# EDGAR Filing Document

**Accession Number:** 0002129231
**File Stem:** 0001493152-26-016661
**Filing Date:** 2026-4
**Character Count:** 181925
**Document Hash:** 7c0d2e6b18ae3848b4fcfdc693ad3a9e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-26-016661.hdr.sgml**: 20260415

**ACCESSION NUMBER**: 0001493152-26-016661

**CONFORMED SUBMISSION TYPE**: CB

**PUBLIC DOCUMENT COUNT**: 8

**FILED AS OF DATE**: 20260415

**DATE AS OF CHANGE**: 20260414

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SFP Holdings Co., Ltd.
- **CENTRAL INDEX KEY:** 0002129231

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** CB
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-95611
- **FILM NUMBER:** 26862390

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 2-24-7 TAMAGAWA
- **STREET 2:** SETAGAYA-KU
- **CITY:** TOKYO
- **PROVINCE COUNTRY:** M0
- **ZIP:** 158-0094
- **BUSINESS PHONE:** 81-44-750-7154

**MAIL ADDRESS:**
- **STREET 1:** 222 RIDGEDALE AVENUE
- **STREET 2:** 2ND FLOOR
- **CITY:** CEDAR KNOLLS
- **STATE:** NJ
- **ZIP:** 07927
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** create restaurants holdings inc.
- **CENTRAL INDEX KEY:** 0002128169

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** CB

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 5-10-18 HIGASHIGOTANDA
- **STREET 2:** SHINAGAWA-KU
- **CITY:** TOKYO
- **PROVINCE COUNTRY:** M0
- **ZIP:** 141-0022
- **BUSINESS PHONE:** 81-3-5488-8010

**MAIL ADDRESS:**
- **STREET 1:** 222 RIDGEDALE AVENUE
- **STREET 2:** 2ND FLOOR
- **CITY:** CEDAR KNOLLS
- **STATE:** NJ
- **ZIP:** 07927

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM CB**

TENDER OFFER/RIGHTS OFFERING NOTIFICATION FORM

Please place an X in the box(es) to designate the appropriate rule provision(s) relied upon to file this Form:

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| | |
|:---|:---|
| Securities Act Rule 801 (Rights Offering) | ☐ |
| Securities Act Rule 802 (Exchange Offer) | ☒ |
| Exchange Act Rule 13e-4(h)(8) (Issuer Tender Offer) | ☐ |
| Exchange Act Rule 14d-1(c) (Third Party Tender Offer) | ☐ |
| Exchange Act Rule 14e-2(d) (Subject Company Response) | ☐ |
| Filed or submitted in paper if permitted by Regulation S-T Rule 101(b)(8) | ☐ |

---

**SFP Holdings Co., Ltd** **.** 

(Name of Subject Company)

**N/A**

(Translation of Subject Company's Name into English (if applicable))

**Japan**

(Jurisdiction of Subject Company's Incorporation or Organization)

**create restaurants holdings inc.**

(Name of Person(s) Furnishing Form)

**Common Stock**

(Title of Class of Subject Securities)

**N/A**

(CUSIP Number of Class of Securities (if applicable))

**8F Hagiwara Daini Bldg., 2-24-7, Tamagawa**

**Setagaya-ku, Tokyo 158-0094, Japan**

**+81-44-750-7154** 

**Attn: Akihiro Kimura, Managing Director**

(Name, Address (including zip code) and Telephone Number (including area code)<br> of Person(s) Authorized to Receive Notices and Communications on Behalf of Subject Company)

**N/A**

(Date Tender Offer/Rights Offering Commenced)

**PART I - INFORMATION SENT TO SECURITY HOLDERS** 

**Item 1. Home Jurisdiction Documents**

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| 1.1 | [English translation of joint notice of create restaurants holdings inc. and SFP Holdings Co., Ltd. entitled "Notice Concerning Conclusion of Merger Agreement between create restaurants holdings inc. and SFP Holdings Co., Ltd." dated April 14, 2026.](ex1-1.htm) |

---

**Item 2. Informational Legends**

The required legend is prominently included in the document referred to in Item 1.

**PART II - INFORMATION NOT REQUIRED TO BE SENT TO SECURITY HOLDERS**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 2.1 | [English translation of Notice of create restaurants holdings inc. entitled "Summary of Business Results for the Year Ending February 28, 2026 \[IFRS\] (Consolidated)" dated April 14, 2026.](ex2-1.htm) |
| 2.2 | [English translation of Notice of SFP Holdings Co., Ltd. entitled "Consolidated Financial Results for the Fiscal Year Ended February 28, 2026 (Under Japanese GAAP)" dated April 14, 2026.](ex2-2.htm) |
| 2.3 | [English translation of Notice of SFP Holdings Co., Ltd. entitled "February 2026 Notice on differences between the projected and actual results for the full year" dated April 14, 2026.](ex2-3.htm) |

---

**PART III - CONSENT TO SERVICE OF PROCESS**

(1) Form
 F-X filed concurrently with the Commission on April 14, 2026.

(2) Not
 applicable.

SIGNATURES

After due inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

---

| | |
|:---|:---|
| **create restaurant holdings inc.** | **create restaurant holdings inc.** |
| */s/ Hitoshi Ono* | */s/ Hitoshi Ono* |
| Name: | Hitoshi Ono a/k/a Hitoshi Ohno |
| Title: | Managing Director |

---

Date: April 14, 2026

## Exhibit 1.1

**Exhibit 1.1**

This business combination is made for the securities of a foreign company. The offer is subject to disclosure requirements of a foreign country that are different from those of the United States. Financial statements included in the document, if any, have been prepared in accordance with foreign accounting standards that may not be comparable to the financial statements of United States companies.

It may be difficult for you to enforce your rights and any claim you may have arising under the federal securities laws, since the issuer is located in a foreign country, and some or all of its officers and directors may be residents of a foreign country. You may not be able to sue a foreign company or its officers or directors in a foreign court for violations of the U.S. securities laws. It may be difficult to compel a foreign company and its affiliates to subject themselves to a U.S. court's judgment.

This document has been translated from the Japanese-language original for reference purposes only. In the event of any conflict or discrepancy between the document and the Japanese-language original, the Japanese- language original shall prevail in all respects.

April 14, 2026

---

| | |
|:---|:---|
| Company name: | **create restaurants holdings inc.** |
| Name of representative: | Jun Kawai, President |
|  | (Securities code: 3387; TSE Prime Market) |
| Inquiries: | Genta Ohuchi, Director and CFO |
|  | (Telephone: +81-3-5488-8022) |
| Company name: | **SFP Holdings Co., Ltd.** |
| Name of representative: | Makoto Sato, President |
|  | (Securities code: 3198; TSE Prime Market) |
| Inquiries: | Akihiro Kimura, Managing Director |
|  | (Telephone: +81-3-5491-5869) |

---

**<u>Notice Concerning Conclusion of Merger Agreement between</u>**

**<u>create restaurants holdings inc. and SFP Holdings Co., Ltd.</u>**

create restaurants holdings inc. ("CRH") and SFP Holdings Co., Ltd. ("SFPHD," and together with CRH, the "Companies") hereby announce that the Companies have resolved, at their respective meetings of the Board of Directors held today, to implement an absorption-type merger (the "Merger"), with CRH as the surviving company and SFPHD as the disappearing company, and have entered into a merger agreement (the "Merger Agreement").

The Merger is scheduled to take effect on July 1, 2026, subject to approval of the Merger Agreement at the Annual General Meeting of Shareholders of SFPHD to be held on May 21, 2026. CRH will proceed with the Merger without obtaining approval of the Merger Agreement at its General Meeting of Shareholders, pursuant to the simplified merger procedures set forth in Article 796, Paragraph 2 of the Companies Act (Act No. 86 of 2005, as amended; hereinafter the same).

Prior to the effective date of the Merger (scheduled for July 1, 2026), the common stock of SFPHD (the "SFPHD Stock") is expected to be delisted from the Tokyo Stock Exchange, Inc. (the "Tokyo Stock Exchange") on June 29, 2026 (the last trading day is scheduled to be June 26, 2026).

1. Purpose of the Merger

CRH was founded in May 1999, and under the group mission of "Unlimited Excitement! Welcome diversity, Collaborate to Create, Surprise the world," it operates a restaurant business both in Japan and overseas as a corporate group that grows sustainably together with its 26 consolidated subsidiaries (the "Create Restaurants Group"), aiming to contribute to enriching dietary lifestyles. In April 2025, CRH formulated the "Medium-Term Management Plan - Group Federal Management 2.0 – ", covering the five-year period through the fiscal year ending February 2030, positioning this period as "five years for solving essential issues." Under this plan, CRH is pursuing growth strategies such as the evolution of essential values by refining cuisine, service, and locations, synergetic M&As, and the expansion of overseas operations, further evolving its "Multi-brand / Multi-location Strategy" and "Group Federal Management," which are the core of the group strategy.

Since CRH acquired shares of SFPHD (formerly SFP Dining Co., Ltd.) and made it a consolidated subsidiary in April 2013, the Companies have jointly implemented various initiatives to improve corporate value by utilizing the experience and expertise cultivated by both parties. In particular, since 2020, the Companies have sequentially established three joint ventures responsible for shared service functions for corporate operations such as accounting and human resources, purchasing planning functions, and store design and construction planning functions, respectively, in an effort to improve management efficiency.

Currently, the restaurant industry, after a period of recovery from the COVID-19 pandemic, is facing structural challenges such as labor shortages, soaring raw material and energy prices, rising construction costs, and the selection of restaurants by consumers due to diversifying preferences. In the izakaya (Japanese-style pub) industry in particular, it is an urgent task to respond to environmental changes such as the shift away from alcohol among young people, the slow recovery of demand in the late-night hours, and the selection of brands. Furthermore, regarding the governance of listed subsidiaries, there is a growing movement demanding the strengthening of response measures for the risk of structural conflicts of interest. With the publication of the "Practical Guidelines for Group Governance Systems" by the Ministry of Economy, Trade and Industry in June 2019 and the re-revision of the Corporate Governance Code in June 2021, various responses are required regarding the fairness and transparency of the governance of listed subsidiaries, which has also increased economic and administrative burdens.

Under these circumstances, while the Companies are operating as independent listed companies, CRH faces difficulties in making optimal and prompt decisions regarding the allocation of management resources, as it requires careful consideration of the interests of SFPHD's minority shareholders. To consolidate management resources such as human resources, information, know-how, and funds possessed by the Companies more than ever before, and to respond flexibly to the rapidly changing market environment and realize further growth as a unified Create Restaurants Group, the Companies have come to the conclusion that the best approach is to merge CRH and SFPHD, integrate their holding company functions, and establish a flexible and prompt decision-making system. Accordingly, on December 9, 2025, CRH made a proposal for the Merger to SFPHD (the "Proposal").

In response, SFPHD commenced specific considerations regarding the Merger upon receipt of the Proposal. In considering the Merger and conducting discussions and negotiations with CRH, SFPHD took into account that CRH is the parent company of SFPHD, holding 58.92% of SFPHD's shares, and that the Merger constitutes a transaction in which structural conflicts of interest and information asymmetry issues exist. To ensure prudence in SFPHD's decision-making regarding the Merger, eliminate the risk of arbitrariness and conflicts of interest in the decision-making process of SFPHD's Board of Directors, and ensure its fairness, SFPHD established a special committee (the "Special Committee") as an advisory body for the Merger, consisting of members independent of CRH, SFPHD, and the Merger, and established a framework for considering the Merger, including the appointment of external experts, as described in "3. Basis, etc. of details of allotment related to the Merger," "(4) Measures to secure fairness (including measures to avoid conflicts of interest)" below.

Subsequently, CRH and SFPHD continued to consider the Merger and held repeated discussions and negotiations. As a result, the Companies have determined that the Merger is expected to enable the implementation of the following measures and the realization of synergies that could not be sufficiently achieved under the current capital relationship.

&nbsp;&nbsp;&nbsp;&nbsp;(1) Efficiency
 of management resources through the integration of holding company functions By integrating
 the holding company functions of CRH and SFPHD, which had been difficult to promote from
 the perspective of maintaining SFPHD's independence, the Companies believe it will
 be possible to improve the efficiency of management resources. This includes aggregating
 overlapping headquarters functions, reducing listing maintenance costs, and enabling the
 agile management of funds within the group. Furthermore, through the optimal allocation of

 to more promptly and proactively execute growth strategies, such as enhancing the value of
 existing brands and pursuing new M&A opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Activation of human
capital For the human resources responsible for SFPHD's headquarters functions, it will be possible to establish an environment
where they can engage in broader and more diversified practical operations. These include tasks that were limited under the previous
management structure, such as the overall management of domestic and overseas subsidiaries, overseas business operations, International
Financial Reporting Standards (IFRS) operations, and the execution of domestic and overseas M&A and PMI (Post-Merger Integration)
operations. Through these measures, the Companies intend to support the enhancement of employee expertise and diversified career paths
while simultaneously strengthening the management foundation of the Create Restaurants Group.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Further deepening of "Group Federal Management"
through the concentration of management resources By concentrating information, human resources, and know-how possessed not only
by CRH and SFPHD but also by the subsidiaries of both companies, the Companies believe it will be possible to implement various initiatives.
These include further promoting new store openings through the centralization of property information, facilitating the acquisition of
corporate and group customers including inbound tourists, sharing digital marketing know-how such as official apps, further promoting
the commonization of purchasing, and strengthening support systems for the recruitment and management of human resources, including foreign
national employees. Furthermore, by utilizing the track record and know-how of store openings in commercial facilities such as food courts,
expansion capabilities in regional cities and overseas, business format development capabilities, and store operation know-how possessed
by CRH and its subsidiaries, the Companies will promote the expansion of new store openings for highly unique brands such as "Isomaru
Suisan" operated by SFPHD's subsidiaries, as well as improve the profitability of existing stores. The Companies believe
these measures will not only contribute to the improvement of CRH's consolidated earnings but also to the sustainable growth of
the entire Create Restaurants Group, the maximization of group synergies, and the deepening of "Group Federal Management".

Regarding the method of business integration, since both CRH and SFPHD currently operate under a holding company structure, the Companies concluded that a method to make SFPHD a wholly owned subsidiary through a tender offer or a share exchange would result in the continued existence of two holding companies. This would not achieve cost efficiencies and would impair the flexibility and speed of decision-making, which would not align with the improvement of corporate value. Furthermore, realizing the synergies described above requires many practical procedures, such as the sharing of know-how between the two companies and the unification of decision-making processes and management systems within the group. The Companies determined that integration through a merger would enable the earlier realization of synergies and contribute more to the improvement of corporate value than promoting integration after making SFPHD a wholly owned subsidiary through a tender offer or a share exchange.

In addition, since SFPHD will be delisted through the Merger, the Companies considered the potential disadvantages expected from delisting, such as the impact on minority shareholders and the securing of fund-raising methods for SFPHD. However, regarding funding needs, CRH's group finance can serve as an alternative to fund-raising from the stock market. Furthermore, the Companies believe they can provide SFPHD shareholders with the opportunity to enjoy shareholder returns, such as potential increases in CRH's share price, dividends, and shareholder benefit programs, through the delivery of CRH common stock (the "CRH Stock") as consideration for the Merger.

Based on the above points, and as a result of careful consideration by both companies, CRH and SFPHD reached a mutual understanding that the Merger will contribute to the improvement of the corporate value of the entire Create Restaurants Group and will be beneficial to the shareholders of both CRH and SFPHD. Accordingly, the Companies decided to implement the Merger at their respective meetings of the Board of Directors held today and entered into the Merger Agreement.

2. Summary of the Merger

(1) Time
 table for the Merger

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| | |
|:---|:---|
| Record date for the Annual General Meeting of Shareholders (SFPHD) | February 28, 2026 |
| Date of resolution at the meeting of the Board of Directors (Both Companies) | April 14, 2026 |
| Date of conclusion of the Merger Agreement (Both Companies) | April 14, 2026 |
| Date of resolution at the Annual General Meeting of Shareholders (SFPHD) | May 21, 2026 (scheduled) |
| Last trading day (SFPHD) | June 26, 2026 (scheduled) |
| Delisting date (SFPHD) | June 29, 2026 (scheduled) |
| Effective date of the Merger | July 1, 2026 (scheduled) |

---

(Note 1) CRH plans to implement the Merger without obtaining approval of the Merger Agreement by a resolution of its General Meeting of Shareholders, pursuant to the simplified merger procedures set forth in Article 796, Paragraph 2 of the Companies Act.

(Note2) The schedule for the Merger may be changed by mutual agreement
between the Companies if necessary due to the progress of the merger procedures or other reasons. In the event of any change to the above
schedule, such change will be promptly announced.

(2) Form of the Merger

The Merger will be conducted as an absorption-type merger, with CRH as the surviving company and SFPHD as the disappearing company. The Merger is scheduled to take effect on July 1, 2026, subject to approval of the Merger Agreement at the Annual General Meeting of Shareholders of SFPHD to be held on May 21, 2026. CRH will proceed with the Merger without obtaining approval of the Merger Agreement at its General Meeting of Shareholders, pursuant to the simplified merger procedures set forth in Article 796, Paragraph 2 of the Companies Act.

(3) Details of allotment related to the Merger

<u>CRH (Company surviving the absorption-type merger)</u> <u>SFPHD (Company disappearing in the absorption-type merger)</u> <br> <u>Allotment ratio related to the Merger</u> <u>1</u> <u>3.2</u> <br> <u>Number of shares to be issued resulting from the Merger</u> <u>Common shares of CRH: 29,976,438 shares (planned)</u>

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| | |
|:---|:---|
| (Note 1) | Allotment ratio related to the Merger (the "Merger Ratio"): CRH will allot and deliver 3.2 shares of CRH for each share of SFPHD. Note, however, that no allocation of shares through the Merger will be performed for SFPHD Stock held by CRH and the treasury shares held by SFPHD as of the Reference Time (as defined below). Furthermore, the Merger Ratio described in the table above may be changed upon agreement through consultation between the Companies in the event of any material change to the various conditions upon which the calculation is based. |

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(Note 2) Number of shares of CRH Stock to be delivered through the Merger: 29,976,438 common shares<br> (planned)

In connection with the Merger, CRH expects to allot and deliver the number of shares of CRH Stock calculated based on the Merger Ratio to the shareholders of SFPHD (excluding CRH and SFPHD) at the time immediately preceding the effective date of the Merger (the "Reference Time") in exchange for the shares of SFPHD Stock they hold. CRH expects to newly issue all shares to be delivered through the Merger. The number of shares to be delivered above may be revised if there is a change in the number of treasury shares held by SFPHD by the time immediately preceding the effective date of the Merger, such as due to the exercise of appraisal rights by SFPHD shareholders.

(Note 3) Treatment of shares less than one unit:

Shareholders of SFPHD who will hold shares of CRH less than one unit (shares less than 100 shares) as a result of the Merger may utilize the following systems concerning the shares of CRH from the effective date of the Merger, pursuant to the provisions of the Articles of Incorporation and the Share Handling Regulations of CRH. In addition, such shares may be traded at certain securities companies that handle shares less than one unit. Note, however, that shares less than one unit cannot be sold on financial instruments exchange markets.

1) Further purchase system for shares less than one unit (purchase to increase holdings to one unit (100 shares)):

Pursuant to the provisions of Article 194, Paragraph 1 of the Companies Act and the provisions of the Articles of Incorporation of CRH, this system allows shareholders holding shares of CRH less than one unit to purchase from CRH the number of shares that, together with the number of shares less than one unit already held, will constitute one unit.

2) Purchase request system for shares less than one unit (sale of shares less than one unit (100 shares)): Pursuant to the provisions of Article 192, Paragraph 1 of the Companies Act, this system allows shareholders holding shares of CRH less than one unit to request that CRH purchase such shares.

(Note 4) Treatment of fractions of less than one share:

For shareholders of SFPHD who will receive fractions of less than one share of CRH Stock as a result of the Merger, CRH will sell the number of shares of its stock equivalent to the sum total of such fractions (if the sum total includes a fraction of less than one share, such fraction shall be rounded down) and deliver the proceeds from such sale to the shareholders in proportion to their respective fractions, in accordance with the provisions of Article 234 of the Companies Act and other relevant laws and regulations.

(4) Treatment of stock acquisition rights and bonds with stock
acquisition rights in connection with the Merger

SFPHD has not issued any stock acquisition rights or bonds with stock acquisition rights.

(5) Treatment of dividends of retained earnings

The Companies have agreed that CRH may pay dividends of retained earnings of up to 2.25 yen per share of CRH Stock to shareholders or registered pledgees of shares entered or recorded in the final register of shareholders as of February 28, 2026, and that SFPHD may pay dividends of retained earnings of up to 14 yen per share of SFPHD Stock to shareholders or registered pledgees of shares entered or recorded in the final register of shareholders as of February 28, 2026. Other than the above, the Companies have agreed not to pay dividends of retained earnings during the period from today until the effective date of the Merger.

3. Basis, etc. of details of allotment related to the Merger

(1) Basis
 and reason for details of allotment

To ensure the fairness and appropriateness of the Merger Ratio and other aspects of the Merger as described in "2. Summary of the Merger," "(3) Details of allotment related to the Merger" above, CRH and SFPHD respectively decided to individually request the calculation of the merger ratio from third-party appraisers independent of the Companies and to receive legal advice from legal advisors independent of the Companies. CRH selected Plutus Consulting Co. ("Plutus Consulting"), which is independent of the Companies, and SFPHD selected Japan Blue M&A Advisory Co., Ltd. ("JBMA"), which is independent of the Companies, as their respective financial advisors and third-party appraisers. In addition, CRH selected Iwata Godo, which is independent of the Companies, and SFPHD selected TMI Associates, which is independent of the Companies, as their respective legal advisors.

Each of the Companies carefully considered the matter, taking into account the results of the calculation of the merger ratio used for the Merger by their respective third-party appraisers and the advice from their legal advisors, as well as the results of due diligence conducted on the other party. After comprehensively considering factors such as their respective financial positions, asset conditions, and future outlooks, the Companies repeatedly conducted careful discussions and negotiations regarding the merger ratio.

As a result of careful discussions and considerations at CRH based on the valuation report concerning the merger ratio acquired on April 13, 2026, from Plutus Consulting, its third-party appraiser, the advice from Iwata Godo, its legal advisor, and the results of the due diligence CRH conducted on SFPHD, as described in "(4) Measures to secure fairness (including measures to avoid conflicts of interest)" below, CRH determined that the Merger Ratio is appropriate and serves the interests of CRH's shareholders, and that it is appropriate to implement the Merger based on the Merger Ratio.

Meanwhile, SFPHD carefully conducted discussions and considerations based on the valuation report concerning the merger ratio acquired on April 13, 2026, from JBMA, SFPHD's third-party appraiser (the "Merger Ratio Valuation Report (JBMA)"), the advice from TMI Associates, its legal advisor, the results of the due diligence SFPHD conducted on CRH, and the instructions and advice from the Special Committee consisting of independent members who have no interest in CRH, SFPHD, or the Merger, as well as the contents of the report received on April 13, 2026 (the "Report") (as described in "(4) Measures to secure fairness (including measures to avoid conflicts of interest)," "4). Advice from the independent Special Committee at SFPHD and acquisition of the Report from the Special Committee" below), as described in "(4) Measures to Secure Fairness (Including Measures to Avoid Conflicts of Interest)" below. As a result, SFPHD determined that the Merger Ratio is appropriate and serves the interests of SFPHD's minority shareholders, and that it is appropriate to implement the Merger based on the Merger Ratio.

In this manner, the Companies repeatedly conducted careful negotiations and discussions on the merger ratio based on the results of the calculations by their respective third-party appraisers and the advice of their legal advisors, and after comprehensively taking into account factors such as the financial positions, asset conditions, and future outlooks of both companies in light of the results of the due diligence each party conducted on the other. Finally, also taking into account the contents of the Report submitted by the Special Committee for SFPHD, the Companies reached the conclusion that the Merger Ratio is appropriate and serves the interests of their respective shareholders, and agreed to implement the Merger based on the Merger Ratio.

Note that the Merger Ratio may be changed upon agreement after consultation between the Companies if any material change occurs to the various conditions upon which the calculation is based.

(2) Matters concerning calculation

1) Names of appraiser and its relationship with the Companies

Each of Plutus Consulting, which is the third-party appraiser for CRH, and JBMA, which is the third-party appraiser for SFPHD, is a third-party appraiser independent of the Companies. They do not fall under the category of related parties of SFPHD or CRH and do not have any material interest in SFPHD or CRH. The compensation for Plutus Consulting for the Merger is a fixed fee to be paid regardless of whether the Merger is successful or not.

Mizuho Bank, Ltd. ("Mizuho Bank"), a group company of JBMA, conducts loan transactions and other business with CRH and SFPHD as part of ordinary banking transactions, but it does not have any material interest involving a conflict of interest with CRH or SFPHD regarding the Merger. According to JBMA, JBMA has established and implemented appropriate measures to avoid conflicts of interest, such as information barriers between itself and Mizuho Bank, and has calculated the merger ratio from a position independent of Mizuho Bank's status as a lender. SFPHD has determined that there is no particular problem with requesting JBMA to calculate the share value of SFPHD Stock, given that appropriate measures to prevent adverse effects have been taken between JBMA and Mizuho Bank, and that SFPHD and JBMA conduct transactions under terms and conditions similar to those of general business partners, thereby ensuring sufficient independence for JBMA to perform its duties as a financial advisor and a third-party appraiser for the Merger.

The compensation for JBMA for the Merger includes a success fee to be paid on the condition of the conclusion of the Merger Agreement and other factors. However, SFPHD has determined that the inclusion of a success fee to be paid on the condition of the conclusion of the Merger Agreement does not negate JBMA's independence, taking into account general practical customs for similar types of transactions and the appropriateness of a compensation structure that would cause SFPHD to incur a corresponding financial burden even if the Merger were not successful.

2) Overview of calculation

(i) Calculation by Plutus Consulting

For CRH, Plutus Consulting adopted the average market price method for its calculation because the common shares of CRH are listed on the Prime Market of the Tokyo Stock Exchange and a market share price exists.

For SFPHD, Plutus Consulting adopted the average market price method because the common shares of SFPHD are listed on the Prime Market of the Tokyo Stock Exchange and a market share price exists. In addition, it adopted the comparable company analysis method because there are multiple comparable listed companies and it is possible to infer share value through comparison with such listed companies. Furthermore, it adopted the discounted cash flow method (the "DCF method") in order to reflect the status of future business activities in the valuation.

The results of the calculation of the merger ratio based on each valuation method, assuming the share value per common share of CRH to be 1, are as follows:

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| | | |
|:---|:---|:---|
| Valuation Method | Valuation Method | Calculation results of merger ratio |
| CRH | SFPHD | Calculation results of merger ratio |
| Average market price method | Average market price method | 2.84–3.19 |
| Average market price method | Comparable company analysis method | 1.15–2.19 |
| Average market price method | DCF method | 1.87–3.60 |

---

For the average market price method, Plutus Consulting used April 13, 2026, which is the business day immediately preceding the date of the conclusion of the Merger Agreement, as the calculation reference date. It adopted the closing price on the calculation reference date on the Prime Market of the Tokyo Stock Exchange and the simple average of the closing prices for the one-month, three-month, and six-month periods prior to the calculation reference date.

For the comparable company analysis method, the calculation was performed through a comparison with financial indicators showing the profitability, etc., of the market share prices of listed companies engaged in businesses relatively similar to those of SFPHD.

For the DCF method, the share value was calculated by discounting the future cash flows expected from the fiscal year ending February 2027 onwards to the current value at a certain discount rate. This was based on financial forecasts from the fiscal year ending February 2027 to the fiscal year ending February 2030 prepared by SFPHD, as well as recent performance trends. Note that the financial forecasts of SFPHD used by Plutus Consulting as a premise for the DCF method include fiscal years in which a significant increase in profit and a significant increase in free cash flow are expected. Specifically, SFPHD expects that in the fiscal year ending February 2028, operating profit and ordinary profit will increase by 30% or more compared to the previous fiscal year, and free cash flow will increase, due to improvements in the cost-of-sales ratio associated with revisions to sales prices, etc. Furthermore, as it is difficult at this time to estimate the synergy effects expected to be realized through the Merger, the financial forecasts were prepared based on SFPHD's standalone plan that does not incorporate such synergies.

In calculating the merger ratio, Plutus Consulting has, in principle, used the materials and information provided by SFPHD and information that has been made publicly available as they are. It assumes that all such materials and information used for analysis and review are accurate and complete, and that there are no facts undisclosed to Plutus Consulting that could have a material impact on the calculation of the merger ratio. It has not independently verified, and assumes no obligation to verify, the accuracy or completeness of such materials and information.

Plutus Consulting has not independently performed any evaluation, appraisal, or assessment, including analysis and evaluation of individual assets and liabilities, and has not requested any third party to perform such evaluation, appraisal, or assessment for all assets or liabilities of SFPHD and its affiliates (including, but not limited to, financial derivatives, off-balance sheet assets and liabilities, and other contingent liabilities). Plutus Consulting assumes that the information regarding the financial forecasts of SFPHD provided was reasonably prepared based on the best possible forecasts and judgments by management at this time, and it relies on this information without independent verification. The calculation by Plutus Consulting is based on the financial, economic, market, and other conditions as of April 13, 2026, for the average market price method, and as of March 31, 2026, for other methods.

(ii) Calculation by JBMA

For CRH, JBMA adopted the market price method for its calculation because the common shares of CRH are listed on the Prime Market of the Tokyo Stock Exchange and a market share price exists.

For SFPHD, JBMA calculated the share value by adopting the market price method because the common shares of SFPHD are listed on the Prime Market of the Tokyo Stock Exchange and a market share price exists, and the DCF method in order to reflect the status of future business activities in the valuation.

The results of the calculation of the merger ratio based on each valuation method, assuming the share value per common share of CRH to be 1, are as follows:

---

| | | |
|:---|:---|:---|
| Valuation Method | Valuation Method | Calculation results of merger ratio |
| CRH | SFPHD | Calculation results of merger ratio |
| Market price method | Market price method | 2.82–3.24 |
| Market price method | DCF method | 2.62–3.56 |

---

For the market price method, JBMA used April 13, 2026, as the calculation reference date, and adopted the closing price on the calculation reference date and the simple average of the closing prices for the one-month, three-month, and six-month periods up to the calculation reference date.

In the DCF method, the corporate value and share value were evaluated by discounting the future cash flows expected from the fiscal year ending February 2027 onwards to the current value at a certain discount rate, based on the financial forecasts from the fiscal year ending February 2027 to the fiscal year ending February 2030 prepared by SFPHD and recent performance trends. The weighted average cost of capital (WACC) was adopted as the discount rate, ranging from 5.03% to 6.03%. In calculating the terminal value, the perpetual growth method was adopted, using a perpetual growth rate of 0.25% to 0.75%. The financial forecasts of SFPHD that JBMA used as a premise for its calculation under the DCF method are as follows, and these financial forecasts include fiscal years in which a significant increase or decrease in profit is expected. Specifically, SFPHD expects that in the fiscal year ending February 2028, operating profit, ordinary profit, and free cash flow will increase by 30% or more compared to the previous fiscal year due to improvements in the cost-of-sales ratio associated with revisions to sales prices, etc., and that in the fiscal year ending February 2029, free cash flow will increase by 30% or more compared to the previous fiscal year.

(Millions of yen)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Fiscal year ending February 2027 | Fiscal year ending February 2028 | Fiscal year ending February 2029 | Fiscal year ending February 2030 |
| Net sales | 33385 | 35882 | 38399 | 40937 |
| Operating profit | 2100 | 2872 | 3526 | 4211 |
| EBITDA | 2935 | 3771 | 4489 | 5235 |
| Free cash flow | 961 | 1420 | 1964 | 2470 |

---

In calculating the merger ratio above, JBMA has, in principle, adopted public information and information provided to JBMA as they are. It assumes that all such materials and information are accurate and complete, and it has not independently verified, nor does it assume any obligation to verify, the accuracy or completeness of such materials and information. Furthermore, JBMA has not independently performed any evaluation or assessment, and has not requested any third-party institution to perform an appraisal or assessment, for the assets and liabilities of the Companies and their affiliates (including derivative transactions, off-balance sheet assets and liabilities, and other contingent liabilities). JBMA assumes that the business plans, financial forecasts, and other future information provided by SFPHD were reasonably prepared based on the best possible forecasts and judgments by the management of SFPHD at this time. JBMA relies on this information without independently verifying the accuracy, validity, and feasibility of SFPHD's business plans. JBMA's calculation of the merger ratio reflects the information and economic conditions obtained by JBMA up to April 13, 2026. Note that JBMA's calculation has the sole purpose of serving as a reference for the Board of Directors of SFPHD to consider the merger ratio.

(3) Prospect and reason for delisting

As a result of the Merger, the SFPHD Stock is expected to be delisted on June 29, 2026, in accordance with the delisting criteria of the Tokyo Stock Exchange. After the delisting, the SFPHD Stock can no longer be traded on the Tokyo Stock Exchange. Note that if the current effective date of the Merger is changed, the delisting date is also expected to be changed.

Even after the SFPHD Stock is delisted, the CRH Stock to be allotted to the shareholders of SFPHD on the effective date of the Merger is listed on the Prime Market of the Tokyo Stock Exchange. Therefore, while some shareholders may only receive an allotment of shares less than one unit depending on the number of shares they hold, those who hold one unit or more will be able to trade their shares on the Tokyo Stock Exchange even after the effective date of the Merger, and the Companies believe that liquidity of the shares will continue to be ensured.

Shares less than one unit cannot be sold on the Tokyo Stock Exchange. However, shareholders may request CRH to further purchase the number of shares that, together with the number of shares less than one unit already held, will constitute one full unit, or request that CRH purchase such shares less than one unit. For details of such treatment, please refer to (Note 3) of "(3) Details of allotment related to the Merger" under "2. Summary of the Merger" above.

Furthermore, for details of the handling of fractions in the event that fractions of less than one share arise as a result of the Merger, please refer to (Note 4) of "(3) Details of allotment related to the Merger" under "2. Summary of the Merger" above.

Note that shareholders of SFPHD may continue to trade their shares of SFPHD Stock on the Tokyo Stock Exchange as before until June 26, 2026 (scheduled), which is the last trading day, and may also exercise their legal rights as set forth in the Companies Act and other laws and regulations until the Reference Time.

(4) Measures to secure fairness (including measures to avoid conflicts
of interest)

As CRH already holds 13,435,500 shares of SFPHD Stock (58.92% of the 22,803,137 shares, which is the total number of issued shares as of February 28, 2026 (22,813,689 shares) less the number of treasury shares held by SFPHD (10,552 shares)), and SFPHD falls under the category of a subsidiary of CRH, the Companies have determined that it is necessary to ensure fairness by avoiding conflicts of interest in the Merger, and have implemented the following measures to secure fairness (including measures to avoid conflicts of interest).

1) Acquisition of valuation reports from independent third-party appraisers by both companies

In order to ensure fairness in decision-making regarding the merger ratio used in the Merger, CRH selected Plutus Consulting, a third-party appraiser independent of the Companies, and obtained a valuation report concerning the merger ratio dated April 13, 2026. SFPHD selected JBMA, a third-party appraiser independent of the Companies, and obtained the Merger Ratio Valuation Report (JBMA) dated April 13, 2026. For an overview of each valuation report, please refer to "(2) Matters concerning calculation" above. Note that neither company has obtained an opinion on the fairness of the merger ratio (a fairness opinion) from their respective third-party appraisers.

2) Advice from independent law firms to both companies

CRH appointed Iwata Godo as its legal advisor for the Merger and has received legal advice regarding the various procedures for the Merger and the methods and processes of decision-making by the Board of Directors. Iwata Godo is independent of the Companies and does not have any material interest in the Companies. Meanwhile, SFPHD appointed TMI Associates as its legal advisor for the Merger and has received legal advice regarding the various procedures for the Merger and the methods and processes of decision-making by the Board of Directors. TMI Associates is independent of the Companies and does not have any material interest in the Companies.

3) Advice from independent financial advisors to both companies

CRH appointed Plutus Consulting as its financial advisor for the Merger and has received advice from a financial perspective regarding the Merger. Plutus Consulting is independent of the Companies and does not have any material interest. SFPHD appointed JBMA as its financial advisor for the Merger and has received advice from a financial perspective regarding the Merger. JBMA is independent of the Companies and does not have any material interest.

4) Advice from the independent Special Committee at SFPHD and acquisition of the Report from the Special Committee

&nbsp;&nbsp;&nbsp;&nbsp;(i) Background
 of the consultation, etc.

SFPHD received the Proposal from CRH on December 9, 2025. In light of the fact that CRH is the parent company of SFPHD and that the Merger falls under a type of transaction where structural conflicts of interest and information asymmetry issues exist, SFPHD sought to ensure prudence in its decision-making, eliminate the risk of arbitrariness and conflicts of interest in its Board of Directors' decision-making process, and ensure fairness. Accordingly, by a resolution of the SFPHD Board of Directors on January 22, 2026, SFPHD established the Special Committee as an advisory body for the Merger, consisting of three outside directors who are independent officers of SFPHD: Mr. Nobuaki Chonan (Certified Public Accountant, Nobuaki Chonan CPA Office), Ms. Yukari Takami, and Mr. Tokuhiro Kakita (Attorney-at-law, Keyaki Law Office).

SFPHD consulted the Special Committee on: (a) matters concerning the propriety of the Merger (including whether the Merger contributes to the enhancement of SFPHD's corporate value), (b) matters concerning the fairness of the transaction terms of the Merger (including whether the level of the merger ratio, the method of acquisition, the type of acquisition consideration, and other transaction terms are fair), (c) matters concerning the fairness of the procedures for the Merger (including whether sufficient procedures have been taken to ensure the fairness of the transaction terms), and (d) based on (a) through (c) and other matters, whether the Merger is fair to minority shareholders (collectively, the "Matters of Inquiry"). SFPHD requested the Special Committee to submit a report (toshin) to the Board of Directors regarding these points. From the perspective of avoiding conflicts of interest, the resolution was passed by the unanimous consensus of all directors of SFPHD (six directors) excluding Mr. Yusuke Ishii, who concurrently serves as a director of CRH.

The compensation for each member of the Special Committee is included in their compensation as outside directors, as they are all outside directors of SFPHD and their duties as committee members are deemed to be included in their professional responsibilities. Their compensation does not include any contingency fee subject to the announcement or completion of the Merger.

In addition, SFPHD resolved to grant the Special Committee the following authority: (i) to interview and conduct investigations (including requesting explanations or advice) of SFPHD's officers, employees, or advisors involved in the Merger regarding matters necessary for considering the Matters of Inquiry; (ii) to request (a) that the Special Committee's proposals, other opinions, or questions be communicated to CRH, and (b) the setting of opportunities for the Special Committee itself to discuss and negotiate with CRH (including its officers and employees involved in the Proposal and CRH's advisors). Furthermore, even if the Special Committee does not request the setting of an opportunity under (b), SFPHD resolved that it shall promptly report the contents of its discussions and negotiations with CRH to the Special Committee, and the Special Committee may, based on such contents, state its opinions or give necessary instructions or requests to SFPHD regarding the policy for discussions and negotiations with CRH; and (iii) if the Special Committee deems it necessary, to independently appoint attorneys, certified public accountants, or other advisors at SFPHD's expense and seek advice from them. In response, at the first meeting of the Special Committee held on January 22, 2026, the Special Committee confirmed that there were no issues with the independence of the advisors appointed by SFPHD and approved the appointment of TMI Associates as legal advisor and JBMA as financial advisor and third-party appraiser.

(ii) Process of consideration

The Special Committee held a total of 10 meetings between January 22, 2026, and April 13, 2026. In addition, between these meetings, the committee carefully considered the Matters of Inquiry by expressing opinions, exchanging and collecting information via e-mail and other means, and holding consultations as needed. Specifically, the Special Committee received explanations from SFPHD and held Q&A sessions regarding SFPHD's business description and performance trends, major management challenges, the expected merits and demerits for SFPHD's business resulting from the Merger, and the formulation procedures for the business plan (the "Business Plan") that serves as the basis for considering the transaction terms of the Merger. Furthermore, the Special Committee received explanations from CRH and held Q&A sessions regarding the consideration process leading to the proposal for the Merger, the purpose and structure of the Merger, the nature and extent of the merits, demerits, and other impacts expected from the Merger, as well as the management policy planned for after the Merger. During these Q&A sessions, CRH responded that, at this point, there are no plans to implement personnel reductions, disadvantageous changes in working conditions, or solicitation of voluntary retirement for SFPHD employees in connection with the implementation of the Merger. In addition, the Special Committee received explanations from JBMA, SFPHD's financial advisor and third-party appraiser, regarding the methods and results of the valuation of the merger ratio in the Merger, held Q&A sessions regarding the calculation process, and examined the reasonableness of the valuation results. In the course of these considerations, the Special Committee received advice from TMI Associates, SFPHD's legal advisor, regarding the contents of the measures to ensure the fairness of the Merger and to avoid conflicts of interest, including the significance and role of the Special Committee.

The Special Committee received timely reports from JBMA regarding the contents of CRH's proposals and the status of discussions and negotiations. Based on these reports and opinions heard from TMI Associates and JBMA, the committee deliberated and considered the matter, expressed opinions as appropriate, discussed and approved responses to negotiation policies and proposal contents, and gave instructions and made requests to SFPHD.

(iii) Contents of judgment

Under the background described above, the Special Committee repeatedly and carefully discussed and considered the Matters of Inquiry, taking into account the advice received from a legal perspective from TMI Associates, the advice received from a financial perspective from JBMA, and the contents of the Merger Ratio Valuation Report (JBMA) submitted on April 13, 2026. As a result, the Special Committee submitted the Report to SFPHD's Board of Directors on April 13, 2026, with the unanimous consensus of all members, the summary of which is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Contents
 of the Report

---

| | |
|:---|:---|
| ⅰ． | The Merger will contribute to the enhancement of SFPHD's corporate value. |
| ⅱ． | The transactional terms of the Merger are fair. |
| ⅲ． | The procedures for the Merger are fair. |
| ⅳ | In view of i. through iii. above, it is fair to SFPHD's general shareholders that the SFPHD Board of Directors decides to implement the Merger. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reasons
 for the Report

ⅰ. Advisability of the implementation of the Merger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Purpose, etc. of the Merger

The Special Committee had question-and-answer sessions with SFPHD and CRH about the purpose, etc. of the Merger. After receiving the explanations described in "1. Purpose of the Merger" above, the Special Committee confirmed and considered the specific details thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Consideration

The Special Committee validated the contents described in "1. Purpose of the Merger" above and whether the possibility of corporate value being enhanced, in view of the foregoing, can be found reasonable. As a result of question-and-answer sessions with CRH and SFPHD and confirmation and deliberation of their answers, the Special Committee confirmed the following: [i] It is expected through an absorption-type merger of SFPHD by CRH that overlapping head office functions will be streamlined and listing expenses will be reduced, and additionally, managerial resources will become more efficient, including flexible fund management within the group. [ii] It is expected that by using local outreach, the overseas network, the business form development capabilities, and the store operational expertise of CRH and its subsidiaries, the brand power and sales of Isomaru Suisan, etc., which is operated by SFPHD's subsidiaries, can be improved ; [iii] and taking into account that, in connection with the execution of this merger, there are no plans to implement workforce reductions, to make unfavorable changes to treatment, or to solicit voluntary retirements, this merger can be considered to be based on a spirit of equality. Furthermore, no material disadvantages of the Merger have been found. As a result, the Special Committee has determined that no particularly unreasonable matters have been found in the explanations and answers provided by CRH and SFPHD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Summary

Given the above and after careful discussions and consideration, the Special Committee has determined following: The Merger has been found to reasonably contribute to enhancement of corporate value; no unreasonable matters have been found with the purpose, etc. of the Merger; the Merger intends to contribute to enhancement of SFPHD's corporate value; and the Merger has been found to contribute to the enhancement of SFPHD's corporate value.

ⅱ．Matters relating to the fairness of the transactional terms of the Merger

Regarding the fairness of the transactional terms of the Merger, the Special Committee found the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (A) Calculations by JBMA

According to the Merger Ratio Valuation Report (JBMA) acquired from JBMA, a third-party valuation institution that is independent of CRH and SFPHD, the valuation results of the merger ratio for the Merger using the market price method and the DCF method are as follows.

Valuation Results of the Merger Ratio for the Merger

Calculation method <u>Valuation range</u> <br> <u>Market price method</u> <u>2.82–3.24</u> <br> <u>DCF method</u> <u>2.62–3.56</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) The valuation range of each calculation method has the condition that the share value per CRH Share is 1.

According to JBMA, for CRH, the market price method was used because CRH Stock are listed on the TSE Prime Market and a market price exists.

The share value of SFPHD was determined using the market price method because SFPHD Stock are listed on the TSE Prime Market and a market price exists. Also, the DCF method was used in order to reflect the status of future business activities in the valuation.

As a result, in the Merger, the Merger Ratio is within the valuation range using the market price method and is at a level that exceeds the median of the range using the DCF method.

It should be noted that after receiving from JBMA explanations on the selection of the calculation methods and valuation methods used for each valuation and having question-and-answer sessions with JBMA and SFPHD about the selection of the valuation methods, the financial forecasts based on the business plan of SFPHD, the selection of calculation methods for continuous value, the basis for the calculation of the discount rate, and other matters, the Special Committee gave consideration, and it did not find any unreasonable matters, in light of common valuation practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Fairness
 of procedures and related matters in the negotiation process

As described in "ⅲ．Matters relating to the fairness of procedures for the Merger" below, the procedures in the negotiation for the Merger have been found to be fair, and it was found that the transactional terms of the Merger have also been decided in view of the results of the repeated negotiations between CRH and SFPHD. In addition, in the Merger, dissenting shareholders are granted appraisal rights pursuant to the provisions of the Companies Act, and means are secured for the general shareholders of SFPHD to oppose the Merger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Implementation
 method and type of consideration for the Merger

For the method of the Merger, an absorption-type merger in which CRH Stock will be allotted and delivered is under consideration.

If cash is used as consideration for the Merger, or in a case of an absorption-type merger through a tender offer and squeeze-out procedures for SFPHD Stock, [i] there is a possibility that funds for growth investments in the existing businesses to be used after the Merger and cash and deposits on hand in preparation for the capital needs required for the business operation of SFPHD may be diminished; as a result of which; the purpose described in "1. Purpose of the Merger" above may not be achieved; [ii] if a tender offer and squeeze-out procedures are preconditions, the synergies described in "1. Purpose of the Merger" above may not be realized early on; therefore, it cannot be said to be unreasonable to use CRH Stock as consideration in the Merger.

In consideration of the above, the reasonableness of the implementation method of the Merger and the type of consideration for the Merger should not be denied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Consideration
 of premium ratios

The per-share value of the SFPHD Stock in the Merger Ratio by CRH is 2,448 yen. With April 13, 2026, which is the business day prior to the day of announcement of the Merger, as the base date, such value represents a premium of 0.37% (the base date; rounded to the second decimal place; hereinafter the same applies with respect to premium ratios), 5.69% (one month up to the base date), 7.26% (three months up to the base date), and 12.70% (six months up to the base date), over the closing price for the SFPHD Stock on the base date, the simple average of closing prices in the past one month, the simple average of closing prices in the past three months, and the simple average of closing prices in the past six months, respectively.

In this regard, the premium ratios over the closing price on the base date and the simple average of closing prices in the past one month are not necessarily evaluated as a high level when compared to ratios in similar cases (Note), or when taking into account that the average premium level in other reorganization cases involving listed companies is approximately 10% to 20%. On the other hand, the stock price of SFPHD rose by 13.18% (rounded to the second decimal place) over the past one month from March 16, 2026 to the base date, and it is recognized that such increase exceeds the increase rate (4.65%) of CRH's stock price; SFPHD had not made any timely disclosure etc. that may fluctuate the stock price in the past one month from March 16, 2026 to the base date, and there were not necessarily any identifiable circumstances that could be correlated with such a stock price rise. Furthermore, while premium ratios over the closing price on the base date and over the simple average of closing prices in the past one-month period are generally important factors in examining the fairness of the Merger Ratio, circumstances correlated with the stock price increase are not necessarily recognized in this case, as noted above. Although the fact that the premium rates against the reference date closing price and the one-month simple average are not high when compared to similar cases. Therefore, when considering the appropriateness of the Merger Ratio, it can also be considered reasonable to conduct a comprehensive review that includes long-term stock price levels such as the simple average of closing prices in the past three months and the simple average of closing prices in the past six months, which reflect stabler stock price trends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) The medians of the premium ratios in seven cases of management integration through an absorption-type merger in which a listed company was an absorbed company that was passed by the general shareholders' meeting, announced between June 28, 2019, the date of announcement of the "Fair M&A Guidelines" by the Ministry of Economy, Trade and Industry, and April 13, 2026, are 5.36% (the business day prior to the day of announcement), 6.10% (one month up to the business day prior to the day of announcement), 7.55% (three months up to the business day prior to the day of announcement), 8.61% (six months up to the business day prior to the day of announcement), respectively.

On the other hand, [i] if the Merger is not carried out, SFPHD cannot carry out business integration with CRH and cannot enjoy the benefits or synergies that will arise through the Merger described in items i.(B) [i] to [iii] above, and as a result, SFPHD will miss opportunities to improve its corporate value, [ii] as stated in ii.(A), the Merger Ratio is at a level that exceeds the median of the range of the valuations using the DCF method in the calculation report by JBMA, and [iii] with respect to the simple average of closing prices in the past three months and the simple average of closing prices in the past six months, it can be evaluated that levels that are comparable to ratios in other similar cases have been ensured. Therefore, it is not necessarily appropriate to immediately determine that the Merger should not be carried out simply because the premium ratios over the closing price on the base date and over the simple average of closing prices in the past one month do not reach the level similar to those in similar cases, and it cannot be said that the premium ratios in the Merger would not impair the fairness of the Merger Ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Consideration
 and summary

Given the above and after careful discussion and consideration and in light of the advice provided by the advisors in iii. (B) to (C), the Special Committee has determined that the transactional terms of the Merger ensure the common interests of shareholders to the extent that is possible, and therefore, such transactional terms are fair.

ⅲ．Matters relating to the fairness of procedures for the Merger

According to SFPHD and TMI Associates, as its legal advisor, SFPHD is found to be taking the following measures to ensure fairness and transparency in the process of considering the Merger at SFPHD.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Consultation
 with independent special committee at SFPHD

On January 22, 2026, prior to making any decisions relating to the implementation of the Merger, SFPHD consulted about the Inquired Matters with the Special Committee as an advisory body for the purpose of causing SFPHD to exercise caution in its decision-making for the Merger and to eliminate any potential arbitrariness and conflicts of interest in, and ensure the fairness of, the decision-making process at the Boards of Directors of SFPHD. Supposedly, in the decision-making process for the Merger, the opinions of the Special Committee on the Inquired Matters are respected to the fullest extent; the Special Committee can conduct investigations relating to the Merger at the expense of SFPHD; and in consultations and negotiations of transactional terms with CRH, SFPHD can report to and consult with the Special Committee in a timely manner, and the Special Committee can provide its opinions or necessary instructions and requests. There has been no change to the Special Committee members since the initial consultation.

The Special Committee received timely reports from JBMA on CRH's proposals, the state of consultations and negotiations, and other matters. It also engaged in deliberations and consideration in view of opinions acquired from TMI Associates and JBMA, and it provided its opinions, as appropriate, and then discussed and approved responses to negotiation policies and proposals, as well as giving instructions and requests to SFPHD. In this way, the Special Committee was substantially involved in the negotiations with CRH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Obtaining
 advice from an independent law firm

SFPHD appointed TMI Associates as its legal advisor for the Merger, and it has been receiving advice from TMI Associates on various procedures for the Merger, the Board of Directors' decision-making methods and processes, etc. from a legal viewpoint.

The Special Committee confirmed that there were no problems in terms of the independence and expertise of TMI Associates, and it approved TMI Associates as SFPHD's legal advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Obtaining
 advice from an independent financial advisor and third-party valuation institution

SFPHD appointed JBMA as an independent financial advisor and third-party valuation institution, and it has been receiving advice from JBMA on negotiations, etc. relating to the Merger from a financial viewpoint.

The Special Committee confirmed that there were no problems in terms of the independence and expertise of JBMA, and it approved JBMA as SFPHD's financial advisor and third-party valuation institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Building
 an independent consideration system

SFPHD built an internal system in which the Merger-related considerations, the negotiations, and determinations are carried out from a standpoint that is independent of CRH. Specifically, since December 9, 2025, when the proposal was received from CRH, SFPHD has had a project team that considers the Merger (including preparation of the business plan that serves as the basis for the valuation of SFPHD Stock), and it consults and negotiates with CRH. The team consists of SFPHD officers who do not concurrently hold, and have never held in the past, any officer positions at CRH. It was decided that Mr. Yusuke Ishii, who is concurrently serving as a director of CRH, does not participate in any consultations or negotiations regarding the Merger at all, and such treatment is continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) Summary

Given the above and after careful discussion and consideration, the Special Committee has determined that appropriate measures to ensure fairness have been taken in the Merger, and procedures for the Merger, including the process of consultation, consideration, and negotiation for the Merger, are fair.

ⅳ．In view of i. through iii. above, whether it is fair to SFPHD's general shareholders that the SFPHD Board of Directors decides to implement the Merger

In deliberations at the Special Committee, no other particular matters that may have adverse effects on SFPHD's general shareholders were identified, and as a result of careful consideration of the impact of the Merger on SFPHD's general shareholders, in view of the matters described in i. through iii. above, the Special Committee has determined that it is fair to SFPHD's general shareholders that the SFPHD Board of Directors decides to implement the Merger.

5) Approval of all directors of SFPHD who have no interest (including those who are Audit and Supervisory Committee members)

SFPHD carefully conducted discussions and considerations regarding whether the Merger contributes to the enhancement of SFPHD's corporate value and whether the transaction terms of the Merger, including the Merger Ratio, are appropriate. This process was conducted based on the legal advice from TMI Associates, the advice from a financial perspective from JBMA, and the contents of the Merger Ratio Valuation Report (JBMA), while respecting the contents of the Report received from the Special Committee to the maximum extent possible. As a result, at the meeting of the Board of Directors of SFPHD held today, it resolved to enter into the Merger Agreement.

At the meeting of the SFPHD Board of Directors held today, from the perspective of avoiding conflicts of interest, the resolution regarding the Merger was passed by the unanimous consensus of all directors of SFPHD (six directors) excluding Mr. Yusuke Ishii, who concurrently serves as a director of CRH, among the seven directors of SFPHD. Furthermore, because Mr. Yusuke Ishii, who concurrently serves as a director of CRH, has an interest or potential conflict of interest in the Merger, he did not participate in the deliberations or resolutions regarding the Merger at the SFPHD Board of Directors meetings, nor did he participate in any discussions or negotiations with CRH regarding the Merger from the position of SFPHD.

6) Establishment of an independent internal project team at SFPHD

SFPHD has established an internal project team to consider, negotiate, and make judgments regarding the Merger from a position independent of CRH. Specifically, after receiving the Proposal from CRH on December 9, 2025, SFPHD considered and established a project team to conduct the consideration of the Merger (including the preparation of the Business Plan, which serves as the basis for the valuation of SFPHD Stock) and the discussions and negotiations with CRH. The members of the project team consist of officers and employees of SFPHD who do not concurrently serve as officers or employees of CRH and have not held such positions in the past. In addition, it was decided that Mr. Yusuke Ishii, who concurrently serves as a director of CRH, would not participate in any discussions or negotiations regarding the Merger, and this treatment has been maintained.

Based on the advice of TMI Associates, SFPHD obtained the approval of the Special Committee that there are no issues with SFPHD's internal project team (including the scope and duties of officers and employees involved in the consideration, negotiation, and judgment regarding the Merger) from the perspective of independence and fairness, including these treatments.

7) Securing opportunities for takeover proposals from other acquirers (market checking)

CRH and SFPHD have not entered into any agreement that restricts contact between a potential counter-acquirer and SFPHD, such as an agreement including deal protection provisions that would prohibit SFPHD from contacting acquirers other than CRH (a "Counter-Acquirer").

Furthermore, the Annual General Meeting of Shareholders of SFPHD to approve the Merger Agreement is scheduled to be held on May 21, 2026, which is more than one month after today, the date on which the conclusion of the Merger Agreement was announced. The Companies believe that this ensures sufficient opportunities for a Counter-Acquirer as compared to similar cases.

4. Overview
 of Companies Involved in the Merger (as of February 28, 2026)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | Surviving Company<br> (Company surviving the absorption-type merger) | Surviving Company<br> (Company surviving the absorption-type merger) | Surviving Company<br> (Company surviving the absorption-type merger) | Disappearing Company<br> (Company disappearing in the absorption-type merger) | Disappearing Company<br> (Company disappearing in the absorption-type merger) | Disappearing Company<br> (Company disappearing in the absorption-type merger) |
| (1) | Name | create restaurants holdings inc. | create restaurants holdings inc. | create restaurants holdings inc. | SFP Holdings Co., Ltd. | SFP Holdings Co., Ltd. | SFP Holdings Co., Ltd. |
| (2) | Location | 5-10-18 Higashi-Gotanda, Shinagawa-ku, Tokyo | 5-10-18 Higashi-Gotanda, Shinagawa-ku, Tokyo | 5-10-18 Higashi-Gotanda, Shinagawa-ku, Tokyo | 8F Hagiwara No. 2 Bldg., 2-24-7 Tamagawa, Setagaya-ku, Tokyo | 8F Hagiwara No. 2 Bldg., 2-24-7 Tamagawa, Setagaya-ku, Tokyo | 8F Hagiwara No. 2 Bldg., 2-24-7 Tamagawa, Setagaya-ku, Tokyo |
| (3) | Job title and name of representative | Jun Kawai, President | Jun Kawai, President | Jun Kawai, President | Makoto Sato, President | Makoto Sato, President | Makoto Sato, President |
| (4) | Description of business | Restaurant management | Restaurant management | Restaurant management | Restaurant management | Restaurant management | Restaurant management |
| (5) | Share capital | 50 million yen | 50 million yen | 50 million yen | 49 million yen | 49 million yen | 49 million yen |
| (6) | Date of establishment | April 22, 1997 | April 22, 1997 | April 22, 1997 | November 17, 2010 | November 17, 2010 | November 17, 2010 |
| (7) | Number of issued shares | 425,628,568 shares | 425,628,568 shares | 425,628,568 shares | 22,813,689 shares | 22,813,689 shares | 22,813,689 shares |
| (8) | Fiscal year-end | Last day of February | Last day of February | Last day of February | Last day of February | Last day of February | Last day of February |
| (9) | Number of employees | 4,468 (Consolidated) | 4,468 (Consolidated) | 4,468 (Consolidated) | 1,146 (Consolidated) | 1,146 (Consolidated) | 1,146 (Consolidated) |
| (10) | Major trading partners |  |  |  |  |  |  |
| (11) | Main banks | Mizuho Bank, Ltd<br> Sumitomo Mitsui Banking Corporation<br> Development Bank of Japan Inc.<br> MUFG Bank, Ltd. | Mizuho Bank, Ltd<br> Sumitomo Mitsui Banking Corporation<br> Development Bank of Japan Inc.<br> MUFG Bank, Ltd. | Mizuho Bank, Ltd<br> Sumitomo Mitsui Banking Corporation<br> Development Bank of Japan Inc.<br> MUFG Bank, Ltd. | Mizuho Bank, Ltd<br> MUFG Bank, Ltd.<br> Sumitomo Mitsui Banking Corporation | Mizuho Bank, Ltd<br> MUFG Bank, Ltd.<br> Sumitomo Mitsui Banking Corporation | Mizuho Bank, Ltd<br> MUFG Bank, Ltd.<br> Sumitomo Mitsui Banking Corporation |
| (12) | Major shareholders and ownership ratios | G&Company Inc. | G&Company Inc. | 41.24% | create restaurants holdings | create restaurants holdings | 58.92% |
|  |  | The Master Trust Bank of Japan, Ltd. (Trust Account) | The Master Trust Bank of Japan, Ltd. (Trust Account) | 5.91% | The Master Trust Bank of Japan, Ltd. (Trust Account) | The Master Trust Bank of Japan, Ltd. (Trust Account) | 4.27%<br>|
|  |  | Yurissa Co., Ltd. | Yurissa Co., Ltd. | 1.41% | Mitsui & Co. Distribution Group Co., Ltd. | Mitsui & Co. Distribution Group Co., Ltd. | 0.92%<br>|
|  |  | Custody Bank of Japan, Ltd. (Trust Account) | Custody Bank of Japan, Ltd. (Trust Account) | 1.29% | Kirin Brewery Company, Limited | Kirin Brewery Company, Limited | 0.92%<br>|
|  |  | Haruhiko Okamoto | Haruhiko Okamoto | 0.74% | Minori Holdings Co., Ltd. | Minori Holdings Co., Ltd. | 0.92%<br>|
|  |  | Jun Kawai | Jun Kawai | 0.58% | Takara Shuzo Co., Ltd. | Takara Shuzo Co., Ltd. | 0.53%<br>|
|  |  | Custody Bank of Japan, Ltd. (Trust Account 4) | Custody Bank of Japan, Ltd. (Trust Account 4) | 0.25% | NSK Co., Ltd. | NSK Co., Ltd. | 0.46%<br>|
|  |  | JK Planning Co., Ltd. | JK Planning Co., Ltd. | 0.23% | Hirakiya Co., Ltd. | Hirakiya Co., Ltd. | 0.46%<br>|
|  |  | Create Restaurants Group Employee Stock Ownership Association | Create Restaurants Group Employee Stock Ownership Association | 0.21% | UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT | UBS AG LONDON A/C IPB SEGREGATED CLIENT ACCOUNT | 0.37%<br>|
|  |  | Katzuji Ishii | Katzuji Ishii | 0.19% | Makoto Sato | Makoto Sato | 0.36%<br>|
| (13) | Relationship between the parties | Relationship between the parties | Relationship between the parties | Relationship between the parties | Relationship between the parties | Relationship between the parties | Relationship between the parties |
|  | Capital relationship | CRH is the parent company of SFPHD, holding 13,435,500 shares (58.92% of SFPHD's issued shares excluding treasury shares). | CRH is the parent company of SFPHD, holding 13,435,500 shares (58.92% of SFPHD's issued shares excluding treasury shares). | CRH is the parent company of SFPHD, holding 13,435,500 shares (58.92% of SFPHD's issued shares excluding treasury shares). | CRH is the parent company of SFPHD, holding 13,435,500 shares (58.92% of SFPHD's issued shares excluding treasury shares). | CRH is the parent company of SFPHD, holding 13,435,500 shares (58.92% of SFPHD's issued shares excluding treasury shares). | CRH is the parent company of SFPHD, holding 13,435,500 shares (58.92% of SFPHD's issued shares excluding treasury shares). |
|  | Personnel relationship | One director of CRH concurrently serves as a director of SFPHD. CRH also accepts three employees on secondment from SFPHD. | One director of CRH concurrently serves as a director of SFPHD. CRH also accepts three employees on secondment from SFPHD. | One director of CRH concurrently serves as a director of SFPHD. CRH also accepts three employees on secondment from SFPHD. | One director of CRH concurrently serves as a director of SFPHD. CRH also accepts three employees on secondment from SFPHD. | One director of CRH concurrently serves as a director of SFPHD. CRH also accepts three employees on secondment from SFPHD. | One director of CRH concurrently serves as a director of SFPHD. CRH also accepts three employees on secondment from SFPHD. |
|  | Business relationship | Settlement transactions, etc. occur in the following items:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accounts receivable from CRH for food and beverage charges resulting from the use of "Shareholder Benefit Coupons" presented by CRH to its shareholders at stores operated by SFPHD's subsidiaries.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Royalties related to the franchise development of the SFPHD brands "Isomaru Suisan" and "Isomaru Suisan Shokudo" by create restaurants inc., a wholly-owned subsidiary of CRH, and accounts receivable from SFPHD for food and beverage charges resulting from the use of "Shareholder Benefit Coupons" presented by SFPHD to its shareholders at said stores.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Royalties related to the franchise development of the create restaurants inc. brand "Matcha House" by CLOOC DINING CO., LTD., a subsidiary of SFPHD.<br> In addition, CRH is outsourced to perform a portion of SFPHD's accounting operations. | Settlement transactions, etc. occur in the following items:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accounts receivable from CRH for food and beverage charges resulting from the use of "Shareholder Benefit Coupons" presented by CRH to its shareholders at stores operated by SFPHD's subsidiaries.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Royalties related to the franchise development of the SFPHD brands "Isomaru Suisan" and "Isomaru Suisan Shokudo" by create restaurants inc., a wholly-owned subsidiary of CRH, and accounts receivable from SFPHD for food and beverage charges resulting from the use of "Shareholder Benefit Coupons" presented by SFPHD to its shareholders at said stores.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Royalties related to the franchise development of the create restaurants inc. brand "Matcha House" by CLOOC DINING CO., LTD., a subsidiary of SFPHD.<br> In addition, CRH is outsourced to perform a portion of SFPHD's accounting operations. | Settlement transactions, etc. occur in the following items:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accounts receivable from CRH for food and beverage charges resulting from the use of "Shareholder Benefit Coupons" presented by CRH to its shareholders at stores operated by SFPHD's subsidiaries.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Royalties related to the franchise development of the SFPHD brands "Isomaru Suisan" and "Isomaru Suisan Shokudo" by create restaurants inc., a wholly-owned subsidiary of CRH, and accounts receivable from SFPHD for food and beverage charges resulting from the use of "Shareholder Benefit Coupons" presented by SFPHD to its shareholders at said stores.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Royalties related to the franchise development of the create restaurants inc. brand "Matcha House" by CLOOC DINING CO., LTD., a subsidiary of SFPHD.<br> In addition, CRH is outsourced to perform a portion of SFPHD's accounting operations. | Settlement transactions, etc. occur in the following items:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accounts receivable from CRH for food and beverage charges resulting from the use of "Shareholder Benefit Coupons" presented by CRH to its shareholders at stores operated by SFPHD's subsidiaries.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Royalties related to the franchise development of the SFPHD brands "Isomaru Suisan" and "Isomaru Suisan Shokudo" by create restaurants inc., a wholly-owned subsidiary of CRH, and accounts receivable from SFPHD for food and beverage charges resulting from the use of "Shareholder Benefit Coupons" presented by SFPHD to its shareholders at said stores.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Royalties related to the franchise development of the create restaurants inc. brand "Matcha House" by CLOOC DINING CO., LTD., a subsidiary of SFPHD.<br> In addition, CRH is outsourced to perform a portion of SFPHD's accounting operations. | Settlement transactions, etc. occur in the following items:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accounts receivable from CRH for food and beverage charges resulting from the use of "Shareholder Benefit Coupons" presented by CRH to its shareholders at stores operated by SFPHD's subsidiaries.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Royalties related to the franchise development of the SFPHD brands "Isomaru Suisan" and "Isomaru Suisan Shokudo" by create restaurants inc., a wholly-owned subsidiary of CRH, and accounts receivable from SFPHD for food and beverage charges resulting from the use of "Shareholder Benefit Coupons" presented by SFPHD to its shareholders at said stores.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Royalties related to the franchise development of the create restaurants inc. brand "Matcha House" by CLOOC DINING CO., LTD., a subsidiary of SFPHD.<br> In addition, CRH is outsourced to perform a portion of SFPHD's accounting operations. | Settlement transactions, etc. occur in the following items:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accounts receivable from CRH for food and beverage charges resulting from the use of "Shareholder Benefit Coupons" presented by CRH to its shareholders at stores operated by SFPHD's subsidiaries.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Royalties related to the franchise development of the SFPHD brands "Isomaru Suisan" and "Isomaru Suisan Shokudo" by create restaurants inc., a wholly-owned subsidiary of CRH, and accounts receivable from SFPHD for food and beverage charges resulting from the use of "Shareholder Benefit Coupons" presented by SFPHD to its shareholders at said stores.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Royalties related to the franchise development of the create restaurants inc. brand "Matcha House" by CLOOC DINING CO., LTD., a subsidiary of SFPHD.<br> In addition, CRH is outsourced to perform a portion of SFPHD's accounting operations. |
|  | Related<br> party relationship | SFPHD is a consolidated subsidiary of CRH, and both are considered related parties to each other. | SFPHD is a consolidated subsidiary of CRH, and both are considered related parties to each other. | SFPHD is a consolidated subsidiary of CRH, and both are considered related parties to each other. | SFPHD is a consolidated subsidiary of CRH, and both are considered related parties to each other. | SFPHD is a consolidated subsidiary of CRH, and both are considered related parties to each other. | SFPHD is a consolidated subsidiary of CRH, and both are considered related parties to each other. |
| (14) | Operating results and financial positions for the last three years<br> (Millions of yen, unless otherwise noted) | Operating results and financial positions for the last three years<br> (Millions of yen, unless otherwise noted) | Operating results and financial positions for the last three years<br> (Millions of yen, unless otherwise noted) | Operating results and financial positions for the last three years<br> (Millions of yen, unless otherwise noted) | Operating results and financial positions for the last three years<br> (Millions of yen, unless otherwise noted) | Operating results and financial positions for the last three years<br> (Millions of yen, unless otherwise noted) | Operating results and financial positions for the last three years<br> (Millions of yen, unless otherwise noted) |
| As of / Fiscal year ended | As of / Fiscal year ended | CRH (consolidated) | CRH (consolidated) | CRH (consolidated) | CRH (consolidated) | CRH (consolidated) | CRH (consolidated) |
| As of / Fiscal year ended | As of / Fiscal year ended | February 2024 | February 2025 | February 2025 | February 2025 | February 2026 | February 2026 |
| Total Equity | Total Equity | 39371 | 43989 | 43989 | 43989 | 47888 | 47888 |
| Total Assets | Total Assets | 130816 | 137168 | 137168 | 137168 | 139669 | 139669 |
| Equity per share attributable to owners of parent (Yen) | Equity per share attributable to owners of parent (Yen) | 85.51 | 95.44 | 95.44 | 95.44 | 104.00 | 104.00 |
| Revenue | Revenue | 145759 | 156354 | 156354 | 156354 | 165449 | 165449 |
| Operating Profit | Operating Profit | 7075 | 8504 | 8504 | 8504 | 7944 | 7944 |
| Profit attributable to owners of parent | Profit attributable to owners of parent | 5041 | 5590 | 5590 | 5590 | 4677 | 4677 |
| Basic earnings per share (Yen) | Basic earnings per share (Yen) | 11.99 | 13.29 | 13.29 | 13.29 | 11.11 | 11.11 |
| Dividend per share (Yen) | Dividend per share (Yen) | 3.50 | 4.00 | 4.00 | 4.00 | 4.50 | 4.50 |
| As of / Fiscal year ended | As of / Fiscal year ended | SFPHD (consolidated) | SFPHD (consolidated) | SFPHD (consolidated) | SFPHD (consolidated) | SFPHD (consolidated) | SFPHD (consolidated) |
| As of / Fiscal year ended | As of / Fiscal year ended | February 2024 | February 2025 | February 2025 | February 2025 | February 2026 | February 2026 |
| Net assets | Net assets | 7744 | 8732 | 8732 | 8732 | 9181 | 9181 |
| Total assets | Total assets | 13303 | 13963 | 13963 | 13963 | 13512 | 13512 |
| Net assets per share (Yen) | Net assets per share (Yen) | 339.84 | 383.00 | 383.00 | 383.00 | 402.66 | 402.66 |
| Net sales | Net sales | 29079 | 30389 | 30389 | 30389 | 31119 | 31119 |
| Operating profit | Operating profit | 2026 | 2186 | 2186 | 2186 | 1706 | 1706 |
| Ordinary profit | Ordinary profit | 2236 | 2281 | 2281 | 2281 | 1836 | 1836 |
| Profit attributable to owners of parent | Profit attributable to owners of parent | 1731 | 1485 | 1485 | 1485 | 1085 | 1085 |
| Earnings per share (Yen) | Earnings per share (Yen) | 71.00 | 65.15 | 65.15 | 65.15 | 47.60 | 47.60 |
| Dividend per share (Yen) | Dividend per share (Yen) | 23.00 | 26.00 | 26.00 | 26.00 | 28.00 | 28.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Note) CRH conducted a two-for-one stock split of its common stock effective as of September 1, 2025. Accordingly, equity attributable to owners of parent per share, earnings per share, and dividend per share have been calculated on the assumption that said stock split was conducted at the beginning of the fiscal year ended February 2024.

5. Status
 after the Merger

---

| | | |
|:---|:---|:---|
|  | | Company surviving the absorption-type merger |
| (1) | Name | create restaurants holdings inc. |
| (2) | Location | 5-10-18 Higashi-Gotanda, Shinagawa-ku, Tokyo |
| (3) | Job title and name of representative | Jun Kawai, Representative Director and President |
| (4) | Description of business | Restaurant management |
| (5) | Share capital | Not yet determined at this time. |
| (6) | Fiscal year-end | Last day of February |
| (7) | Net assets | Not yet determined at this time. |
| (8) | Total assets | Not yet determined at this time. |

---

6. Overview
 of accounting treatments

As a result of the Merger, non-controlling interests recorded in the consolidated statement of financial position of CRH are expected to decrease, and the ratio of equity attributable to owners of parent is expected to increase. Additionally, while the attribution of profit to non-controlling interests in the consolidated statement of profit or loss is expected to be eliminated, the amount of the impact on the consolidated financial statements has not yet been determined at this time.

7. Future
 outlook

The impact of the Merger on the consolidated financial results of CRH, the surviving company, is expected to be minimal. In the event that any matters required to be announced arise in the future, they will be disclosed promptly.

8. Matters
 concerning transactions, etc. with controlling shareholder

(1) Transactions,
 etc. with controlling shareholder and status of compliance with the policy for measures to
 protect minority shareholders

Since the Merger is a merger between CRH, the parent company, and SFPHD, its subsidiary, it constitutes a transaction, etc. with a controlling shareholder for SFPHD.

In the "Policy for measures to protect minority shareholders in conducting transactions, etc. with a controlling shareholder" presented in the Corporate Governance Report disclosed on May 29, 2025, SFPHD states: "In the event that transactions occur with a controlling shareholder, the Company's policy is to make decisions based on the premise that terms and conditions are the same as those for transactions with other companies, and the Company strives to protect the rights of minority shareholders. In addition, as an advisory body to the Board of Directors, the Company has established a voluntary special committee consisting solely of outside directors. Since the committee is composed only of independent outside directors, the Company has determined that the independence of the special committee from the parent company is ensured."

In considering the Merger, SFPHD has taken measures to ensure the fairness of the Merger and to avoid conflicts of interest, such as addressing structural conflict of interest issues, conducting deliberations at the Special Committee composed of independent outside directors of SFPHD, and submitting the Report to SFPHD's Board of Directors, as described in "(4) Measures to secure fairness (including measures to avoid conflicts of interest)" under "3. Basis, etc. of details of allotment related to the Merger" above. SFPHD believes that such actions are in compliance with the aforementioned policy.

(2) Matters concerning measures to secure fairness and avoid conflicts
of interest

Please refer to "(4) Measures to secure fairness (including measures to avoid conflicts of interest)" under "3. Basis, etc. of details of allotment related to the Merger" above.

(3) Overview of the opinion obtained from an entity that is independent
from the controlling shareholder that the transaction is not adverse to the interests of minority shareholders

Please refer to "4). Advice from the independent Special Committee at SFPHD and acquisition of the Report from the Special Committee" in "(4) Measures to secure fairness (including measures to avoid conflicts of interest)" under "3. Basis, etc. of details of allotment related to the Merger" above.

9. Shareholders Benefits Plan

CRH implements a shareholders benefits plan for shareholders who hold one unit (100 shares) or more and are entered or recorded in the register of shareholders as of the end of February and the end of August each year.

Subject to the approval of the Merger at the Annual General Meeting of Shareholders of SFPHD scheduled to be held on May 21, 2026, and the Merger taking effect, shareholders who hold SFPHD Stock will continue to be able to use the benefits (meal coupons) under CRH's shareholders benefits plan at stores operated by SFPHD (including Joh Smile Corporation, and CLOOC DINING CO., LTD.). The benefits is scheduled to be implemented for shareholders who hold one unit (100 shares) or more and are entered or recorded in CRH's register of shareholders as of August 31, 2026, which is the first record date following the effective date of the Merger.

SFPHD has implemented a shareholders benefits plan that presents meal coupons to shareholders who hold 100 shares or more of SFPHD Stock and are entered or recorded in SFPHD's register of shareholders as of the last day of February and August each year. However, at the meeting of the Board of Directors of SFPHD held today, it resolved to abolish the shareholders benefits plan upon the shipping of the benefits for the record date of February 28, 2026, on the condition that the Merger takes effect. Even if SFPHD's shareholders benefits plan is abolished, the meal coupon that have already been presented may continue to be used until the expiration date of said shareholder benefits.

10. Others

(1) Announcement of "Summary of Business Results for the
Year Ending February 28, 2026 [IFRS] (Consolidated)"

CRH announced its "Summary of Business Results for the Year Ending February 28, 2026 [IFRS] (Consolidated)" on April 14, 2026. For details, please refer to the contents of the announcement by CRH.

(2) Announcement of "Consolidated Financial Results for the Fiscal Year Ended February 28, 2026 (Under Japanese GAAP)"

SFPHD announced its "Consolidated Financial Results for the Fiscal Year Ended February 28, 2026 (Under Japanese GAAP)" on April 14, 2026. For details, please refer to the contents of the announcement by SFPHD.

(3) Announcement of "February 2026 Notice on differences
between the projected and actual results for the full year"

SFPHD announced its "February 2026 Notice on differences between the projected and actual results for the full year" on April 14, 2026. For details, please refer to the contents of the announcement by SFPHD.

\# \# \#

(Reference)

Consolidated earnings forecast for the current fiscal year (announced on April 14, 2026) and consolidated financial results for the previous fiscal year of CRH [IFRS]

(Millions of yen)

<u>Revenue</u> <u>Operating profit</u> <u>Profit before tax</u> <u>Profit for the period</u> <u>Profit attributable to owners of parent</u> <u> (Ref.) Adjusted EBITDA</u> <br> <u>Year ending<br> Feb. 2027 (forecast)</u> <u>171,000</u> <u>9,000</u> <u>8,000</u> <u>6,000</u> <u>5,700</u> <u>27,100</u> <br> <u>Year ended Feb. 2026</u> <u>165,449</u> <u>7,944</u> <u>7,861</u> <u>5,218</u> <u>4,677</u> <u>26,271</u>

(Note) CRH discloses Adjusted EBITDA as useful comparative information
for its financial results, which is calculated using the following formula:

Adjusted EBITDA = Operating profit + Other operating expenses - Other operating income (excluding sponsorship income) + Depreciation and amortization + Non-recurring expense items (e.g., advisory fees related to share acquisitions)

Consolidated financial results for the previous fiscal year of SFPHD [Japanese GAAP]

(Millions of yen)

<u>Net Sales</u> <u>Operating profit</u> <u>Ordinary profit</u> <u>Profit attributable to owners of parent</u> <br> <u>Year ended Feb. 2026</u> <u>31,119</u> <u>1,706</u> <u>1,836</u> <u>1,085</u>

(Note) For SFPHD, the earnings forecast for the fiscal year ending
February 2027 is not stated because it is scheduled to be delisted on June 29, 2026.

## Exhibit 2.1

**Exhibit 2.1**

**Summary of Business Results for the Year Ending February 28, 2026**

**[IFRS] (Consolidated)**

**April 14, 2026**

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| | | |
|:---|:---|:---|
| Company | **create restaurants holdings inc.** | Listed on the TSE |
| Stock Code | 3387 URL: <u>https://www.createrestaurants.com</u> |  |
| Representative | Jun Kawai, President |  |
| Contact | Genta Ohuchi, Director, CFO | T E L: +81-3-5488-8022 |
| Expected date of annual shareholders' meeting: May 27, 2026 Expected starting date of dividend payment: May 13, 2026 | Expected date of annual shareholders' meeting: May 27, 2026 Expected starting date of dividend payment: May 13, 2026 | Expected date of annual shareholders' meeting: May 27, 2026 Expected starting date of dividend payment: May 13, 2026 |
| Expected date of filing of annual securities report: May 26, 2026 | Expected date of filing of annual securities report: May 26, 2026 | Expected date of filing of annual securities report: May 26, 2026 |
| Preparation of supplementary financial document: Yes | Preparation of supplementary financial document: Yes | Preparation of supplementary financial document: Yes |
| Briefing of Financial Results: Yes (for institutional investors and analysts) | Briefing of Financial Results: Yes (for institutional investors and analysts) | Briefing of Financial Results: Yes (for institutional investors and analysts) |

---

 

(*Rounded down to million yen)*

**1.** **Consolidated business results for the fiscal year ending February 2026** **(March 1, 2025 through February 28, 2026)** 

(1) Consolidated results of operations (% change from the previous corresponding period)

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Revenue | Revenue | Operating profit | Operating profit | Profit before taxes | Profit before taxes | Profit for the year | Profit for the year | Profit<br> attributable to<br> owners of parent | Profit<br> attributable to<br> owners of parent | Total comprehensive profit for the year | Total comprehensive profit for the year |
|  | Million yen | % | Million yen | % | Million yen | % | Million yen | % | Million yen | % | Million yen | % |
| Year ending<br> Feb. 2026 | 165449 | 5.8 | 7944 | -6.6 | 7861 | 2.6 | 5218 | -16.2 | 4677 | -16.3 | 5770 | -6.4 |
| Year ending<br> Feb. 2025 | 156354 | 7.3 | 8504 | 20.2 | 7659 | 15.5 | 6228 | 11.0 | 5590 | 10.9 | 6164 | -2.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Basic earnings per share | Diluted earnings per share | Profit ratio to total equity attributable to<br> owners of parent | Profit before taxes<br> ratio to total assets | Operating income<br> ratio to revenue |
|  | Yen | Yen | % | % | % |
| Year ending<br> Feb. 2026 | 11.11 | 11.11 | 11.1 | 5.7 | 4.8 |
| Year ending<br> Feb. 2025 | 13.29 | 13.29 | 14.7 | 5.7 | 5.4 |

---

---

| | |
|:---|:---|
| (Ref.) Adjusted EBITDA: | Year ending February 28, 2026: 26,271 million yen (0.6%) |
|  | Year ending February 28, 2025: 26,124 million yen (2.1%) |

---

---

| | |
|:---|:---|
| (Note 1) | "Basic earnings per share" is calculated based on "Profit attributable to owners of parent." |
| (Note 2) | Adjusted EBITDA is disclosed as a useful comparative information on the business performance of the Group. For definitions and calculation methods of adjusted EBITDA, please refer to "1. Summary of operating results, etc., (1) Summary of operating results for the current fiscal year" on page 3 of the attached document. |
| (Note 3) | The Company conducted a 2-for-1 stock split effective September 1, 2025, and accordingly, basic earnings per share and diluted earnings per share are calculated on the assumption that the stock split had been conducted at the beginning of the previous fiscal year. |

---

(2) Consolidated financial position

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Total assets | Total equity | Equity<br> attributable to<br> owners of parent | Ratio of equity attributable<br> to owners of parent | Equity per share<br> attributable to<br> owners of parent |
|  | Million yen | Million yen | Million yen | % | Yen |
| As of Feb. 2026 | 139669 | 47888 | 43769 | 31.3 | 104.00 |
| As of Feb. 2025 | 137168 | 43989 | 40167 | 29.3 | 95.44 |

---

(Note) The
 Company conducted a 2-for-1 stock split effective September 1, 2025, and accordingly, equity
 attributable to owners of parent per share is calculated on the assumption that the stock
 split had been conducted at the beginning of the previous fiscal year.

(3) Consolidated results of cash flows

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Cash flows from operating activities | Cash flows from investing activities | Cash flows from financing activities | Cash and cash equivalents at the end of period |
|  | Million yen | Million yen | Million yen | Million yen |
| Year ending Feb. 2026 | 23002 | -5822 | -21340 | 17497 |
| Year ending Feb. 2025 | 25991 | -9199 | -16657 | 21474 |

---

**2.** **Dividends** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;Annual dividend | &nbsp;&nbsp;Annual dividend | &nbsp;&nbsp;Annual dividend | &nbsp;&nbsp;Annual dividend | &nbsp;&nbsp;Annual dividend | &nbsp;&nbsp;Total dividend<br> (Total) | &nbsp;&nbsp;Dividend payout ratio<br> (Consolidated) | &nbsp;&nbsp;Ratio of dividends to<br> equity attributable to owner of parent (Consolidated) |
|  | &nbsp;&nbsp;End of<br> 1Q | &nbsp;&nbsp;End of<br> 2Q | &nbsp;&nbsp;End of<br> 3Q | &nbsp;&nbsp;Year-end | &nbsp;&nbsp;Total | &nbsp;&nbsp;Total dividend<br> (Total) | &nbsp;&nbsp;Dividend payout ratio<br> (Consolidated) | &nbsp;&nbsp;Ratio of dividends to<br> equity attributable to owner of parent (Consolidated) |
| &nbsp;&nbsp; <br> Year ending Feb. 2025<br> Year ending Feb. 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yen<br> -<br> - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yen<br> 4.00<br> 4.50 | &nbsp;&nbsp;&nbsp;Yen<br> -<br> - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yen<br> 4.00<br> 2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yen<br> 8.00<br> - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Million yen<br> 1,697<br> 1,909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%<br> 30.1<br> 40.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;%<br> 4.4<br> 4.5 |
| &nbsp;&nbsp;Year ending Feb. 2027<br> (forecast) | &nbsp;&nbsp;- | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;- | &nbsp;&nbsp;2.50 | &nbsp;&nbsp;5.00 |  | &nbsp;&nbsp;- |  |

---

---

| | |
|:---|:---|
| (Note 1) | Revisions to dividend forecast for the current period: None |
| (Note 2) | Conducted a stock split at a ratio of 2 shares per share with the effective date of September 1, 2025. Therefore, for the fiscal year ending February 28, 2026, the amount is stated based on the effect of the stock split, and the total annual dividend per share is "-". Without taking into account the stock split, the year-end dividend per share for the fiscal year ending February 28, 2026 will be 4.50 yen per share, and the full-year payment will be 9.00 yen per share. |

---

---

| | |
|:---|:---|
| **3．** | **Forecast of Consolidated Financial Results for the fiscal year ending February 2027** <br> **(March 1, 2026 through February 28, 2027)**  |

---

(% change from the previous corresponding period)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Revenue | Revenue | Operating profit | Operating profit | Profit before taxes | Profit before taxes | Profit for the year | Profit for the year | Profit attributable to<br> owners of parent | Profit attributable to<br> owners of parent | Basic profit<br> per share |
|  | Million yen | % | Million yen | % | Million yen | % | Million yen | % | Million yen | % | Yen |
| Year ending Feb. 2027 | 171000 | 3.4 | 9000 | 13.3 | 8000 | 1.8 | 6000 | 15.0 | 5700 | 21.9 | 13.54 |

---

(Ref.) Adjusted EBITDA: Year ending February 28, 2027 (Forecast): 27,100 million yen (3.2%)

**\*Notes**

(1) Significant
 changes in the scope of consolidation during the period: Yes

New 2 (Company name) Noroshi Co., Ltd. Exclusion 2 (Company name) YUNARI Co., Ltd. <br> Tecona Bagel inc. Noroshi Co., Ltd.

(2) Changes
 in accounting policies and accounting estimates

1) Changes in accounting policies required by IFRS 2) Changes in accounting policies other than 1) 3) Changes in accounting estimates : Yes : None : None

(3) Shares
 outstanding (common stock)

1) Number of shares outstanding at the end of the period (including treasury stock)

As of February 2026 As of February 2025 425,628,568 shares 425,628,568 shares

2) Treasury stock at the end of the period

As of February 2026 As of February 2025 4,604,000 shares 4,774,200 shares

3) Average number of stock during the period (cumulative period)

Year ending February 2026 Year ending February 2025 420,820,386 shares 420,760,238 shares

---

| | |
|:---|:---|
| (Note 1) | Treasury stocks to be deducted from the calculation of the number of treasury stock at the end of the period and the average number of shares during the period (cumulative period), includes our shares owned by The Custody Bank of Japan, Ltd. (trust account) as trust assets related to the Employee Incentive Plan "Trust-type ESOP for Employees." |
| (Note 2) | The Company conducted a 2-for-1 stock split effective September 1, 2025, and accordingly, the number of shares outstanding at the end of the period, treasury stock at the end of the period and the average number of stock during the period are calculated on the assumption that the stock split had been conducted at the beginning of the previous fiscal year. |

---

**(Ref.) Summary of non-consolidated business results**

---

| | |
|:---|:---|
| **1.** | **Non-consolidated business results for the fiscal year ending February 2026** |
|  | **(March 1, 2025 through February 28, 2026)** |

---

(1) Non-consolidated results of operations (% change from the previous corresponding period)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net sales | Net sales | Operating income | Operating income | Ordinary income | Ordinary income | Net income | Net income |
|  | Million yen | % | Million yen | % | Million yen | % | Million yen | % |
| Year ending Feb. 2026 | 7291 | 13.9 | 1747 | -0.6 | 2401 | -23.1 | 1828 | -23.9 |
| Year ending Feb. 2025 | 6400 | 14.1 | 1757 | 16.4 | 3123 | 3.2 | 2400 | -69.4 |

---

---

| | | |
|:---|:---|:---|
|  | Net Income Per share | Diluted net income<br> per share |
|  | Yen | Yen |
| Year ending Feb. 2026 | 4.34 |  |
| Year ending Feb. 2025 | 5.71 | - |

---

(Note) The
 Company conducted a 2-for-1 stock split effective September 1, 2025, and accordingly, basic
 net income per share is calculated on the assumption that the stock split had been conducted
 at the beginning of the previous fiscal year.

(2) Non-consolidated financial position

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Total assets | Net assets | Equity ratio | Net assets per<br> share |
|  | Million yen | Million yen | % | Yen |
| As of Feb. 2026 | 65570 | 35143 | 53.6 | 83.47 |
| As of Feb. 2025 | 68886 | 35062 | 50.9 | 83.31 |

---

(Ref.) Equity:

As of February 2026: 35,143 million yen

As of February 2025: 35,062 million yen

(Note) The
 Company conducted a 2-for-1 stock split effective September 1, 2025, and accordingly, net
 assets per share is calculated on the assumption that the stock split had been conducted
 at the beginning of the previous fiscal year.

**\*Financial summary is not subject to auditing procedures by certified public accountants or auditing firms.**

**\*Explanation regarding appropriate use of business forecasts and other special instructions**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Our
 Group adopts International Financial Reporting Standards.

(2) Forecasts
 regarding future performance in this material are based on information currently available
 to the Company and certain assumptions that the company deems to be reasonable at the time
 this report was prepared. Actual results may differ significantly from the forecasts due
 to various factors. Please refer to page 5 of the attached document, "1. Summary of
 business results, etc. (4) Future outlook" for the precautions for using the prerequisites
 for business forecasts.

---

| | | |
|:---|:---|:---|
| ○ Table of contents of the appendix | ○ Table of contents of the appendix |  |
| 1. | Summary of operating results | 2 |
|  | (1) Summary of operating results for the current fiscal year | 2 |
|  | (2) Summary of financial condition for the current fiscal year | 4 |
|  | (3) Summary of cash flow in the current fiscal year | 4 |
|  | (4) Future outlook | 5 |
| 2. | Basic Policies regarding the selection of accounting standards | 5 |
| 3. | Consolidated financial statements and major notes | 6 |
|  | (1) Consolidated statements of financial position | 6 |
|  | (2) Consolidated statement of income and consolidated statement of comprehensive income | 8 |
|  | (3) Consolidated statements of changes in equity | 10 |
|  | (4) Consolidated statement of cash flows | 12 |
|  | (5) Notes on the consolidated financial statements | 14 |

---

1. Summary of operating results

(1) Summary of operating results for the current fiscal year

1) Consolidated business results for the current fiscal year

During the fiscal year under review, the Japanese economy showed a gradual recovery trend amid continued improvement in the employment and income situation. On the other hand, the outlook remains unpredictable. In addition to the uncertain political and economic situation overseas and the prolonged geopolitical risk, the domestic economy is also affected by the sluggish growth of real wages due to inflation and changes in consumer sentiment affecting spending trends.<br>

In the restaurant industry, inbound demand remained strong due to an increase in foreign tourists visiting Japan. Nevertheless, the industry as a whole is experiencing a sluggish growth in the number of consumers, as consumers increasingly tighten their spending choices, such as by establishing "selective consumption" as a result of rising prices. In particular, the business environment remained challenging, with a delay in the recovery in the number of customers observed in alcohol-based business categories. At the same time, the cost environment surrounding the restaurant industry has remained at a structurally high level, as evidenced by soaring raw material prices and rising labor costs associated with a severe labor shortage.<br>

In this business environment, our Group promoted the expansion of our business portfolio and upfront investment for future growth in parallel based on the 3 Growth pillars set out in the Medium-Term Management Plan (disclosed on April 14 2025): "Evolution of intrinsic value," "Synergistic M&A" and "Expansion of overseas businesses." During the fiscal year under review, the Group mainly implemented the following initiatives.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Evolution of intrinsic value and expansion of growth areas

Aiming to increase customer traffic at existing stores, we aggressively implemented "value improvement measures" and "store renovations" centered on our core brands. In response to the polarization of consumer spending, the Group promoted the revival of Kinozen, a high-value-added brand, the development of highly specialized new business formats (bagel, malatang, beef cutlet, and etc.), and the flexible change of business formats in response to "everyday" and "standard" needs. In the highly investment-efficiency contract business (entrusted operations), we began contracting 23 stores in the cumulative period under review in collaboration with JA ZEN-NOH, and focused on expanding our stable earnings base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Promoting synergistic M&A and reorganizing the group

In order to strengthen the "daily" and "standard" business formats, we welcomed "Noroshi" and "Tecona Bagel" to the Group. In addition, we decided to acquire all of the shares of RON Corporation with the purpose of strengthening our dominant position in the Kansai area. In addition, the 3 companies in the ramen business were merged to form Create Noodles Inc. The aim of this merger is to enhance knowledge sharing and operational efficiency by deepening Group Federal Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Expansion of overseas business

In addition to promoting PMI in Wildflower in North America, in the Asian region we have entered into a basic agreement for franchising in Indonesia. In this way, we are laying the groundwork for a region with high growth potential. In the North American "Il Fornaio" business, which is continuing to struggle, we undertook a fundamental restructuring of our business, including the renovation of our management structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Infrastructure development for growth

The Group worked to control costs by integrating distribution centers and establishing a store design/construction management subsidiary. It also worked to improve store productivity by actively utilizing DX and AI. In addition, we strengthened our human capital management by investing in human resources, which is the source of our sustained growth. For the second consecutive year, we implemented an employee salary increase fund (up 5%).

As a result of the above, revenue exceeded that of the previous fiscal year and reached a new record high. This was due to the generally strong performance of existing stores (101.8% compared to the same -store sales year on year) and the development of new formats and the contribution of newly consolidated brands. Regarding operating profit, although CR and Specialty Brand category performed well, SFP category saw a significant decrease in earnings due to a decline compared to the same-store customer numbers year on year and a rise in the cost of sales ratio associated with rising raw material prices, resulting in overall consolidated results falling below the previous fiscal year.

Consequently, the consolidated results of operations for the current fiscal year were as follows: Revenue 165,449 million yen (up 5.8% year on year), Operating profit 7,944 million yen (down 6.6%), Profit before taxes 7,861 million yen (up 2.6%), Profit attributable to owners of parent 4,677 million yen (down 16.3%), Adjusted EBITDA 26,271 million yen, and Adjusted EBITDA margins 15.9%.

(Million yen)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Previous fiscal year | Current fiscal year | Change | Percentage change (%) |
| Revenue | 156354 | 165449 | 9095 | 5.8 |
| Operating profit | 8504 | 7944 | -559 | -6.6 |
| Profit before taxes | 7659 | 7861 | 201 | 2.6 |
| Profit for the year | 6228 | 5218 | -1010 | -16.2 |
| Profit attributable to owners of parent | 5590 | 4677 | -913 | -16.3 |
| Adjusted EBITDA | 26124 | 26271 | 146 | 0.6 |
| Adjusted EBITDA margins (%) | 16.7 | 15.9 | -0.8 |  |
| Adjusted ratio of equity attributable to owners of parent (Adjusted equity ratio) (%) | 42.9 | 46.2 | 3.3 |  |

---

(Note) We
 use Adjusted EBITDA, Adjusted EBITDA margins and adjusted ratio of equity attributable to
 owners of parent (Adjusted equity ratio) as useful measures of our group's performance.

Adjusted EBITDA, Adjusted EBITDA margins and Adjusted ratio of equity attributable to owners of parent (Adjusted equity ratio) are calculated as follows:

● Adjusted EBITDA = Adjusted EBITDA = operating profit + other operating expenses - other operating revenues (excluding sponsorship income) + depreciation and amortization + non-recurring expense items (advisory expenses, etc. related to share acquisitions)

● Adjusted EBITDA margin = Adjusted EBITDA/Revenue × 100

● Adjusted ratio of equity attributable to owners of parent (Adjusted equity ratio): Ratio of equity attributable to owners of the parent (equity ratio) excluding the impact of IFRS No. 16

The content of business results by segment has been omitted because the business of our group is a single segment of the restaurant business, the status of major categories, the number of stores opened and closed, the total number of stores, and the operating company for the fiscal year under review are as follows.

(Million yen/Stores)

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CR category | CR category | CR category | CR category | CR category | CR category | SFP category | SFP category | SFP category | SFP category | SFP category | SFP category |
| Revenue | Store openings | Store closures | M&A | Change in store format | Total number of stores | Revenue | Store openings | Store closures | M&A | Change in store format | Total number of stores |
| 58466 | 33 | 28 | 0 | 16 | 523 | 31119 | 12 | 5 | 0 | 1 | 210 |
| It consists of stores operated by create restaurants inc. and Create Dining inc. It operates restaurants and food courts under a diverse range of brands, mainly retail facilities throughout Japan. It also operates restaurants on a contracted basis in golf courses. | It consists of stores operated by create restaurants inc. and Create Dining inc. It operates restaurants and food courts under a diverse range of brands, mainly retail facilities throughout Japan. It also operates restaurants on a contracted basis in golf courses. | It consists of stores operated by create restaurants inc. and Create Dining inc. It operates restaurants and food courts under a diverse range of brands, mainly retail facilities throughout Japan. It also operates restaurants on a contracted basis in golf courses. | It consists of stores operated by create restaurants inc. and Create Dining inc. It operates restaurants and food courts under a diverse range of brands, mainly retail facilities throughout Japan. It also operates restaurants on a contracted basis in golf courses. | It consists of stores operated by create restaurants inc. and Create Dining inc. It operates restaurants and food courts under a diverse range of brands, mainly retail facilities throughout Japan. It also operates restaurants on a contracted basis in golf courses. | It consists of stores operated by create restaurants inc. and Create Dining inc. It operates restaurants and food courts under a diverse range of brands, mainly retail facilities throughout Japan. It also operates restaurants on a contracted basis in golf courses. | It consists of stores operated by SFP Holdings Co., Ltd., SFP Dining Co., Ltd., Joh Smile Corporation, and CLOOC DINING Co., Ltd. The Companies operate Izakaya mainly in downtown areas. | It consists of stores operated by SFP Holdings Co., Ltd., SFP Dining Co., Ltd., Joh Smile Corporation, and CLOOC DINING Co., Ltd. The Companies operate Izakaya mainly in downtown areas. | It consists of stores operated by SFP Holdings Co., Ltd., SFP Dining Co., Ltd., Joh Smile Corporation, and CLOOC DINING Co., Ltd. The Companies operate Izakaya mainly in downtown areas. | It consists of stores operated by SFP Holdings Co., Ltd., SFP Dining Co., Ltd., Joh Smile Corporation, and CLOOC DINING Co., Ltd. The Companies operate Izakaya mainly in downtown areas. | It consists of stores operated by SFP Holdings Co., Ltd., SFP Dining Co., Ltd., Joh Smile Corporation, and CLOOC DINING Co., Ltd. The Companies operate Izakaya mainly in downtown areas. | It consists of stores operated by SFP Holdings Co., Ltd., SFP Dining Co., Ltd., Joh Smile Corporation, and CLOOC DINING Co., Ltd. The Companies operate Izakaya mainly in downtown areas. |
| Specialty Brand category | Specialty Brand category | Specialty Brand category | Specialty Brand category | Specialty Brand category | Specialty Brand category | Overseas category | Overseas category | Overseas category | Overseas category | Overseas category | Overseas category |
| Revenue | Store openings | Store closures | M&A | Change in store format | Total number of stores | Revenue | Store openings | Store closures | M&A | Change in store format | Total number of stores |
| 50214 | 10 | 7 | 7 | 2 | 335 | 26039 | 1 | 14 | 0 | 0 | 57 |
| It consists of stores operated by Gourmet Brands Company inc., KR FOOD SERVICE CORPORATION, YUZURU Inc., Icchou Inc., SAINT-GERMAIN CO., LTD., L'air bon inc., Create Noodles inc. and Tecona Bagel inc. | It consists of stores operated by Gourmet Brands Company inc., KR FOOD SERVICE CORPORATION, YUZURU Inc., Icchou Inc., SAINT-GERMAIN CO., LTD., L'air bon inc., Create Noodles inc. and Tecona Bagel inc. | It consists of stores operated by Gourmet Brands Company inc., KR FOOD SERVICE CORPORATION, YUZURU Inc., Icchou Inc., SAINT-GERMAIN CO., LTD., L'air bon inc., Create Noodles inc. and Tecona Bagel inc. | It consists of stores operated by Gourmet Brands Company inc., KR FOOD SERVICE CORPORATION, YUZURU Inc., Icchou Inc., SAINT-GERMAIN CO., LTD., L'air bon inc., Create Noodles inc. and Tecona Bagel inc. | It consists of stores operated by Gourmet Brands Company inc., KR FOOD SERVICE CORPORATION, YUZURU Inc., Icchou Inc., SAINT-GERMAIN CO., LTD., L'air bon inc., Create Noodles inc. and Tecona Bagel inc. | It consists of stores operated by Gourmet Brands Company inc., KR FOOD SERVICE CORPORATION, YUZURU Inc., Icchou Inc., SAINT-GERMAIN CO., LTD., L'air bon inc., Create Noodles inc. and Tecona Bagel inc. | It consists of stores operated in foreign countries. It is mainly comprised of stores operated by create restaurants asia Pte.Ltd. in Singapore, stores operated by create restaurants hong kong Ltd., in Hong Kong, and stores operated by Il Fornaio (America) LLC and Create Restaurants DE LLC (Wildflower) in the United States. | It consists of stores operated in foreign countries. It is mainly comprised of stores operated by create restaurants asia Pte.Ltd. in Singapore, stores operated by create restaurants hong kong Ltd., in Hong Kong, and stores operated by Il Fornaio (America) LLC and Create Restaurants DE LLC (Wildflower) in the United States. | It consists of stores operated in foreign countries. It is mainly comprised of stores operated by create restaurants asia Pte.Ltd. in Singapore, stores operated by create restaurants hong kong Ltd., in Hong Kong, and stores operated by Il Fornaio (America) LLC and Create Restaurants DE LLC (Wildflower) in the United States. | It consists of stores operated in foreign countries. It is mainly comprised of stores operated by create restaurants asia Pte.Ltd. in Singapore, stores operated by create restaurants hong kong Ltd., in Hong Kong, and stores operated by Il Fornaio (America) LLC and Create Restaurants DE LLC (Wildflower) in the United States. | It consists of stores operated in foreign countries. It is mainly comprised of stores operated by create restaurants asia Pte.Ltd. in Singapore, stores operated by create restaurants hong kong Ltd., in Hong Kong, and stores operated by Il Fornaio (America) LLC and Create Restaurants DE LLC (Wildflower) in the United States. | It consists of stores operated in foreign countries. It is mainly comprised of stores operated by create restaurants asia Pte.Ltd. in Singapore, stores operated by create restaurants hong kong Ltd., in Hong Kong, and stores operated by Il Fornaio (America) LLC and Create Restaurants DE LLC (Wildflower) in the United States. |

---

(Note) "M&A"
 in the above table indicates the number of stores that increased due to M&A.

(2) Summary of financial condition for the current fiscal year

Total assets at the end of the fiscal year under review increased 1.8% from the previous fiscal year to 139,669 million yen. This was mainly due to a decrease of 3,976 million yen in cash and cash equivalents, while there were increases of 4,239 million yen in property, plant and equipment and 842 million yen in trade and other receivables.

Liabilities at the end of the fiscal year under review were 91,781 million yen (down 1.5% year on year). This was mainly due to an increase in lease liabilities by 2,509 million yen while there was a decrease in bonds and borrowings by 5,171 million yen.

Total equity at the end of the fiscal year under review increased 8.9% from the previous fiscal year to 47,888 million yen.

(3) Summary of cash flow in the current fiscal year

Cash and cash equivalents (hereinafter referred to as "Net cash") at the end of the fiscal year under review resulted in an increase in net cash provided by operating activities of 23,002 million yen (down 11.5% year on year), a decrease in net cash used in investing activities of 5,822 million yen (down 36.7%), and a decrease in net cash used in financing activities of 21,340 million yen (up 28.1%). After taking into account translation differences, the balance of cash and cash equivalents at the end of the fiscal year under review was 17,497 million yen (down 18.5%).

The status of each cash flow for the current consolidated fiscal year and its factors are as follows.

(Cash flows from operating activities)

Net cash provided by operating activities for the current fiscal year was 23,002 million yen. This was mainly due to the recording of depreciation and amortization of 16,434 million yen and profit before tax of 7,861 million yen.

(Cash flows from investing activities)

Net cash used in investing activities during the fiscal year was 5,822 million yen. This was mainly due to the recording of 4,690 million yen in payments for purchases of property, plant and equipment, as well as a reactionary decline in 2 M&A expenditures in the previous year.

(Cash flows from financing activities)

Net cash used in financing activities for the fiscal year was 21,340 million yen. This was mainly due to the recording of 13,889 million yen in repayments of lease liabilities and 7,502 million yen in repayments of long-term loans payable, as well as a reactionary decline in borrowings to match the 2 M&A investments in the previous year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Reference) Trends in cash flow indicators

---

| | |
|:---|:---|
| | Fiscal year ending Feb. 2026 |
| Ratio of equity attributable to owners of parent (%) | 31.3 |
| Ratio of equity attributable to owners of parent based on market value (%) | 222.1 |
| Interest-bearing debt to cash flow ratio (years) | 0.9 |
| Interest coverage ratio (time) | 86.7 |

---

---

| | |
|:---|:---|
| (Note) | 1. All figures are calculated on a consolidated basis. |
|  | 2. The formula for above indicators is as follows: |
|  | Ratio of equity attributable to owners of parent: Equity attributable to owners of the parent/Total assets<br> Ratio of equity attributable to owners of parent based on market value: Market capitalization (excluding treasury stock)/Total assets<br> Interest-bearing debt to cash flow ratio: Interest-bearing debt/Operating cash flow<br> Interest coverage ratio = operating cash flow/interest expenses |
|  | 3. Cash flows from operating activities are based on the cash flows from operating activities in the consolidated statements of cash flows. Interest-bearing debt covers all liabilities reported in the consolidated statement of financial position for which interest is paid (excluding lease liabilities) . Interest payments are equal to interest payments as stated in the Consolidated statements of cash flows. |

---

(4) Future outlook

As for the future environment surrounding Japan's economy and the restaurant industry, while inbound demand is expected to continue to expand, the situation is expected to remain unpredictable due to structural changes in the cost environment caused by the establishment of inflation, as well as the impact of developments in real wages resulting from rising prices on consumer sentiment. In particular, as the recovery in demand has come to a halt, we recognize that in the future we will shift to an era of shakeout in which the ability to provide a "high-value-added food experience" and become a truly chosen brand is tested.

Under these circumstances, we will position the fiscal year ending Feb. 2027 as the phase of returning to the growth path of our medium-term management plan. We will further deepen our Group Federal Management and shift to a new management system to achieve sustainable improvement in corporate value. Specifically, in addition to changes in the supervision of executives, we will improve management speed and rejuvenate the organizational structure by appointing CxO executives, including CDO (Chief Digital Officer), who will drive the acceleration of digital marketing and AI and DX utilization, and by replacing the heads of the operating companies.

Under this new structure, we will place top priority on " increasing customer traffic at existing stores, " and we will focus on acquiring repeat customers and minimizing opportunity losses by actively renovating stores, particularly core brands, strengthening CRM (customer relations management) through brands' official apps, and refining digital marketing using data science. As part of our growth strategy, we will bolster our strengths in commercial areas such as street-level stores and regional cities, develop highly specialized new business formats, conduct flexible M&A both domestically and overseas, and vigorously promote franchising in Asia and expansion into the European market.

In strengthening our management foundation, we will work to improve productivity by implementing ordering automation based on demand forecasts using AI and promoting a fundamental review of business processes by making companywide use of generated AI. In addition, based on the policy that "human resources are our greatest asset," we will continue to invest in "human resources," the source of our store management capabilities, and build a solid organizational foundation through the implementation of a 5 percent salary increase fund, the third consecutive year, and the promotion of active participation by diverse human resources. Furthermore, we will accelerate sustainability management and achieve a sustainable growth model by improving efficiency and reducing environmental impact through the reorganization of our logistics network.

Based on the above, we forecast consolidated earnings for the fiscal year ending Feb. 2027 to generate revenue of 171,000 million yen, operating profit of 9,000 million yen, profit before income taxes of 8,000 million yen, profit for the year of 6,000 million yen, and profit attributable to owners of parent of 5,700 million yen. We also expect adjusted EBITDA of 27,100 million yen and adjusted EBITDA margins of 16.1%.

(Note) The
 above forecasts are based on information available as of the date of this report. Actual
 results may differ from the forecasts due to various factors.

2. Basic policies regarding the selection of accounting standards

We have been disclosing consolidated financial statements based on International financial reporting standards (IFRS) since the end of the fiscal year ending Feb. 2019, with the aim of building foundations for domestic and international M&A, enhancing international comparability in capital markets, and optimizing management through the unification of accounting standards within the group.

3. Consolidated financial statements and major notes

(1) Consolidated statements of financial position

---

| | | |
|:---|:---|:---|
| (Million yen) | (Million yen) | (Million yen) |
|  | Previous Fiscal Year<br> (February 28, 2025) | Fiscal year under review<br> (February 28, 2026) |
| Assets |  |  |
| &nbsp;&nbsp;&nbsp;Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 21474 | 17497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other receivables | 5903 | 6745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | 559 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 1221 | 1384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate income taxes receivable | 0 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 1466 | 1520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 30625 | 27340 |
| &nbsp;&nbsp;&nbsp;Non-current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment | 59199 | 63438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 26544 | 25755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets | 7752 | 9111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment property |  | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | 8765 | 9900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets | 3695 | 3490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 584 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current assets | 106543 | 112329 |
| Total assets | 137168 | 139669 |

---

---

| | | |
|:---|:---|:---|
| (Million yen) | (Million yen) | (Million yen) |
|  | Previous Fiscal Year<br> (February 28, 2025) | Fiscal year under review<br> (February 28, 2026) |
| Liabilities and equity |  |  |
| &nbsp;&nbsp;&nbsp;Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade and other payables | 5194 | 4949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bonds and borrowings | 13432 | 5837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 11533 | 11319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate income taxes payable | 1378 | 1204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions | 2332 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 10921 | 11564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 44793 | 36131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings | 12784 | 15208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 29949 | 32673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Obligations for retirement pay | 1007 | 959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions | 2825 | 4597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities | 1407 | 1743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current liabilities | 411 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total non-current liabilities | 48386 | 55650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 93179 | 91781 |
| &nbsp;&nbsp;&nbsp;Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital stock | 50 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital surplus | 24893 | 25005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 14229 | 17129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | -1122 | -1071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other components of equity | 2117 | 2655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity attributable to owners of parent | 40167 | 43769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling equity | 3821 | 4118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity | 43989 | 47888 |
| &nbsp;&nbsp;&nbsp;Total liabilities and equity | 137168 | 139669 |

---

(2) Consolidated statement of income and consolidated statement of comprehensive income

Consolidated statement of income

---

| | | |
|:---|:---|:---|
| (Million yen) | (Million yen) | (Million yen) |
|  | Previous Fiscal Year<br> (March 1, 2024 –<br> February 28, 2025) | Fiscal year under review<br> (March 1, 2025 –<br> February 28, 2026) |
| Revenue | 156354 | 165449 |
| Cost of sales | -45002 | -48689 |
| Gross profit | 111352 | 116760 |
| Selling, general and administrative expenses | -101126 | -107255 |
| Other operating revenue | 901 | 1010 |
| Other operating expenses | -2623 | -2570 |
| Operating profit | 8504 | 7944 |
| Financial income | 53 | 741 |
| Financing cost | -897 | -825 |
| Profit before taxes | 7659 | 7861 |
| Corporate income tax expense | -1431 | -2643 |
| Profit for the period | 6228 | 5218 |
| Profit attributable to |  |  |
| &nbsp;&nbsp;&nbsp;Owners of parent | 5590 | 4677 |
| &nbsp;&nbsp;&nbsp;Non-controlling interests | 637 | 540 |
| &nbsp;&nbsp;&nbsp;Profit for the period | 6228 | 5218 |
| Profit per share attributable to owners of the parent (yen) | Profit per share attributable to owners of the parent (yen) |  |
| &nbsp;&nbsp;&nbsp;Basic profit per share | 13.29 | 11.11 |
| &nbsp;&nbsp;&nbsp;Diluted earnings per share | 13.29 | 11.11 |

---

Consolidated statements of comprehensive income

---

| | | |
|:---|:---|:---|
| (Million yen) | (Million yen) | (Million yen) |
|  | Previous Fiscal Year<br>(March 1, 2024 –<br> February 28, 2025) | Fiscal year under<br> review (March 1, 2025 –<br> February 28, 2026) |
| Profit for the period | 6228 | 5218 |
| Other comprehensive profit |  |  |
| &nbsp;&nbsp;&nbsp;Items that will not be reclassified subsequently to profit or loss |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Remeasurement of defined benefit plans | 34 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 34 | 15 |
| Items that may be reclassified subsequently to profit or loss |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | -97 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | -97 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other comprehensive profit | -63 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total comprehensive profit for the period | 6164 | 5770 |
| Comprehensive profit attributable to |  |  |
| &nbsp;&nbsp;&nbsp;Owners of parent | 5515 | 5226 |
| &nbsp;&nbsp;&nbsp;Non-controlling equity | 649 | 544 |
| &nbsp;&nbsp;&nbsp;Comprehensive profit for the period | 6164 | 5770 |

---

(3) Consolidated statements of changes in equity Previous fiscal year (March 1, 2024 – February 28, 2025)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (Million yen) | (Million yen) | (Million yen) | (Million yen) | (Million yen) | (Million yen) | (Million yen) | (Million yen) | (Million yen) | (Million yen) | (Million yen) |
|  | Total equity attributable to owners of parent | Total equity attributable to owners of parent | Total equity attributable to owners of parent | Total equity attributable to owners of parent | Total equity attributable to owners of parent | Total equity attributable to owners of parent | Total equity attributable to owners of parent | Total equity attributable to owners of parent |  |  |
|  |  |  |  |  | Other components of equity | Other components of equity | Other components of equity |  |  |  |
|  | Capital<br> stock | Capital<br> surplus | Retained<br> earnings | Treasury<br> stock | Foreign<br> currency<br> translation<br> adjustments | Remeasurement<br> of defined<br> benefit plans | Total | Total | Non-controlling<br> equity | Total<br> equity |
| Balance at March 1, 2024 | 50 | 24688 | 10193 | -1178 | 2215 | - | 2215 | 35969 | 3401 | 39371 |
| &nbsp;&nbsp;&nbsp;Profit for the year |  |  | 5590 |  |  |  |  | 5590 | 637 | 6228 |
| &nbsp;&nbsp;&nbsp;Other comprehensive profit | - | - | - | - | -97 | 22 | -75 | -75 | 12 | -63 |
| Comprehensive profit for the year | - | - | 5590 | - | -97 | 22 | -75 | 5515 | 649 | 6164 |
| &nbsp;&nbsp;&nbsp;Dividends |  |  | -1577 |  |  |  |  | -1577 | -233 | -1811 |
| &nbsp;&nbsp;&nbsp;Purchase of treasury shares |  |  |  | -0 |  |  |  | -0 |  | -0 |
| &nbsp;&nbsp;&nbsp;Change in equity of parent related to transactions with non-controlling shareholders |  | -0 |  |  |  |  |  | -0 | -0 | -1 |
| &nbsp;&nbsp;&nbsp;Changes in ownership interests in consolidated subsidiaries without a loss of control |  | 12 |  |  |  |  |  | 12 | 12 | 24 |
| &nbsp;&nbsp;&nbsp;Share-based payment transactions |  | 185 |  | 0 |  |  |  | 186 |  | 186 |
| &nbsp;&nbsp;&nbsp;Transfer from other components of equity to retained earnings |  |  | 22 |  |  | -22 | -22 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other | - | 6 | - | 55 | - | - | - | 62 | -7 | 54 |
| Total transactions with owners | - | 204 | -1555 | 55 | - | -22 | -22 | -1317 | -229 | -1546 |
| Balance at February 28, 2025 | 50 | 24893 | 14229 | -1122 | 2117 | - | 2117 | 40617 | 3821 | 43989 |

---

Fiscal year under review (March 1, 2025 – February 28, 2026)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| (Million yen) | (Million yen) | (Million yen) | (Million yen) | (Million yen) | (Million yen) | (Million yen) | (Million yen) | (Million yen) | (Million yen) | (Million yen) |
|  | Total equity attributable to owners of parent | Total equity attributable to owners of parent | Total equity attributable to owners of parent | Total equity attributable to owners of parent | Total equity attributable to owners of parent | Total equity attributable to owners of parent | Total equity attributable to owners of parent | Total equity attributable to owners of parent |  |  |
|  |  |  |  |  | Other components of equity | Other components of equity | Other components of equity |  |  |  |
|  | Capital<br> stock | Capital<br> surplus | Retained<br> earnings | Treasury<br> stock | Foreign<br> currency<br> translation<br> adjustments | Remeasurement<br> of defined<br> benefit plans | Total | Total | Non-controlling<br> equity | Total<br> equity |
| Balance at March 1, 2025 | 50 | 24893 | 14229 | -1122 | 2117 | - | 2117 | 40167 | 3821 | 43989 |
| &nbsp;&nbsp;&nbsp;Profit for the year |  |  | 4677 |  |  |  |  | 4677 | 540 | 5218 |
| &nbsp;&nbsp;&nbsp;Other comprehensive profit | - | - | - | - | 537 | 11 | 549 | 549 | 3 | 552 |
| Total comprehensive profit for the year | - | - | 4677 | - | 537 | 11 | 549 | 5226 | 544 | 5770 |
| &nbsp;&nbsp;&nbsp;Dividends |  |  | -1788 |  |  |  |  | -1788 | -252 | -2041 |
| &nbsp;&nbsp;&nbsp;Changes in ownership interest in subsidiaries without loss of control |  | 3 |  |  |  |  |  | 3 | 3 | 6 |
| &nbsp;&nbsp;&nbsp;Share-based payment transactions |  | 111 |  | 0 |  |  |  | 111 |  | 111 |
| &nbsp;&nbsp;&nbsp;Transfer from other components of equity to retained earnings |  |  | 11 |  |  | -11 | -11 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other | - | -1 | - | 51 | - | - | - | 50 | 1 | 51 |
| Total transactions with owners | - | 112 | -1777 | 51 | - | -11 | -11 | -1624 | -247 | -1872 |
| Balance at February 28, 2026 | 50 | 25005 | 17129 | -1071 | 2655 | - | 2655 | 43769 | 4118 | 47888 |

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(4) Consolidated statement of cash flows

---

| | | |
|:---|:---|:---|
| (Million yen) | (Million yen) | (Million yen) |
|  | Previous fiscal year<br> (March 1, 2024 –<br> February 28, 2025) | Fiscal year under<br> review (March 1, 2025 –<br> February 28, 2026) |
| Cash flows from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;Profit before tax | 7659 | 7861 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 15487 | 16434 |
| &nbsp;&nbsp;&nbsp;Impairment loss and reversal of impairment loss | 1763 | 1342 |
| &nbsp;&nbsp;&nbsp;Interest income | -53 | -188 |
| &nbsp;&nbsp;&nbsp;Interest expense | 703 | 825 |
| &nbsp;&nbsp;&nbsp;Loss (gain) on sale of non-current assets | -8 | -8 |
| &nbsp;&nbsp;&nbsp;Loss on disposal of fixed assets | 28 | 30 |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in inventories | -121 | -149 |
| &nbsp;&nbsp;&nbsp;Decrease (increase) in trade and other receivables | -341 | -1017 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in trade and other payables | 320 | 46 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in net retirement benefit liability | -29 | -24 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in provisions | 102 | 214 |
| &nbsp;&nbsp;&nbsp;Other changes | 784 | 139 |
| &nbsp;&nbsp;&nbsp;Sub-total | 26296 | 25506 |
| &nbsp;&nbsp;&nbsp;Interest and dividend received | 54 | 113 |
| &nbsp;&nbsp;&nbsp;Interest expenses paid | -245 | -265 |
| &nbsp;&nbsp;&nbsp;Corporate income taxes paid | -1453 | -2352 |
| &nbsp;&nbsp;&nbsp;Corporate income taxes refunded | 1339 | 0 |
| &nbsp;&nbsp;&nbsp;Cash flows from operating activities | 25991 | 23002 |
| Cash flow from investing activities |  |  |
| &nbsp;&nbsp;&nbsp;Payments into time deposits | -31 | -31 |
| &nbsp;&nbsp;&nbsp;Purchase of property, plant and equipment | -3410 | -4690 |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of property, plant and equipment | 12 | 33 |
| &nbsp;&nbsp;&nbsp;Payments for asset retirement obligations | -260 | -258 |
| &nbsp;&nbsp;&nbsp;Purchase of intangible assets | -59 | -93 |
| &nbsp;&nbsp;&nbsp;Payment for guaranty deposits | -409 | -379 |
| &nbsp;&nbsp;&nbsp;Proceeds from collection of guaranty deposits | 321 | 278 |
| &nbsp;&nbsp;&nbsp;Payments for acquisition of businesses | -4231 |  |
| &nbsp;&nbsp;&nbsp;Purchase of subsidiaries, net of cash acquired | -1003 | -508 |
| &nbsp;&nbsp;&nbsp;Other | -127 | -171 |
| &nbsp;&nbsp;&nbsp;Cash flow from investing activities | -9199 | -5822 |

---

---

| | | |
|:---|:---|:---|
| (Million yen) | (Million yen) | (Million yen) |
|  | Fiscal year under<br> review (March 1, 2024 – February 28, 2025) | Fiscal year under<br> review (March 1, 2025 –<br> February 28, 2026) |
| Cash flow from financing activities |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from short-term debt | 405 |  |
| &nbsp;&nbsp;&nbsp;Repayment of short-term debt | -610 | -708 |
| &nbsp;&nbsp;&nbsp;Proceeds from long-term debt | 6650 | 3200 |
| &nbsp;&nbsp;&nbsp;Repayment of long-term loans payable | -7614 | -7502 |
| &nbsp;&nbsp;&nbsp;Redemption of bonds | -200 | -200 |
| &nbsp;&nbsp;&nbsp;Repayments of lease liabilities | -13478 | -13889 |
| &nbsp;&nbsp;&nbsp;Purchase of treasury shares | -0 |  |
| &nbsp;&nbsp;&nbsp;Cash dividends paid | -1576 | -1788 |
| &nbsp;&nbsp;&nbsp;Dividends paid to non-controlling interests | -231 | -251 |
| &nbsp;&nbsp;&nbsp;Payment for acquisition of subsidiaries' equity from non-controlling interests | -1 |  |
| &nbsp;&nbsp;&nbsp;Payments for acquisition of additional interests in subsidiaries | - | -200 |
| &nbsp;&nbsp;&nbsp;Cash flow from financing activities | -16657 | -21340 |
| Effect of exchange rate change on cash and cash equivalents | 34 | 182 |
| Net increase (decrease) in cash and cash equivalents | 168 | -3976 |
| Balance of cash and cash equivalents at beginning of period | 21305 | 21474 |
| Balance of cash and cash equivalents at year-end | 21474 | 17497 |

---

(5) Notes on the consolidated financial statements

(Notes on the going concern assumptions)

None

(Changes in accounting policies)

The important accounting policies applied in our consolidated financial statements for the fiscal year under review are the same as the accounting policies applied in the consolidated financial statements for the previous fiscal year, except for the newly adopted standards described below.

The Group has adopted the following standards from the Q1 of the fiscal year under review.

---

| | | |
|:---|:---|:---|
| Statement of standards | Standard name | Outline of new establishment and revision |
| IAS No. 21 | Effects of changes in foreign exchange rates | Clarifying a consistent approach in assessing whether a currency can be exchanged for another currency and in determining the exchange rate to be used and disclosures to be provided when the currency cannot be exchanged |

---

The adoption of the aforementioned pronouncements did not have a material impact on the consolidated financial statements.

(Segment information)

The description is omitted because the Group's business is categorized as restaurant business and there are no segments to be classified.

(Per share information)

---

| | | |
|:---|:---|:---|
|  | Previous fiscal year<br> (March 1, 2024 -<br> February 28, 2025) | Fiscal year under<br> review (March 1, 2025 –<br> February 28, 2026) |
| Profit attributable to owners of parent | 5590 | 4677 |
| Income adjustment amount | － | － |
| Profit used to calculate diluted earnings per share | 5590 | 4677 |
| Basic average number of common shares during the period (shares) | 420760238 | 420802386 |
| Average number of common shares used in the computation of diluted earnings per share (shares) | 420760238 | 420965986 |
| Basic earnings per share (yen) | 13.29 | 11.11 |
| Diluted earnings per share (yen) | 13.29 | 11.11 |

---

---

| | | |
|:---|:---|:---|
| (Note) | 1. | For the purpose of calculating "Basic earnings per share," our shares held by the "trust-type ESOP for granting shares to employees," which are recorded as treasury shares, are included in treasury shares, which are deducted from the calculation of the weighted-average number of shares during the period (3,674,426 shares in the previous fiscal year and 3,474,552 shares in the fiscal year under review). |
|  | 2. | On September 1, 2025, the Company conducted a 2-for-1 stock split of its common stock. Basic earnings per share and diluted earnings per share are calculated based on the assumption that the stock split was conducted at the beginning of the previous fiscal year. |

---

(Significant subsequent events)

(Business combination through acquisition)

At a meeting of the Board of Directors held on January 14, 2026, we resolved to acquire all shares of Ron Co., Ltd., which operates Western restaurants and Tonteki restaurants, including "Grill RON" in Osaka, and make it a consolidated subsidiary. In addition, on January 14, 2026, the Company entered into a share transfer agreement and completed the acquisition of shares on March 1, 2026 under this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The outline of the business combination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Name and business of the acquired company

Name RON Corporation <br> Contents of business Restaurant management (operation of Grill RON, Osaka Tonteki, and etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Main reasons for the business combination

Focusing on the Osaka and Umeda areas, RON Corporation. operates 10 restaurants, including "Grill RON", a western restaurant that has been popular with customers for 42 years, and "Osaka Tonteki", where thick pork is grilled with specialty sauces made with garlic.

Under the management policy of "inspiring and satisfying customers," the Company provides a menu and highly efficient operations that combine the taste, volume, and speed of operations to meet the diverse needs of business people, shopping customers, and neighboring residents at major commercial facilities in Umeda, which are highly convenient (Hankyu Sanbangai, Hanshin Umeda Main Store, Osaka Ekimae Building, Whity Umeda, and etc.), and has established a solid brand recognition and customer base in this area. We expect to further improve the brand value built by RON by utilizing the property development information and operation and management methods of our group.

In addition, through this initiative, we decided to acquire the shares of the Company, judging that it will lead to the enhancement of the corporate value of the Group by creating synergies such as further deepening of the western food category business as a daily dish, strengthening the brand portfolio by nurturing the next core brand, and development franchises within the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Date of business combination

March 1, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Legal form of business combination

Acquisition of shares for cash consideration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Ratio of voting rights to be acquired

100.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Acquisition cost of the acquired company and breakdown by type of consideration

Consideration for acquisition (cash) 887 million yen <br> Acquisition cost 887 million yen

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Details and amount of major acquisition-related expenses

---

| | |
|:---|:---|
| Advisory expenses, etc. (approximate amount) | 77 million yen |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Amount and source of goodwill arising from the acquisition and the fair value of assets acquired and liabilities assumed as of the acquisition date

The fair values of the assets acquired and liabilities assumed at the acquisition date are still being determined and have not been finalized at this time.

(Conclusion of Merger Agreement between the Company and SFP Holdings Co., Ltd.)

The Company ("CRH") and SFP Holdings Co., Ltd. ("SFPHD," and together with CRH, the "Companies") hereby announce that the Companies have resolved, at their respective meetings of the Board of Directors held today, to implement an absorption-type merger (the "Merger"), with CRH as the surviving company and SFPHD as the disappearing company, and have entered into a merger agreement (the "Merger Agreement").

The Merger is scheduled to take effect on July 1, 2026, subject to approval of the Merger Agreement at the Annual General Meeting of Shareholders of SFPHD to be held on May 21, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Purpose of the Merger

CRH was founded in May 1999, and under the group mission of "Unlimited Excitement! Welcome diversity, Collaborate to Create, Surprise the world," it operates a restaurant business both in Japan and overseas as a corporate group that grows sustainably together with its 26 consolidated subsidiaries (the "Create Restaurants Group"), aiming to contribute to enriching dietary lifestyles. In April 2025, CRH formulated the "Medium-Term Management Plan - Group Federal Management 2.0 – ", covering the five-year period through the fiscal year ending February 2030, positioning this period as "five years for solving essential issues." Under this plan, CRH is pursuing growth strategies such as the evolution of essential values by refining cuisine, service, and locations, synergetic M&As, and the expansion of overseas operations, further evolving its "Multi-brand / Multi-location Strategy" and "Group Federal Management," which are the core of the group strategy.

Since CRH acquired shares of SFPHD (formerly SFP Dining Co., Ltd.) and made it a consolidated subsidiary in April 2013, the Companies have jointly implemented various initiatives to improve corporate value by utilizing the experience and expertise cultivated by both parties. In particular, since 2020, the Companies have sequentially established three joint ventures responsible for shared service functions for corporate operations such as accounting and human resources, purchasing planning functions, and store design and construction planning functions, respectively, in an effort to improve management efficiency.

Currently, the restaurant industry, after a period of recovery from the COVID-19 pandemic, is facing structural challenges such as labor shortages, soaring raw material and energy prices, rising construction costs, and the selection of restaurants by consumers due to diversifying preferences. In the izakaya (Japanese-style pub) industry in particular, it is an urgent task to respond to environmental changes such as the shift away from alcohol among young people, the slow recovery of demand in the late-night hours, and the selection of brands. Furthermore, regarding the governance of listed subsidiaries, there is a growing movement demanding the strengthening of response measures for the risk of structural conflicts of interest. With the publication of the "Practical Guidelines for Group Governance Systems" by the Ministry of Economy, Trade and Industry in June 2019 and the re-revision of the Corporate Governance Code in June 2021, various responses are required regarding the fairness and transparency of the governance of listed subsidiaries, which has also increased economic and administrative burdens.

Under these circumstances, while the Companies are operating as independent listed companies, CRH faces difficulties in making optimal and prompt decisions regarding the allocation of management resources, as it requires careful consideration of the interests of SFPHD's minority shareholders. To consolidate management resources such as human resources, information, know-how, and funds possessed by the Companies more than ever before, and to respond flexibly to the rapidly changing market environment and realize further growth as a unified Create Restaurants Group, the Companies have come to the conclusion that the best approach is to merge CRH and SFPHD, integrate their holding company functions, and establish a flexible and prompt decision-making system. Accordingly, on December 9, 2025, CRH made a proposal for the Merger to SFPHD (the "Proposal").

In response, SFPHD commenced specific considerations regarding the Merger upon receipt of the Proposal. In considering the Merger and conducting discussions and negotiations with CRH, SFPHD took into account that CRH is the parent company of SFPHD, holding 58.92% of SFPHD's shares, and that the Merger constitutes a transaction in which structural conflicts of interest and information asymmetry issues exist. To ensure prudence in SFPHD's decision-making regarding the Merger, eliminate the risk of arbitrariness and conflicts of interest in the decision-making process of SFPHD's Board of Directors, and ensure its fairness, SFPHD established a special committee (the "Special Committee") as an advisory body for the Merger, consisting of members independent of CRH, SFPHD, and the Merger, and established a framework for considering the Merger, including the appointment of external experts, as described in "3. Basis, etc. of details of allotment related to the Merger," "(4) Measures to secure fairness (including measures to avoid conflicts of interest)" below.

Subsequently, CRH and SFPHD continued to consider the Merger and held repeated discussions and negotiations. As a result, the Companies have determined that the Merger is expected to enable the implementation of the following measures and the realization of synergies that could not be sufficiently achieved under the current capital relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Efficiency of management resources through the integration of holding company functions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Activation of human capital

For the human resources responsible for SFPHD's headquarters functions, it will be possible to establish an environment where they can engage in broader and more diversified practical operations. These include tasks that were limited under the previous management structure, such as the overall management of domestic and overseas subsidiaries, overseas business operations, International Financial Reporting Standards (IFRS) operations, and the execution of domestic and overseas M&A and PMI (Post-Merger Integration) operations. Through these measures, the Companies intend to support the enhancement of employee expertise and diversified career paths while simultaneously strengthening the management foundation of the Create Restaurants Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Further deepening of "Group Federal Management" through the concentration of management resources

By concentrating information, human resources, and know-how possessed not only by CRH and SFPHD but also by the subsidiaries of both companies, the Companies believe it will be possible to implement various initiatives. These include further promoting new store openings through the centralization of property information, facilitating the acquisition of corporate and group customers including inbound tourists, sharing digital marketing know-how such as official apps, further promoting the commonization of purchasing, and strengthening support systems for the recruitment and management of human resources, including foreign national employees. Furthermore, by utilizing the track record and know-how of store openings in commercial facilities such as food courts, expansion capabilities in regional cities and overseas, business format development capabilities, and store operation know-how possessed by CRH and its subsidiaries, the Companies will promote the expansion of new store openings for highly unique brands such as "Isomaru Suisan" operated by SFPHD's subsidiaries, as well as improve the profitability of existing stores. The Companies believe these measures will not only contribute to the improvement of CRH's consolidated earnings but also to the sustainable growth of the entire Create Restaurants Group, the maximization of group synergies, and the deepening of "Group Federal Management".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Summary of the Merger

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Time table for the Merger

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| | |
|:---|:---|
| Record date for the Annual General Meeting of Shareholders (SFPHD) | February 28, 2026 |
| Date of resolution at the meeting of the Board of Directors (Both Companies) | April 14, 2026 |
| Date of conclusion of the Merger Agreement (Both Companies) | April 14, 2026 |
| Date of resolution at the Annual General Meeting of Shareholders (SFPHD) | May 21, 2026 (scheduled) |
| Last trading day (SFPHD) | June 26, 2026 (scheduled) |
| Delisting date (SFPHD) | June 29, 2026 (scheduled) |
| Effective date of the Merger | July 1, 2026 (scheduled) |

---

---

| | |
|:---|:---|
| (Note 1) | CRH plans to implement the Merger without obtaining approval of the Merger Agreement by a resolution of its General Meeting of Shareholders, pursuant to the simplified merger procedures set forth in Article 796, Paragraph 2 of the Companies Act. |
| (Note 2) | The schedule for the Merger may be changed by mutual agreement between the Companies if necessary due to the progress of the merger procedures or other reasons. In the event of any change to the above schedule, such change will be promptly announced. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Form of the Merger

The Merger will be conducted as an absorption-type merger, with CRH as the surviving company and SFPHD as the disappearing company. The Merger is scheduled to take effect on July 1, 2026, subject to approval of the Merger Agreement at the Annual General Meeting of Shareholders of SFPHD to be held on May 21, 2026. CRH will proceed with the Merger without obtaining approval of the Merger Agreement at its General Meeting of Shareholders, pursuant to the simplified merger procedures set forth in Article 796, Paragraph 2 of the Companies Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Details of allotment related to the Merger

<u>CRH (Company surviving the absorption-type merger)</u> <u>SFPHD (Company disappearing in the absorption-type merger)</u> <br> Allotment ratio related to the Merger 1 3.2 <br> Number of shares to be issued resulting from the Merger Common shares of CRH: 29,976,438 shares (planned)

---

| | |
|:---|:---|
| (Note 1) | Allotment ratio related to the Merger (the "Merger Ratio"): |
|  | CRH will allot and deliver 3.2shares of CRH for each share of SFPHD. Note, however, that no allocation of shares through the Merger will be performed for SFPHD Stock held by CRH and the treasury shares held by SFPHD as of the Reference Time (as defined below). Furthermore, the Merger Ratio described in the table above may be changed upon agreement through consultation between the Companies in the event of any material change to the various conditions upon which the calculation is based. |
| (Note 2) | Number of shares of CRH Stock to be delivered through the Merger: 29,976,438 common shares (planned) |
|  | In connection with the Merger, CRH expects to allot and deliver the number of shares of CRH Stock calculated based on the Merger Ratio to the shareholders of SFPHD (excluding CRH and SFPHD) at the time immediately preceding the effective date of the Merger (the "Reference Time") in exchange for the shares of SFPHD Stock they hold. CRH expects to newly issue all shares to be delivered through the Merger. The number of shares to be delivered above may be revised if there is a change in the number of treasury shares held by SFPHD by the time immediately preceding the effective date of the Merger, such as due to the exercise of appraisal rights by SFPHD shareholders. |
| (Note 3) | Treatment of shares less than one unit: |
|  | Shareholders of SFPHD who will hold shares of CRH less than one unit (shares less than 100 shares) as a result of the Merger may utilize the following systems concerning the shares of CRH from the effective date of the Merger, pursuant to the provisions of the Articles of Incorporation and the Share Handling Regulations of CRH. In addition, such shares may be traded at certain securities companies that handle shares less than one unit. Note, however, that shares less than one unit cannot be sold on financial instruments exchange markets. |

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1) Further purchase system for shares less than one unit (purchase to increase holdings to one unit (100 shares)):

Pursuant to the provisions of Article 194, Paragraph 1 of the Companies Act and the provisions of the Articles of Incorporation of CRH, this system allows shareholders holding shares of CRH less than one unit to purchase from CRH the number of shares that, together with the number of shares less than one unit already held, will constitute one unit.

2) Purchase request system for shares less than one unit (sale of shares less than one unit (100 shares)): Pursuant to the provisions of Article 192, Paragraph 1 of the Companies Act, this system allows shareholders holding shares of CRH less than one unit to request that CRH purchase such shares.

(Note 4) Treatment of fractions of less than one share:

For shareholders of SFPHD who will receive fractions of less than one share of CRH Stock as a result of the Merger, CRH will sell the number of shares of its stock equivalent to the sum total of such fractions (if the sum total includes a fraction of less than one share, such fraction shall be rounded down) and deliver the proceeds from such sale to the shareholders in proportion to their respective fractions, in accordance with the provisions of Article 234 of the Companies Act and other relevant laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Treatment of stock acquisition rights and bonds with stock acquisition rights in connection with the Merger SFPHD has not issued any stock acquisition rights or bonds with stock acquisition rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Treatment of dividends of retained earnings

The Companies have agreed that CRH may pay dividends of retained earnings of up to 2.25 yen per share of CRH Stock to shareholders or registered pledgees of shares entered or recorded in the final register of shareholders as of February 28, 2026, and that SFPHD may pay dividends of retained earnings of up to 14 yen per share of SFPHD Stock to shareholders or registered pledgees of shares entered or recorded in the final register of shareholders as of February 28, 2026. Other than the above, the Companies have agreed not to pay dividends of retained earnings during the period from today until the effective date of the Merger.

3. Overview of Companies Involved in the Merger (as of February 28, 2026)

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| | | | |
|:---|:---|:---|:---|
|  |  | Surviving Company<br>(Company surviving the<br> absorption-type merger) | Disappearing Company<br> (Company disappearing in the<br> absorption-type merger) |
| (1) | Name | create restaurants holdings inc. | SFP Holdings Co., Ltd. |
| (2) | Location | 5-10-18 Higashi-Gotanda, Shinagawa-ku, Tokyo | 8F Hagiwara No. 2 Bldg., 2-24-7 Tamagawa, Setagaya-ku, Tokyo |
| (3) | Job title and name of representative | Jun Kawai, President | Makoto Sato, President |
| (4) | Description of business | Restaurant management | Restaurant management |
| (5) | Share capital | 50 million yen | 49 million yen |

---

4. Overview of accounting treatments

As a result of the Merger, non-controlling interests recorded in the consolidated statement of financial position of CRH are expected to decrease, and the ratio of equity attributable to owners of parent is expected to increase. Additionally, while the attribution of profit to non-controlling interests in the consolidated statement of profit or loss is expected to be eliminated, the amount of the impact on the consolidated financial statements has not yet been determined at this time.

## Exhibit 2.2

**Exhibit 2.2**

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

![](ex2-2_001.jpg)

April 14, 2026

**Consolidated Financial Results** 

**for the Fiscal Year Ended February 28, 2026**

**(Under Japanese GAAP)**

---

| | |
|:---|:---|
| Company name: | SFP Holdings Co., Ltd. |
| Listing: | Tokyo Stock Exchange |
| Securities code: | 3198 |
| URL: | https://www.sfpdining.jp |
| Representative: | Makoto Sato, Representative Director and President |
| Inquiries: | Akihiro Kimura, Managing Director |
| Telephone: | +81-44-750-7154 |

---

---

| | |
|:---|:---|
| Scheduled date of annual general meeting of shareholders: | May 21, 2026 |
| Scheduled date to commence dividend payments: | May 1, 2026 |
| Scheduled date to file annual securities report: | May 21, 2026 |
| Preparation of supplementary material on financial results: | Yes |
| Holding of financial results briefing: | Yes (for institutional investors and analysts) |

---

(Yen amounts are rounded down to millions, unless otherwise noted.)

**1.** **Consolidated financial results for the fiscal year ended February 28, 2026 (from March 1, 2025 to February 28, 2026)** 

**(1)** **Consolidated operating results** (Percentages
 indicate year-on-year changes.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net sales | Net sales | Operating profit | Operating profit | Ordinary profit | Ordinary profit | Profit attributable to owners of parent | Profit attributable to owners of parent |
| Fiscal year ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % |
| February 28, 2026 | 31119 | 2.4 | 1706 | (21.9) | 1836 | (19.5) | 1085 | (26.9) |
| February 28, 2025 | 30389 | 4.5 | 2186 | 7.9 | 2281 | 2.0 | 1485 | (14.2) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Note: | Comprehensive income | For the fiscal year ended February 28, 2026: | ¥1,058 million | [(31.0)%] |
|  |  | For the fiscal year ended February 28, 2025: | ¥1,534 million | [(9.0)%] |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Basic earnings<br> per share | Diluted earnings<br> per share | Return on equity | Ratio of ordinary profit to total assets | Ratio of operating profit to net sales |
| Fiscal year ended | Yen | Yen | % | % | % |
| February 28, 2026 | 47.60 |  | 12.1 | 13.4 | 5.5 |
| February 28, 2025 | 65.15 | – | 18.0 | 16.7 | 7.2 |

---

Reference: Share of profit (loss) of entities accounted for using equity method

For the fiscal year ended February 28, 2026: ¥ 5 million <br> For the fiscal year ended February 28, 2025: ¥ 4 million

**(2)** **Consolidated financial position** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Total assets | Net assets | Equity-to-asset ratio | Net assets per share |
| As of | Millions of yen | Millions of yen | % | Yen |
| February 28, 2026 | 13512 | 9181 | 68.0 | 402.66 |
| February 28, 2025 | 13963 | 8732 | 62.5 | 383.00 |

---

Reference: Equity

As of February 28, 2026: ¥ 9,181 million <br> As of February 28, 2025: ¥ 8,732 million

**(3)** **Consolidated cash flows** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Cash flows from operating activities | Cash flows from investing activities | Cash flows from financing activities | Cash and cash equivalents at end of period |
| Fiscal year ended | Millions of yen | Millions of yen | Millions of yen | Millions of yen |
| February 28, 2026 | 1376 | (997) | (1346) | 4308 |
| February 28, 2025 | 2052 | (485) | (808) | 5275 |

---

**2.** **Cash dividends** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Annual dividends per share | Annual dividends per share | Annual dividends per share | Annual dividends per share | Annual dividends per share | Total cash dividends (Total) | Payout ratio (Consolidated) | Ratio of dividends to net assets (Consolidated) |
| | First quarter-end | Second quarter-end | Third quarter-end | Fiscal<br> year-end | Total | Total cash dividends (Total) | Payout ratio (Consolidated) | Ratio of dividends to net assets (Consolidated) |
|  | Yen | Yen | Yen | Yen | Yen | Millions of yen | % | % |
| Fiscal year ended<br> February 28, 2025 |  | 13.00 |  | 13.00 | 26.00 | 592 | 39.9 | 7.2 |
| Fiscal year ended<br> February 28, 2026 | – | 14.00 | – | 14.00 | 28.00 | 638 | 58.8 | 7.1 |

---

Note: SFP Holdings Co., Ltd. (the "Company") is scheduled to be delisted on June 29, 2026, and then become the dissolved company in an absorption-type merger with an effective date of July 1, 2026, subject to approval at the annual general meeting of shareholders scheduled to be held on May 21, 2026. Therefore, no dividend forecast for the fiscal year ending February 28, 2027, is provided.

**3.** **Consolidated financial result forecasts for the fiscal year ending February 28, 2027 (from March 1, 2026 to February 28, 2027)** 

The Company is scheduled to be delisted on June 29, 2026, and then become the dissolved company in an absorption-type merger with an effective date of July 1, 2026, subject to approval at the annual general meeting of shareholders scheduled to be held on May 21, 2026. Therefore, no financial result forecasts for the fiscal year ending February 28, 2027, are provided.

**\*** **Notes**

(1) Significant changes in the scope of consolidation during the period: None

(2) Changes in accounting policies, changes in accounting estimates, and restatement

&nbsp;&nbsp;&nbsp;&nbsp;(i) Changes
 in accounting policies due to revisions to accounting standards and other regulations: Yes

(ii) Changes
 in accounting policies due to other reasons: None

(iii) Changes
 in accounting estimates: None

(iv) Restatement:
 None

(3) Number
 of issued shares (common shares)

&nbsp;&nbsp;&nbsp;&nbsp;(i) Total
 number of issued shares at the end of the period (including treasury shares)

As of February 28, 2026 <u>22,813,689 shares</u> <br> <u>As of February 28, 2025</u> <u>22,813,689 shares</u>

&nbsp;&nbsp;&nbsp;&nbsp;(ii) Number
 of treasury shares at the end of the period

As of February 28, 2026 <u>10,552 shares</u> <br> <u>As of February 28, 2025</u> <u>13,285 shares</u>

&nbsp;&nbsp;&nbsp;&nbsp;(iii) Average
 number of shares outstanding during the period

Fiscal year ended February 28, 2026 <u>22,802,478 shares</u> <br> <u>Fiscal year ended February 28, 2025</u> <u>22,796,757 shares</u>

**[Reference] Overview of non-consolidated financial results**

**1.** **Non-consolidated financial results for the fiscal year ended February 28, 2026 (from March 1, 2025 to February 28, 2026)** 

**(1)** **Non-consolidated operating results** (Percentages
 indicate year-on-year changes.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | Net sales | Net sales | Operating profit | Operating profit | Ordinary profit | Ordinary profit | Profit | Profit |
| Fiscal year ended | Millions of yen | % | Millions of yen | % | Millions of yen | % | Millions of yen | % |
| February 28, 2026 | 3273 | (7.4) | 1229 | (10.1) | 2265 | 51.7 | 1643 | 78.7 |
| February 28, 2025 | 3535 | 1.7 | 1367 | 11.5 | 1493 | 4.6 | 920 | 0.8 |

---

---

| | | |
|:---|:---|:---|
| | Basic earnings<br> per share | Diluted earnings<br> per share |
| Fiscal year ended | Yen | Yen |
| February 28, 2026 | 72.09 |  |
| February 28, 2025 | 40.36 | – |

---

**(2)** **Non-consolidated financial position** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Total assets | Net assets | Equity-to-asset ratio | Net assets per share |
| As of | Millions of yen | Millions of yen | % | Yen |
| February 28, 2026 | 13198 | 8575 | 65.0 | 376.08 |
| February 28, 2025 | 12829 | 7540 | 58.8 | 330.74 |

---

Reference: Equity

As of February 28, 2026: ¥ 8,575 million <br> As of February 28, 2025: ¥ 7,540 million

\* Financial results reports are exempt from audit conducted by certified public accountants or an audit firm. <br>\* Proper use of earnings forecasts, and other special matters

Caution Regarding Forward-Looking Statements:

The forward-looking statements, including earnings forecasts, contained in this document are based on information currently available to the Company and certain assumptions deemed reasonable. As such, they do not constitute guarantees by the Company of future performance. Actual results may differ materially from those presented herein due to a variety of factors.

## Exhibit 2.3

**Exhibit 2.3**

Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

---

| | |
|:---|:---|
| ![](ex2-3_001.jpg) | ![](ex2-3_002.jpg) |

---

April 14, 2026

---

| | |
|:---|:---|
| Company name: | SFP Holdings Co., Ltd. |
| Representative: | Makoto Sato, Representative<br> Director and President<br> (Securities code: 3198; Tokyo<br> Stock Exchange Prime Market) |
| Inquiries: | Akihiro Kimura, Managing Director |
|  | (Telephone: +81-3-5491-5869) |

---

**February 2026 Notice on differences between the projected and actual results for the full year** 

As there were differences between the consolidated results forecast for the fiscal year ending February 2026 (March 1, 2025 to February 28, 2026) announced on April 14, 2025 and the actual results announced today, we hereby notify the following:

1. Differences
 between the fiscal year ending February 1.2026 and the actual results

(March 1, 2025 to February 28, 2026)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Net sales | Operating profit | Ordinary profit | Profit attributable to owners of parent | Basic earnings per share |
| Previously announced forecasts (A)<br> (Announced April 14, 2025) | Million yen<br> 32,500 | Million yen<br> 2,500 | Million yen<br> 2,600 | Million yen<br> 1,700 | Yen<br> 74.56 |
| Actual Value (B) | 31119 | 1706 | 1836 | 1085 | 47.60 |
| Change (B-A) | (1381) | (794) | (764) | (615) | (26.96) |
| Change (%) | (4.2) | (31.8) | (29.4) | (36.2) | (36.16) |
| (Reference) Actual results for previous fiscal year<br> (FY ended February 28, 2025) | 30389 | 2186 | 2281 | 1485 | 65.15 |

---

2. Reasons
 for the difference

In terms of net sales, although we secured a 102.4% year-on-year increase in sales on a consolidated basis as a whole due to steady new store openings based on the initial plan, the growth in customer numbers at existing stores remained below the previously announced forecast, centered on our mainstay ISOMARU SUISAN store format. In terms of profits, the Group worked to gradually revise its menus and optimize pricing amid continuing rises in raw material and utility costs. However, as a result of the impact of these cost increases, the cost of sales ratio rose approximately 1 percentage point year on year, and both operating income and ordinary income fell short of the previously announced forecasts.

With regard to net income attributable to owners of the parent, in addition to the aforementioned decline in revenues, the Company changed its accounting auditor from this fiscal year, and as a result of a more conservative review of the criteria for determining impairment of store fixed assets, the Company recorded impairment losses at some stores and other locations where it was determined that it would take time to recover earnings in the future. As a result, the results were lower than the previously announced forecast.