31, 2024 Review

7 elements of Mid-Term Management Plan

Year Ended March 31, 2024 Review

01.

Further growth of core businesses

Delivery of projects in Thailand began in overseas business. Promote the condominium business in the Philippines
by leveraging domestic know-how.

02.

Maximized group synergies

After transitioning to a holding company structure, we developed shared services through Holdings. Accelerategroup-wide strategic initiatives centered on public relations, legal affairs, and DX.

03.

Optimized business portfolio

Conducted portfolio sessions with each division. Regular verification of intra-group asset allocation optimization.

04.

Establishment of a stable financial
groundBalance sheet expanded temporarily due to TOB of infrastructure funds, but improved due to thorough portfoliomanagement of individual businesses.

05.

Improvement of productivity andcreation of new services throughpromotion of DX

Improve productivity by converting DX of budgetary control. Enhanced security by making servers cloud andchanging groupware.

06.

Proactive ESG considerations

Formulated Target to Reduce CO2 Emissions, including Scope3, to Realize Carbon Neutral.

07.

Personnel development andestablishment of the rewarding
workplace environment

Aggressive investment in human capital. Base pay increases for employees and initial salaries for new graduateswere increased.

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

5

Year Ended March 31, 2024 Consolidated Statements of Income(Millions of yen)

Year Ended March 31,
2023
ActualYear Ended March 31,
2024
ActualYoY ChangeYear Ended
March 31, 2024
Initial Target

Vs. Plan
ChangeNet sales

153,472

185,19420.7%

188,710△1.9%

Cost of sales

121,763

144,60318.8%

149,710△3.4%

Gross profit

31,70840,59028.0%

39,000

4.1%

Selling, general and administrative
expenses

24,677

25,133

1.8%

25,300△0.7%

Operating income

7,030

15,457119.9%

13,70012.8%

Ordinary income

5,033

12,984158.0%

12,7002.2%

Net income attributable to ownersof parent

4,584

8,178

78.4%

8,500

△3.8%

Cost of debt

0.9%

1.2%

0.3P

―

―

Shareholders' equity costs

4.6%

5.9%

1.3P

―

―

WACC

1.6%

2.4%

0.8P

―

―

※WACC = Cost of debt × (1-T) × D/ (D + E) + Cost of Shareholders' equity × E/ (D + E) (T: Estimated at the effective tax rate [30.9%]) D: E interest-bearing debt: Equity attributable to owners of the parent

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

6

Year Ended March 31, 2024 Net Sales/Gross Profit/Operating Income by Segment•••

Real Estate Business: Both gross profit and operating income exceeded plans due to favorable sales.
Energy Business: Sale of LS Tottori Daisen power generation facility contributed significantly to sales and profit.
Asset Management Business: Decreased profits due to delays in establishing private funds.

Year Ended March 31,
2023
ActualYear Ended March
31, 2024
ActualYear Ended
March 31, 2024
Initial Target

YoY Change

Vs. Plan
Change(Millions of yen)

Real Estate Business

Energy Business

Asset Management Business

Other Businesses

Total

Net sales

139,110

162,804

17.0%

165,550△1.7%

Gross profit

29,95435,60818.9%

33,370

6.7%

Operating income

7,906

13,79074.4%

10,44032.1%

Net sales

9,045

13,84953.1%

13,7900.4%

Gross profit

826

4,361

427.6%

4,520

△3.5%

Operating income

△956

2,026

―

3,050

△33.6%Net sales

1,096

734

△33.0%

820△10.4%

Gross profit

963

594

△38.2%

610△2.5%

Operating income

322

△34

―

10

―

Net sales

4,219

7,805

85.0%

8,550

△8.7%

Gross profit

△35

25

―

500

△94.9%

Operating income

△241

△325

―

200

―

Net sales

153,472

185,19420.7%

188,710△1.9%

Gross profit

31,70840,59028.0%

39,000

4.1%

Operating income

7,030

15,457119.9%

13,70012.8%

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

7

Year Ended March 31, 2024 Selling, General and Administrative Expenses (YoY)
Increased 455 millions of yen from the previous fiscal year and recording 25,133 millions of yen at Year Ended March 31, 2024.

(Millions of yen)

568

361



Public relations expenses decreased by
169 Millions of yen due to thecompletion of advertising tocommemorate the founding of thecompany.

Personnel expenses increased by 568
Millions of yen due to aggressive
investing in human capital.



Decrease due to completion of TOB
settlement

△276
△28

△169
24,677

Year ended
March 31, 2023

25,133Public relations
expenses

Advertising expenses, etc.
(Sale of properties)

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

Sales commission(Liquidation)

Personnel expenses

Other(including DX outlays)

Year Ended
March 31, 2024

8

Year Ended March 31, 2024 Consolidated Balance Sheets••

Strive to reduce liabilities and improve equity ratio by thoroughly managing portfolios.
Refinancing of short-term borrowings for TOB of infrastructure fund to long-term loans payable.

End of March 2023

(Millions of yen)

End of March 2024

YoY Change

341,669

337,447△4,221

188,728

191,937

3,208

Cash and deposits

47,872

42,740△5,131Inventories

120,236

124,045

3,808Real estate for sale

34,14747,381

13,233

Power generation facilities for sale

3,375

65

△3,310Real estate for sale in progress

82,71376,598△6,114

152,884

145,441△7,442

276,527

265,778△10,748

162,157

122,537△39,620

Notes & accounts payable

16,342

27,11910,776

Borrowings (short-term, due within 1 year)

118,067

69,724△48,343

190

2,806

2,616

114,369

143,240

28,871

104,828

130,673

25,845

4,015

7,008

2,993

65,142

71,669

6,526

4,819

4,819

―

341,669

337,447△4,221

AssetsCurrent assets

Fixed assets

Liabilities
Current liabilities

Bonds payable (within 1 year)
Fixed liabilities
Long-term loans payable
Bonds payable

Net assets
Capital stock

Debt and Total net assets

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

9

Year Ended March 31, 2024 Consolidated Balance Sheets (Comprising)
Assets for sale0%
14%

Breakdown of borrowings andBonds payable(Millions of yen)

29%
Total assets (337,447 millions of yen) (As of the end of March 2024)
7%

50%

191,937

Current assets

Liabilities

11%
265,778
26%

Assets for sale in process1%

Cash and deposits

42,740

Short-term borrowings, etc.

69,724Inventories

124,045

Bonds payable (within 1
year)

2,806

New built-for-salecondominium

76,268Long-term loans payable

130,673

24,311

Bonds payable

7,008

8,763

Other liabilities

46,916

Liquidation

1%
7%

1

Newly built detachedhousesRenewal resale

91%

14,636

Power generation facilities

Liquidation

Newly built detached houses

Renewal resale

Power generation facilities

Other

Property, plant and equipment
1%

0%

6%

New built-for-sale condominium

Liquidation

Newly built detached houses

Renewal resale

Power generation facilities

Be not linked to assets

145,441

Property, plant andequipment

117,7592

Net assets

71,66933,274

Shareholders' equity(Power generation
Facilities)

82,940

Subscription rights to shares

Intangible assets

8,063

Non-controlling interest

Investments and other assets

19,619Other net assets

Breakdown of liquidation assets

65,643

5%

277
10%
5,674

8%

73

38%

39%

28%

1
71%

3%

25,151

Fixed assets(Liquidation Assets)

17%

65

Other Current assets

New built-for-sale condominium

37%

2
Residence

Offices

Hotel

Commercial and logistics

Land, etc.

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

10

Year Ended March 31, 2024 Breakdown of Assets, Borrowings, and Bonds Payable••

Controlling assets balance at the same level as the previous fiscal year through thorough portfolio-management.
Replaced some unprofitable assets.

Assets for sale(Millions of yen)

Assets for sale inprogress

Property, plant andequipment

Total assets

Borrowings andBonds payable

New built-for-sale condominium

6,513

69,75540

76,30855,214

Liquidation

23,818492

33,27457,58536,567

Newly built detached houses

3,076

5,686

―

8,763

7,012

Renewal resale

13,972663―

14,636

11,936

Power generation facilities

65―

82,94083,00576,912

Other

―

―

1,504

1,504

―

Borrowings and Bonds payable not tied
to property

―

―

―

―

22,57047,446

76,598

117,759

241,804

210,212

Total※※ Includes Bonds payable 9,815 Millions of yen

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

11

Review of Operations••

Real Estate BusinessNew built-for-sale condominium

Both net sales and gross profit increased YoY.
Strong sales curtailed discounts and improved profit margins.

Performance Actual
Year Ended March 31, 2024
ActualYear Ended March 31, 2023 Actual(Millions of yen)

Year Ended March 31, 2024
Initial Target

YoY Change

vs. Plan Change

Net sales

76,11093,47422.8%

92,7000.8%

Gross profit

16,72421,00325.6%

20,400

3.0%

Gross margin

22.0%

22.5%

0.5P

22.0%

0.5P

Units sold

1,861 Units

2,214 Units

353 Units

2,200 Units

14 Units

Units sold excluding
JV

1,715 Units

2,075 Units

360 Units

2,050 Units

25 Units

Percentage of metropolitan areas
Metropolitan
areas

Metropolitan areas
1

Capital area

4

Hokkaido area2

Chubu area

5

Tohoku area

3

Kinki area

6
7

Hokuriku area

8

Chugoku area

9

Shikoku area

10

Kyushu area

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

48.8%

9

3%
3%
0%
5

9

9%

34.2%

10

10

7

Kanto-Koshinetsu area

Metropolitan
areas

12%
2%

1

1

6

26%

7

Year ended 37%
March 31, 2023

15%

Year ended
March 31, 2024

2

6%

25%
4

11%

3

8%

2

6

4%

14%

3
5

20%

2%
3%
4

Leben Kozurushinden THE ONE (Miyagi)
Total Units: 236 units

12

Review of Operations•••

Real Estate Business

Liquidation

Profit margin improved compared to initial plan, and gross profit increased.
Leveraging the strengths cultivated in the new built-for-sale condominium business, investing in and developing mainly
residential properties.
Profit margin improved due to the sale of residential properties developed in-house.
Performance Actual
21

Year Ended March 31, 2023 Actual(Millions of yen)

Year Ended March 31, 2024
ActualYear Ended March 31, 2024
Initial Target

YoY Change

vs. Plan Change

Investment amount24,464

23,316△4.7%

30,000△22.3%

Sales amount

30,631

30,6610.1%

30,0002.2%

Gross profit

6,707

6,621

△1.3%

5,410

22.4%

Gross margin

21.9%

21.6%

△0.3P

18.0%

3.6P

Investment achievements

Sales achievements

Residence

Residence

Offices

6%

2%

Hotel

Commercial and logistics

Commercial and logistics
Total amount

33%

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

10%
Total amountLand, etc.

23,316
Millions of yen

11%

OfficesHotel

Land, etc.

0%30,661Millions of yen

59%

19%

60%

13

Review of Operations••

Real Estate BusinessNew detached house

Renewal resale

Sales of detached houses: Units was not achieved, but profit exceeded plan.
Renewal resale: Slight shortfall due to postponement of partial sale to next period.

New detached house(Millions of yen)

Year Ended March 31, 2023 Actual

Year Ended March 31, 2024
ActualYoY ChangeYear Ended March 31, 2024
Initial Target

vs. Plan Change

Net sales

10,041

13,41433.6%

14,890△9.9%

Gross profit

1,328

1,585

19.3%

1,530

3.6%

Gross margin

13.2%

11.8%

△1.4P

10.3%

1.5P

Units sold189 Units

222 Units

33 Units

240 Units△ 18 Units

Renewal resale(Millions of yen)

Year Ended March 31, 2023 Actual

Year Ended March 31, 2024
ActualYoY ChangeYear Ended March 31, 2024
Initial Target

vs. Plan Change

Net sales

6,159

7,875

27.9%

10,660△26.1%

Gross profit

990

1,041

5.2%

1,260

△17.3%

Gross margin

16.1%

13.2%

△2.9P

11.8%

1.4P

Units sold179 Units

202 Units

23 Units

320 Units△ 118 Units

Units purchased

274 Units

160 Units△ 114 Units

300 Units△ 140 Units

Term end units
owned

570 Units

528 Units△ 42 Units

550 Units△ 22 Units

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

14

Review of Operations••

Real Estate Business

Real estate rental

Real estate
management

Real estate Other

Real estate rental: Progress at generally the same level as the previous fiscal year.
Real estate management: Gross profit margin is trending downward due to higher personnel costs.

Year Ended March 31,
2023
Actual(Millions of yen)

Year Ended March 31,
2024
ActualYoY ChangeYear Ended March 31,
2024
Initial Target

Vs. Plan
ChangeNet sales

5,819

5,871

0.9%

6,000

△2.1%

Gross margin

21.6%

23.8%

2.2P

24.3%

△0.5P

Net sales

8,809

9,118

3.5%

9,400

△3.0%

Gross margin

19.5%

18.1%

△1.4P

20.6%

△2.5P

72,603 Units

76,661 Units

4,058 Units

77,000 Units△ 339 Units

51.9%

51.7%

△0.2P

52.0%

△0.3P

Net sales

1,539

2,388

55.2%

1,900

25.7%

Gross margin

79.8%

96.9%

17.1P

72.1%

24.8P

Real estate rental

Real estate management

Number of managed
units
Ratio outside thegroup

Real estate Other

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

15

Review of Operations••

Energy Business ・ Asset Management Business ・ Other Businesses

Energy business: Sales of Facilities as planned.
Electricity sales fell slightly short of the target due to higher-than-expected repair and other costs.
AM business: Decreased profits due to delays in establishing private funds.

Year Ended March 31,
2023
Actual(Millions of yen)

YoY ChangeYear Ended March 31,
2024
Initial Target

Vs. Plan
ChangeNet sales

―

3,677

―

3,770

△2.5%

Gross profit

―

1,100

―

800

37.5%

Gross margin

―

29.9%

―

21.2%

8.7P

Net sales

9,045

10,172

12.5%

10,0201.5%

Gross profit

826

3,261

294.5%

3,720△12.3%

Gross margin

9.1%

32.1%

23.0P

37.1%

△5.0P

320MW

363MW

43MW

345MW

18MW

Net sales

1,096

734

△33.0%

820△10.4%

Gross margin

87.8%

81.0%

△6.8P

74.4%

6.6P

Net sales

4,219

7,805

85.0%

8,550

△8.7%

△0.8%

0.3%

―

5.8%

△5.5P

Facilities sale

Energy BusinessElectricity sale

Operating generation scale(cumulative)

AssetsManagement BusinessYear Ended March 31,
2024
ActualOther Businesses
Gross margin

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

335

16

02
Full Year Forecast for the Fiscal Year Ending March 31, 2025
Earnings Forecast

Full Year Consolidated Statements of Operations for the Year Ending March 31, 2025

(Millions of yen)

Year Ended March 31,
2024
ActualYear Ending March 31,
2025
Forecast

YoY Change

Net sales

185,194

205,700

11.1%

Cost of sales

144,603

163,400

13.0%

Gross profit

40,59042,300

4.2%

Selling, general and administrative
expenses

25,13325,3000.7%

Operating income

15,457

17,00010.0%

Ordinary income

12,98416,00023.2%

Net profit attributable to owners of
the parent

8,178

10,700

30.8%

WACC

2.4%

―

―

ROIC

4.0%

4.2%

0.2P

※ROIC = after-tax Operating income ÷ invested capital (invested capital = interest-bearing debt + equity attributable to owners of the parent)※WACC = Cost of debt × (1-T) × D/ (D + E) + Cost of Shareholders' equity × E/ (D + E) (T: Estimated at the effective tax rate [30.9%]) D: E interest-bearing debt: Equity attributable to owners of the parent

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

18

Year Ending March 31, 2025 Full Year Performance Forecasts by Segment
Net Sales/Gross Profit/Operating Income•••

Real Estate Business: Planned to be the same as the previous year.
Energy Business: Planning a decline in facilities sales, electricity sales is expected to increase.
Asset Management Business: Plans to increase management fees in line with AUM expansion.

Year Ending March 31,2025
Year Ended March 31, 2024
ActualForecast

YoY Change(Millions of yen)

Real Estate Business

Energy Business

Asset Management Business

Other Businesses

Net sales

162,804

184,860

13.5%

Gross profit

35,60836,2601.8%

Operating income

13,79013,8000.1%

Net sales

13,84912,700△8.3%

Gross profit

4,361

4,430

1.6%

Operating income

2,026

3,000

48.0%

Net sales

734

900

22.5%

Gross profit

594

700

17.7%

Operating income

△34

20

―

Net sales

7,805

7,240

△7.2%

Gross profit

25

910

3,491.6%

△325

180

―

Net sales

185,194

205,700

11.1%

Gross profit

40,59042,300

4.2%

Operating income

15,457

17,000

10.0%

Operating income

Total Total

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

19❶ New built-for-salecondominium

Full Year Forecast for the Fiscal Year Ending March 31, 2025 Real Estate Business•••

Both net sales and gross profit are expected to increase due to an increase in sales units (Units excluding JV).
Gross profit margin is expected to be 20.8% due to an increase in projects with rising construction costs.
The ratio of metropolitan areas is expected to be 40.6%.
Earnings forecast

Year Ended March 31, 2024 Actual(Millions of yen)

Year Ending March 31, 2025
Forecast

YoY Change

Net sales

93,474106,000

13.4%

Gross profit

21,003

22,1005.2%

Gross margin

22.5%

20.8%

△1.7P

Units sold2,214 Units

2,200 Units△ 14 Units

Units sold excluding JV

2,075 Units

2,150 Units

75 Units

Percentage of metropolitan areas

Metropolitan areas
Capital area

4

Hokkaido area2

Chubu area

5

Tohoku area

3

Kinki area

6

Kanto-Koshinetsu area

1

Metropolitan
areas

Metropolitan
areas

7

Hokuriku area

8

Chugoku area

9

40.6%

34.2%

10

10
9

12%
2%

1

8

15%

Year ended
March 31, 2024

9%

7

6%
9

Shikoku area

14%
5

20%

2%
3%
4

10

Kyushu area

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

Year ending
March 31, 2025

2
3

6

24%

5%

26%

7

1

4% 12%

2

5%

7%
6
5

20%

4

11%

3

3%
Leben Momoyamadai THE COURT (Osaka)
Total Units: 128 units

20Full Year Forecast for the Fiscal Year Ending March 31, 2025

❷ New built-for-salecondominium

Real Estate Business

Progress of new condominium contracts

Year Ended March 31, 2023

Current delivery

Next term delivery amountFull year Planning

Beginning of period
Time point

Year Ending March 31, 2025

Year Ended March 31, 2024

Progress rate

Full year Planning

Beginning of period
Time point

Progress rate

Full year Planning

Beginning of period
Time point

Progress rate

1,780 Units

1,068 Units

60.0%

2,200 Units(1,630 Units)(956 Units)(58.7%)(2,050 Units)

1,423 Units(1,322 Units)64.7%(64.5%)

2,200 Units(2,150 Units)

1,353 Units(1,311 Units)

61.5%(61.0%)

2,400 Units

190 Units

7.9%

2,200 Units

277 Units

12.6%

―

148 Units―※ Figures in parentheses exclude JV units and contract progress rate

Completion scheduleYear Ended March 31, 2024

Year Ending March 31, 2025

2,214 Units

2,200 Units

34.2%

40.6%

Units sold
Sales ratio of metropolitan
areasYear Ended March 31, 2024
Units soldYear Ending March 31, 2025
Units completed

1st quarter

199 Units

361 Units

2nd quarter249 Units

588 Units

3rd quarter

437 Units

132 Units

4th quarter

1,329 Units

1,228 Units

Total

2,214 Units

2,309 Units

34.2%

42.0%

※ Major metropolitan areas: Tokyo metropolitan area, Chubu area, Kinki area

Ratio of metropolitan areas

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

21

Real Estate Business

Full Year Forecast for the Fiscal Year Ending March 31, 2025•••

Liquidation

New detached house

Renewal resale

Liquidation: Carefully select investments and actively invest in short-term delivery projects.
New detached house: Aim for stable supply.
Renewal resale: Plans to increase sales Units. Some bulk sales are also considered.

Year Ended March 31, Year Ending March 31, 2025
Forecast
2024
Actual(Millions of yen)

Liquidation

YoY Change

Net sales

30,661

36,00017.4%

Gross profit

6,621

6,200

△6.4%

Gross margin

21.6%

17.2%

△4.4P

Net sales

13,414

13,250△1.2%

Gross profit

1,585

1,550

△2.2%

Gross margin

11.8%

11.7%

△0.1P

Units sold222 Units

230 Units

8 Units

Net sales

7,875

12,10053.6%

Gross profit

1,041

1,500

44.0%

Gross margin

13.2%

12.4%

△0.8P

Units sold202 Units

350 Units

148 Units

Units purchased

160 Units

300 Units

140 Units

Term end units owned

528 Units

478 Units△ 50 Units

New detached house

Renewal resale

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

22

Real Estate Business

Full Year Forecast for the Fiscal Year Ending March 31, 2025••

Real estate rental

Real estate
management

Real estate other

Real estate rental: Aim to steadily build up as a stock and fee business.
Real estate management: Aim to improve profit margin while accumulating units.

Year Ended March 31, Year Ending March 31, 2025
Forecast
2024
Actual(Millions of yen)

YoY Change

Net sales

5,871

5,950

1.3%

Gross margin

23.8%

26.1%

2.3P

Net sales

9,118

10,20011.9%

Gross margin

18.1%

19.6%

1.5P

76,661 Units

80,000 Units

3,339 Units

Net sales

2,388

1,360

△43.1%

Gross margin

96.9%

100.0%

3.1P

Real estate rental

Real estate management

Number of managed units

Real estate Other

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

23

Full Year Forecast for the Fiscal Year Ending March 31, 2025••

Energy Business ・ Asset Management Business・ Other Businesses

Energy Business: Aim to expand the scale of electricity sales.
Asset Management Business: Continue to expand the size of assets under management.

Year Ended March 31,
2024 Actual

Year Ending March 31, 2025
Forecast

YoY Change(Millions of yen)

Net sales

3,677

2,000

△45.6%

Gross profit

1,100

530

△51.8%

Gross margin

29.9%

26.5%

△3.4P

Net sales

10,172

10,7005.2%

Gross profit

3,261

3,900

19.6%

Gross margin

32.1%

36.4%

4.3P

363MW

400MW

37MW

734

900

22.5%

Gross margin

81.0%

77.8%

△3.2P

Net sales

7,805

7,240

△7.2%

Gross margin

0.3%

12.6%

12.3P

Facilities sale

Energy BusinessElectricity sale

Operating generation scale (cumulative)

Net sales

Asset Management Business

Other Businesses

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

24

Medium-Term Management Plan Key Management Indicators/Shareholder Returns
Aim to achieve the various important key management indicators outlined in the medium-term management plan.
In the fiscal year ending March 31, 2025, we plan to pay an interim payment of 7 yen, a term end payment of 23 yen, and a dividend
payout ratio of 30.9%.
Medium-Term Management Plan Key
Management Indicators
ReferenceYear Ended March 31, 2023 Actual

Year Ended March 31, 2023

Key Management Indicators

20% or more
※March 31, 2025 end

18.0%

19.5%

Less than 65%

66.6%

62.4%

Less than 3.0 times

3.5 times

2.9 times

13% or more
※From the year ending March 31,
2024

7.6%

12.9%

Equity ratio (%)

LTV (%)

D/E Ratio (times)

ROE (%)

Year Ended March 31, 2024 Actual

Dividends and Dividend Payout Ratio(Yen)

Commemorative
dividend
2 yen implementation

30
Interim
Dividend payout ratio

60.0%

Term end
50.0%

52.5%
30.9%
20

38.4%
27.0%

33.3%

10

32.4%

23.5%

10

30.0%

18
14

11

20.0%

10

11.9%
4

15/3

31.5%

13
11

9

2

40.0%
23

18

26.7%

0

32.3%

10.0%
4

5

5

5

6

16/3

17/3

18/3

19/3

20/3

4

4

4

21/3

22/3

23/3

6

7

24/3

25/3 (Forecast)

0.0%

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

25

03
Medium- to Long-term Growth Strategy
Medium- to Long-term Growth Strategy

Toward the Realization of Management with an Awareness of Capital Costs and Stock Prices
Our group aims to achieve sustainable growth and increase corporate value over the medium to long term byrealizing Sustainability management based on a trinity strategy

Implementing Purpose
Management


Reforming the Growth
Structure

Dissemination of long term vision
through Fiscal Year 2030

Management with an awareness of capitalefficiency, such as ROE/ROICCreating and Providing Value toEvolve business portfolio

Stakeholders

Promoting ESG
Management


Incorporating of ESG into business operations

Realizing Sustainability Management
Sustainable Growth and Increasing Corporate Value over the Medium to Long Term

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

27

Initiatives to Improve Corporate Value
Aiming to Achieve Sustainability Management, Achieve Sustainable Growth, and Enhance Corporate Value over the Medium to Long Term

ROE

Achieve Target stated in the current medium-term management plan and maintain the same level or more in the mid-to long-term.



Review our portfolio of businessesImprove profitability through cost management

Controlling financial leverageIncreasing Assets turnover by incorporating a short-term delivery cycle

Year Ended March 31,
2024
ActualPBR

Return on net sales

Net income attributable toowners of parent

25.0%

Net sales

20.0%

Significantly improved despite atemporary decline due to theimplementation of TOB

①

4.4 %

ROE
12.9%

15.0%

Net sales

Total assets turnover②
Total assets ※2

10.0%

12.9%

0.5 Rotation
TargetTotal assets ※2

13% ormore

Financial leverage

5.0%③
Shareholders' equity ※1

5.3 Times

0.0%
15/3

16/3

17/3

18/3

19/3

20/3

21/3

22/3

23/3

24/3

25/3
Forecast※1 Average net assets - Subscription rights to shares - Non-controlling interests ※2 Average total assets

PER

Enhance corporate value and actively disseminate information by expanding non-financial strategies.
Enhance engagement with investors
Incorporating purpose and long-term vision

Linkage between business and sustainability strategies



Aggressive investment in human capital

Improve productivity by promoting DX

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

Active implementation of IR activities
Refurbishment of websites
Expansion of sustainability information
disclosure28

Evolve Business Portfolio (Operating Income Percentage/EBITDA Percentage)
Aiming to increase Operating income by expanding Energy Business while steadily growing Real Estate Business
Operating Income Percentage
While steadily growing our core real estate business, we will expand our energy business and asset management business,
which are stock and growth businesses
Aiming for an earnings structure that balances flow income and stock income

30%

25%
Segment
Composition

87%

13%

60%
―

50%
20%

15%

―
2024/32027/3 (Forecast)

2030/3 (Forecast)

EBITDA Percentage

Real estate

Aiming for Real Estate Business : Energy Business = 1:1 on a EBITDA * basis in Fiscal Year 2030

Segment
Composition

45%

35%
68%

32%

45%

55%
―

10%

―
2024/3
Real Estate Business

Energy Business

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

2027/3 (Forecast)
Asset Management Business

Other Businesses

10%2030/3 (Forecast)※ EBITDA= Operating income + Depreciation and amortization

29

Real Estate Business❶ New built-for-salecondominium

Real Estate BusinessIn the market for new built-for-sale condominium, although the sales Units is declining, the average prices are trending upward
both in metropolitan area and nationwide, and the supply-demand balance is good.

Trend of Nationwide Condominiums

From the Real Estate Economic InstituteTokyo metropolitan
sales Unitsarea
Numberof units sold inarea
the metropolitan
NationalofSales
Units
Numberunits soldin nationwide
Average price
the Tokyo
Metropolitan
areainaverage
price metropolitan area
Nationwide
average pricepriceNational average(Units)200,000(Ten thousand yen)
10,000167,4658,101
150,000
Decline in sales units
due to Lehman Shock

Increase in construction demand
due to housing performance
reviews andrestoration/reconstruction
following the earthquake disaster

Decline in units due to increase in land
prices due to the decision of Abenomics
and the Olympics, as well as inboundtourists, and supplies in carefully
selected areas

Demand for staying at
home due to the
expansion of newcoronavirus infection

8,000

5,911
100,000

6,000

84,14865,075
4,108

3,491

50,0004,000

26,8860In20052005

In20062006

In20072007

In20082008

In20092009

Low-interest policy

In20102010

In2011
2011

In2012
2012

In20132013

In20142014

In20152015

In2016
2016

In20172017

In20182018

In20192019

In20202020

In2021
2021

In20222022

In20232023

2,000

Increase in dual-income households
Good supply-demand balanceContinued high sales prices

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

Decline in sales units

30Real Estate Business

Real Estate Business❷ New built-for-salecondominium

While assessing the external environment, we aim to provide a stable supply of 2,000 to 2,200 new built-for-sale condominiumthat combine our unique architectural beauty and functional beauty.
Our Positioning and Future Policy

External Environment

Ranked 5th in the 2023 ranking of units supplied by condominium seller group nationwide

Good supply-demand balance for new built-for-salecondominiums

Prolonged construction period

5

Rising construction costs

1

Open House Group

5,156 Units

2

Mitsui Fudosan Group

3,423 Units

3

Nomura Real Estate Development Group

3,061 Units

4

Sumitomo Realty & Development Group

2,859 Units

Takara Leben Group (Takara Leben, MIRARTH Holdings)

2,156 Units※Includes regular Land Lease Right condominiums. Condominiums for investment in the metropolitan area are not included. ※Research by Real Estate Economic Institute.

Construction costs increased by more than 20% on comparison to FY 2015
PolicyCarefully select purchases and maintain brand quality to ensure stable supply

(%)
130

Our Strengths
120+20% or more

•
•
•
•
•

Regional city centers that do not compete with major zaibatsu
Excellent location of convenient living environment in suburban areas
Nationwide expansion with the aim of achieving a 50% ratio of metropolitan areas
Areas where we can identify customer needs and withstand price increases
Wealth of information network cultivated over 50 years since our founding

110

100

Achieve cost control and reliable prices through an integrated system from land purchase to sales

90

Aiming for stable supply of 2,000 to 2,200 new built-for-sale condominiums

80※Ministry of Land, Infrastructure, Transport and Tourism “Construction Cost Deflator”※FY2015=100

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

MIX the entire real estate business with short-term delivery cycle business to improvethe business cycle

31Real Estate Business

Real Estate Business

Liquidation

Renewal resale

Improve real estate business cycle by establishing a short-term delivery cycle.
Liquidation

Increase in value-up of liquidation existing properties

Increased ratio of value-up projects (gross profit)
Year Ended March 31, 2024 Actual••

Year Ending March 31, 2030 Target

5

Leveraging development know-how to add highly functional added value
Development properties with high environmental performance, such as
CASBEE certification

20

80
95
Development

Value-Up

BeforeAfter

Renewal Resale
Trend of metropolitan area condominium(Units)The number of used condominium contracts has reversed since 2016

44,913

Strengthen efforts to capture latent demand for used condominiums••

45,000Aggressive Le Art brandFormation of a dedicated purchasing team

40,00035,98735,00033,79830,00026,88625,000In20142014

In20152015

In2016
2016

In20172017

In20182018

From Real Estate Economic Institute and Real Estate Information Network for East Japan

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

In20192019

In20202020

New condominium
condominium sales
sales units
Units
New

In2021
2021

In2022
2022

Renewal brand “Le Art"
Purchase and renew 1 building items and resell them on Category

In20232023

Numberof pre-owned
condominiums
closedUsed
condominium
contract
units32Growth Roadmap in Energy Business
Energy Business is the second main business after Real Estate Business
Focus on Non-FIT businesses
Vision[Foundation formation [Business model and financial structure strengthening
period]period][High growth period][Under verification]
Global expansion and import of business models from overseas
With a view to renewable energy fuels[Securing stable power supply]
Establish a stable power supply system by securing stable powersources other than solar power[Solving social issues]
Secure end users through PPA and tie-ups with off-takers as apartner company to stably growth by securing stable customers

To help achieve carbon neutrality

Non-FIT power plant development/electricity sales[Securing stable earnings]
Stable earnings and O&M expansion based on FIT system
Strengthening the financial foundation

Power plant development/electricity sales utilizing FIT system and O&M
business (including other than FIT)

At present

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

Medium term

Reuse as Non-FIT power plant after FIT ends

Long term

33

Significance of Our Entry into the Business
Focus on cashews as the next energy source.
※1
Signed MOU with Cambodian each ministry to realize circular economy in both Cambodia and Japan.

Kingdom of Cambodia
PurposeDomestic
situation

Issues••Expansion of cashew nuts cultivation area by 132% from 2018 to 2023 to major
agricultural products
Implementation of "2022-2027 National Policy on Cashew Nuts"••

Depends on other countries for processing cashew nuts
Improve international competitiveness and productivity of cashew nuts

T o de s i g n s us t ai n a bl e e nvi r on me n t s f or a happi e r f ut ur e
f or bot h pe opl e and our pl ane t .
•IssuesSearch for energy sources

Business opportunities through FIT approval of cashew nuts in Japan

Possibility of cashew nuts as an energy resource
Established cashew nuts processing plant

Signed MOU with Cambodian each ministry
Alliance with agricultural ministry
Establishment of domestic subsidiaries and overseas subsidiaries•••

Job creation
Japanese technology diversion
Expansion of energy sources in Cambodia

Investment in plant by overseas subsidiary

Overseassubsidiaries

Expansion
Achieve stable and inexpensive supply of biomass fuels, a challenge facing Japan

Contribution to energy self-sufficiency in Cambodia

Focus on sources of energy supply in Japan※1 Ministry of Industry, Science, Technology & Innovation
Ministry of Mines and Energy

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

34

Potential of Cashew Nuts
Cashew nuts can be utilized with nuts, oil and residue (shell). It does not compete with food and non-food products, and has acalorie potential near coal.

Cashew

Edible oil

Cashew does not compete with eachother because the processing method
is determined for each nuts, oil, andresidue (shell).

VS

Palm oil

Processing

Palm oil competes for edible oil or for power
generation fuel.

VS
Power generation
fuelProcessing

6,000kcal/kg

5,900kcal/kg
Oil

Nuts

Residue (shell)

Coal≒
ExportExportEdible cashew nuts

Lubricating oil, ship fuelContribution to energy self-sufficiency in Cambodia

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

Cashew nuts have calorie potential near coal

Fuel for biomass power
generation

Focus on sources of energy supply in Japan35

Our Cashew Nuts Fuel Business Model
By investing in a cashew nuts plant in Cambodia, we will acquire 3 revenue sources. Supply of clean renewable energy andrealize the growth strategy of the energy business.

Estimated harvest in Cambodia: 1 million tons ※1

Processed amount: 20,000 tons

Processed amount: 1,500 tons

Nuts

Production amount: 375 tons

Oil

Residue (shell)

Production amount: 375 tons

ExportExportEdible cashew nuts

Lubricating oil, ship fuelProduction amount: 750 tons

Fuel for biomass power
generation+αEquity IRR 10% or more
Buyer secured
Building a cashew value chain

Acquisition of 3 revenue sources

Supply of clean renewableenergyRealize the growth strategyof the energy business※1 "JICA Food and Agriculture Collaboration Platform(JiPFA)" from March 16, 2023

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

36

Biomass Power Generation for Woodchips (Nobeoka Biomass PJ)
Secure domestic suppliers to reduce fuel procurement costs, thereby reducing power generation costs and securing stable sources ofprocurement.

Secure supply sources

Supplier

Wood chips
Alliances with regional
forestry companies

Reduction of price fluctuation risk
through the conclusion of long-term
contracts

Issues in biomass power
generation using wood
chips•

Volatility in fuel procurement costs•

There is variation in quality

Lumber market
Pipeline

Stable supply of fuelPlan long-term supply
contracts

Nobeoka Biomass
Power Plant
Scheduled to start operationin November 2024

Project IRR
6% or more
Equity IRR
10% or more

※1

Building
materials, etc.

Wood chips

12MW power generation

Felling

Wood fuelNobeoka SPC
Owns a mountain forest

Afforestation

Wood chips (10% water content)
Required amount: 10,530t/ year
13 base tandem operated

Building a recycling-oriented business model

Stable operation of the 12 base by replacing
and maintaining 1 base・Use early-growing trees to secure fuel in short cycles
・Introduction of the latest type of forestry equipment
・AI control in forestry etc.
※1 Number of MW converted into solar power

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

37

Pipeline
Secure approximately 56MW of pipeline for Year Ended March 31, 2024.
To achieve 420MW, we started biomass power generation using the shells of cashew nuts.

Under development
Biomass power
generation using theshells of cashew nuts

Target for the Year Ending March 31,2030

Nobeoka Biomass (12MW) ※1

420MWWind power generation (8 MW) ※1※1

Year Ended March 31, 2024

+56MW
36MW

Solar power generation

Non-FIT PPA business(On/off site)

Base revenue
Net sales: 10 billion yen

EBITDA※2 : 8 billion yen※1 Number of MW converted into solar power

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

360MW
Existing holdings and development※2 EBITDA = Operating income + Depreciation and amortization

38

Assets Operational Size
Achieved 266.5 billion yen in renewable energy, REIT, and private funds by the end of March 2024
Aim to build up 700 billion yen by strengthening private funds, etc. by 2030
3,200

Renewable energy

REIT

Private funds(Billions of yen)

700.0

2,800
280.0

Residence
Offices
Hotel
Commercial Facilities and Other

249.4

209.9

266.5

50.0
500

39.2

149.4

98.0
8.3

3,200
320.0

24%

161.9
148.6

300.0

39%

1,700
170.0

5%

32%

23.0
77.9

End of March. 2017 End of March 2018 End of March 2019 End of March 2020 End of March 2021 End of March 2022 End of March 2023 End of March 2024

80.0
800
End of March 2025

1,000
100.0
End of March 2030

※ Calculated on an acquisition-price basis. (Renewable energy takes into account the impact of TOB established on November 11, 2022)

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

39

Other Businesses-Hotel Business Expansion
In the year ending March 2030, we aim to manage 2,000 guest rooms using M&A.

Brands to be Developed
Expanding a wide range of brands to meet customer needs

Hotel brandCategory

Semi-luxury
Hotel

LuxuryHotel

Comfortable
Hotel

Resorts Hotel

Japanese style ryokan

Opening of “mukunone”

The First “Fun & Cool” ProjectIn the vast grounds of more than 35,000 square meters, the “Mizuniwa” created by architect
Junya Ishigami and the 15 rooms "suite villa" allow you to directly feel the natural light andwind, while also experiencing the architectural beauty of the warmth of wood.

Based on the hotel reconstruction plan, “Kagoshima
Airport Hotel” which opened in 1972, aims to open at
the end of 2026.

Name: Nasu mukunone
Address: 2294-3 Takakuotsumichiue, Nasu, Nasu-gun, Tochigi
Access: 30 minute drive from Nasushiobara Station
Number of guest rooms: Suite Villa 15, Casual Twin 20
Opening date: April 1, 2024

"Suite Villa"

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

Name: Fun&Cool Hotel KAGOSHIMA Airport (tentative name)
Address: 615-2, Aza-Kiyahara, Mizonabe-cho Fumoto, Kirishima-shi, Kagoshima, etc.
Access: 3 minutes drive from Kagoshima Airport
Number of guest rooms: 154 (main building: 100, annex: 54)
Opening period: December 2026 (planned)

Mizumiwa

Fun&Cool Hotel KAGOSHIMA Airport (tentative name) (Completion image CG)

40

Sustainability Initiatives [1]Image of reducing greenhouse gas emissions

The course of events[ten thousand t-CO2]–

2022
base year

Main GHG reduction measures

64 ten thousand t-CO2①Energy saving

Reducing greenhouse gas emissions

Revision of medium- to long-term targets
for reducing greenhouse gas emissions②Renewable energy③During construction

The medium- to long-term targets for reducing greenhouse gas
emissions set in March 2023 have been revised to include a new Scope
3 greenhouse gas emissions reduction target that corresponds to SBTi
(Science Based Targets initiative) 's "Net Zero Standard“ ※1
Residual discharge

35 ten thousand t-CO2④During operation

Greenhouse gas net emissions
Neutralization
Net zero emissions
2022
base year

FY 2050After revision
Before revision

Base year

FY 2020

FY 2022

Adopting latest fiscal year

FY 2030 target

Scope1,2
50% reduction

Scope1,2,3
45% reduction

Addition of Scope3

FY 2050 target

Scope1,2
100% reduction(Scope1,2:70% reduction)

Scope1,2,3
100% reduction(Within the value chain: 90% reduction/
Neutralization: 10% reduction)

Adopting the new SBT standard※A standardized set of standards published by the SBT Initiative in October 2021 to limit global temperature rise to within 1.5℃ above pre-industrial levels and set goals to achieve net zero by 2050.

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

41

Sustainability Initiatives [2]Acquired CASBEE-Building (New Construction)
Certification "Rank A"–

LUXENA Yoga, a high-grade rental condominium, received an rank A
rating for Comprehensive Assessment System for Built Environment
Efficiency CASBEE-Building (New Construction).

–

Introduction of a "heat pump system using ground-source heat" forheating and cooling equipment in common areas contributes to the
reduction of greenhouse gas emissions.

–This is the first attempt in a related subsidy project in Tokyo to utilize
geothermal heat in the common areas of an apartment complex. The
grant has been decided on December 7, 2023 as a subsidy related tothe "Locally produced and locally consumed renewable energy
reinforcement project" conducted by the Tokyo Metropolitan
Government (Tokyo Environmental Public Service Corporation).

Name: LUXENA Yoga
Address: 4-5, Yoga, Setagaya-ku, Tokyo
Access: Approximately 2 minutes walk from the south entrance of Yoga Station,
Tokyu Railway Den-en-toshi Line
Total Units: 84 units
Completion: February 2024
URL: https://www.luxena.jp/yoga/index.html

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

42

Sustainability Initiatives [3]

Our Group Acquires 3 Stars
in the “Eruboshi Certification"––

MIRARTH Energy Solutions has received the third stage (3 stars)
from the Minister of Health, Labour and Welfare, which is thehighest rank in the "Eruboshi" certification, as a company withexcellent efforts to promote women's success.

Implementation of Base Pay Increase for
Employees' Salaries and Increase of Starting
Salaries for New Graduates–

We and our major subsidiary Takara Leben decided to raise theirsalary base by 6.3% and their initial salary for new graduates,
continuing from last year.

Promote the development of workplace environments that enable
women to work comfortably and demonstrate their abilities byimproving working conditions according to their life stages.

Opened an Incubation Shop–※

Opened an incubation shop at the Leben Ueda Chuo GALLDEA incooperation with Ueda City, Nagano, the Ueda Chamber ofCommerce and Industry, and the Ueda City Shotenkai Federation to
support the launch of new businesses and contribute to thedevelopment of business person.

※Women are playing an active role!

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

43

04
Appendix
AppendixDevelopment of Redevelopment Projects
Starting with the redevelopment project in Toyama City, which received 1st Certification of the Basic Plan for the Revitalization ofCentral Urban Districts, aggressively participating in Type 1 urban redevelopment projects and quality building improvement
projects nationwide
Hokuriku area

Hokkaido and Tohoku areas
Address

Completion date

Business Name

Address

Completion date

Type 1 urban redevelopment project in Chuo-dori f-area

Toyama City,
ToyamaMarch 2012

Project for Improvement of Excellent Buildings, etc. in the Shinmachi
1-chome Area

Aomori City,
Aomori

April 2023

Sakuramachi 1-chome Area Type 1 urban redevelopment project

Toyama City,
ToyamaJune 2018

Project for Improvement of Excellent Buildings, etc. in
Senshukubotamachi district

Akita City,
Akita

February 2026
(planned)

Living and evitalization business in the Suehiro-Nishi area

Takaoka City,
ToyamaMarch 2019

Project for Improvement of Excellent Buildings, etc. in the Chuo-dori
3-chome Area

Morioka City,
Iwate

August 2020

Project for Improvement of Excellent Buildings, etc. in the east areaaround Takaoka Station

Takaoka City,
ToyamaNovember 2023

Furukawa Nanakamachi Nishi Area Type 1 urban redevelopment
project

Osaki City,
MiyagiMarch 2022

Fukui Ekimae Densha Dori North District B Block Type 1 urban
redevelopment project

Fukui City,
Fukui

November 2025
(planned)

Project for Improvement of Excellent Buildings, etc. in the Shinhamacho Area

Fukushima City,
Fukushima

January 2022

Hosonumamachi district community-based redevelopment project

Koriyama City,
Fukushima

June 2023

Business Name

Kanto area
Business Name
Odawara Station-Front Joint Building Condominium
Rebuilding Project

Project for Improvement of Excellent Buildings, etc.
in the Shinmachi 1-chome Area

Address

Completion date

Edogawa-ku, Tokyo

November 2025 (planned)

Odawara Station-Front Joint Building Condominium Rebuilding Project

Odawara City,
Kanagawa

June 2024 (planned)

Project for Improvement of Excellent Buildings, etc. in the Chuo District of
Sakae-cho 2-chome, Odawara City

Odawara City,
Kanagawa

March 2028 (planned)

Project for Improvement of Excellent Buildings, etc. in the Higashi District of
the 5th Block of Beniya-cho, Hiratsuka City (provisional name)

Hiratsuka City,
Kanagawa

FY 2027 (planned)

Urawa Station West Exit South Takasago Area Type 1 urban redevelopment
project

Saitama City,
Saitama

June 2026 (planned)

Machikatamachi and Toriyoko-cho District Type 1 urban redevelopment
project

Numazu City,
Shizuoka

FY 2027 (planned)

Project for Improvement of Excellent Buildings, etc. in the Marunouchi 1chome Area of Kofu City

Kofu City,
Yamanashi

FY 2028 (planned)

Minamikoiwa 6-chome Area Type 1 urban redevelopment project

Minamikoiwa 6-chome Area Type 1 urban
redevelopment project

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

45

Progress in Overseas Business
Targeting Southeast Asian countries for the foreseeable future, develop detached houses in the Philippines in addition todeveloping condominiums in Vietnam and Thailand
Vietnam
Project NameBusiness

Address

Units

Completion date

THE MINATO RESIDENCE CT2 (South Building)

Condominium development

Haiphong City

462 Units

December 2021

THE MINATO RESIDENCE CT1 (North Building)

Condominium development

Haiphong City

462 Units

February 2024

Business

Address

Units

Completion dateAtmoz Bangna

Condominium development

Bangkok City

1,103 Units

March 2023

Kave Seed Kasset

Condominium development

Bangkok City

600 Units

March 2024

Atmoz Flow Minburi

Condominium development

Bangkok City

739 Units

November 2023

Business

Address

Units

Completion date

Detached house development

San Pablo City, Laguna Province

657 Units

September 2024

Thailand
Project Name

Philippines
Project NameSAVANA SOUTH

THE MINATO RESIDENCE

Atmoz Flow Minburi
Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

SAVANA SOUTH
46

Acquisition of Land for Condominiums and Supply Area

Status of land acquisition for condominiums

Condominium supply area

Nationwide Total 9,361 units (including JV)

9Expanded nationwide to 40 prefectures already established

10

8
7

1

Metropolitan
areas

45.3%

6

Takara Leben's sales offices
Supplied and purchased areas

2
5
3
4

1

Capital area

30.0%

6

Kanto-Koshinetsu area 10.9%

2

Chubu area

5.3%

7

Hokuriku area

5.0%

3

Kinki area

10.0%

8

Chugoku area

3.1%

4

Hokkaido area 4.9%

9

Shikoku area

3.3%

5

Tohoku area

10

Kyushu area

7.3%

20.1%

※ Metropolitan areas: Capital area, Chubu area, Kinki area

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

※ As of the end of March 202447

Liquidation Business Assets Size
Liquidation Business Assets Size

Existing and completed properties(Millions of yen)

Properties under development(Millions of yen)

2,823

6,074
2,935

4,591
280

Book value atthe end of March
2024

15,59640,658Millions of yen

4,961

Book value atthe end of March
2024

Estimated book value
after completion

14,251

34,737

Millions of yen

Millions of yen

16,33911,817

17,647

※

6,300

280

Includes liquidation Assets recorded in Real estate for sale

Residence

Offices

Hotel

Commercial and logistics

Assumed assets amount after completion(Millions of yen)

End of March 2025※

25,49922,978

4,872

6,868

60,219 Millions of yen

End of March 2026

31,936

29,464

4,872

9,124

75,396 Millions of yen

end of2027
March
2027
From the endAfterof Marchonward31,936

29,464

4,872

9,124

75,396 Millions of yen

Assets of 75,396 Millions of yen has been secured including the complete component in the future.

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

48

Consolidated Balance Sheets (Change)

End of March
2021

End of March2022

End of March2023

End of March2024

End of March
2021

End of March2022

End of March2023

End of March
2024

28,682

33,61737,52347,446

Liquidation Assets

55,97459,58458,27857,585New built-for-salecondominium

9,000

10,529

2,070

6,513

Residence

17,17823,25322,127

21,670Liquidation

9,718

8,838

15,88023,818

Offices

20,201

16,767

21,97022,608

525

1,120

2,151

3,076

Hotel

9,547

9,199

9,966

4,872

9,437

12,12814,045

13,972

Commercial and logistics

6,834

8,667

3,658

5,759

―

1,001

3,375

65

Land, etc.

2,213

1,696

554

2,674

Assets for sale in process

43,76658,03682,71376,598Borrowings and Bonds
payable118,558

127,649

227,101

210,212

New built-for-salecondominium

33,73045,47572,80169,755New built-for-salecondominium

30,66541,014

61,461

55,214

Liquidation

5,667

5,987

560

492

Liquidation

36,86040,182

38,34836,567

New detached house

3,858

6,533

8,196

5,686

New detached house

3,880

6,757

7,832

7,012

510

39

1,154

663

Renewal resale

8,033

10,076

13,350(Millions of yen)

Assets for sale

New detached house
Renewal Resale
Power generation Facilities

Renewal resale(Millions of yen)

11,936※

Property, plant andequipment

64,070

New built-for-salecondominium

―

―

518

40

Liquidation

40,58744,75841,83633,274

Power generation Facilities

22,50918,00981,598

972

970

1,407

Other

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

63,739125,362

117,759※

82,9401,504Power generation Facilities

25,445

13,90993,862

76,912

Borrowings and Bonds
payable not associated withassets

13,67315,70812,24522,570※※※ In November 2022, Green Energy LLC, a consolidated subsidiary, made a tender offer for Takara Leben
Infrastructure Fund Inc. Impact of making Takara Leben Infrastructure Fund Inc. a consolidated subsidiary.

49

History of MIRARTH Holdings Group

MIRARTH Asset Management
Leben Community

Takara Leben (Thailand)
Takara Leben Realnet

Leben TrustLeben Zestock

1972

1982

1988

1994

2001

2004

2012

2013

2016

2017

2018

2022

2023

Established Takara Komuten Co., Ltd.
Detached housing lot sales businessStarted used equipment resale businessStarted real estate rental business

Established Leben Community Co., Ltd.
Launched real estate management business

Launched own condominiums Leben Heim series
Launched condominium business

Listed on JASDAQ

Listed on the First Section of Tokyo Stock Exchange Market

Launched the new condominium brand
LEBEN and THE LEBEN

Leben Solar Shioya power generation facility, the first project
start of operation
Start of power generation business

By Takara Leben Infrastructure Fund Inc.
First listing on the infrastructure fund market

Launched the new condominium brand NEBEL

Takara Leben Real Estate Investment Corporation listed
Established Vietnam Hanoi Representative Office

Change in company name due to holding company structureth anniversary

By Takara Leben Infrastructure Fund Inc.
was delisted through tender offer

50

50
Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

MIRARTH Energy Solutions
Leben Home Build

Beginning with the detached housesales business in 1972, developing
the business centered on thecondominium business

MIRARTH Real Estate Advisory
Takara Leben

Vision for the Year Ending March 31, 2030
Formulation of the Group‘s long term vision up to the fiscal year ending March 2030
Our Purpose

To Design Sustainable Environments for a HappierFuture for Both People and Our Planet.
※

Be the Takara of the community.
What future does a real estate developer have.
Does power trained at the site become the value of the local community.
MIRARTH will reform themselves and provide answers for 2030.
We evolve our model by connecting flow type to a stock-circulating type.
We extend our domain by connecting real estate to cities, regions and the environment.
We redefine value by connecting real estate revenues to social value.
Year Ending
March 31, 2030
Long Term Vision

MIRARTH become a Takara-like presence for the local community by thoroughly learning"the unique characteristics" that are rooted in each region, connecting the development of"points" with "lines," and promoting the revitalization of "faces."
Encourage the region, Japan and the world.

Real EstateBusiness

Energy Business

AssetManagement
Business

Other
Businesses

Create "a circulating type business model that contributes to regional revitalization" in business areas※Takara = treasure

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

51

Company Profile

Company Name

MIRARTH HOLDINGS, Inc.

Company Name

Takara Leben Co., Ltd.

Representative

Representative Director Kazuichi Shimada

Representative

Representative Director Kazuichi Shimada, Shoichi Akisawa

Address〒100-0005
TEKKO BUILDING 16F, 1-8-2 Marunouchi,
Chiyoda-ku, Tokyo

Address〒100-0005
1-8-2 Marunouchi, Chiyoda-ku, Tokyo

Incorporation

September 21, 1972

Incorporation

August 29, 1989

Capital stock

4,819 million yen

Capital stock

400 million yen

Listed market

Prime Market, Tokyo Stock Exchange(Securities Code: 8897)

Number of
employees

513 persons *As of March 31, 2024

Number of
employees

1,377 persons (consolidated) * As of March 31, 2024

Business Details

Business Details

Planning, development, and sales of new built-for-salecondominium, the real estate liquidation, rental, anddistribution businesses

Business management of group companies

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

52

Stock Price Range
160.0%

140.0%

120.0%

100.0%

80.0%

60.0%

40.0%
2021/4/1

2021/10/1

2022/4/1

2022/10/1
NikkeiNikkei 225
Average

TOPIX

2023/4/1

2023/10/1

2024/3/29

8897 MIRARTH Holdings※ Term: April 1, 2021 to March 31, 2024
Indexed to April 1, 2021 of 100

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

53

MEMO

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

54

MEMO

Copyright © MIRARTH HOLDINGS Group. ALL RIGHTS RESERVED.

55

Handling of the Materials

This material has been prepared based on data as of the end of March 2024.
The plans and forecasts described in this document are our judgments at the time of
preparation of the document. We do not guarantee or promise their realization or
achievement, and we do not guarantee or promise the accuracy or completeness of theinformation. Details described in this document is subject to change without notice.

MIRARTH HOLDINGS, Inc.
IR Office
TEL: +81-3-6551-2133
E-mail: irinfo@mirarth.co.jp