# EDGAR Filing Document

**Accession Number:** 0002030277
**File Stem:** 0001829126-26-003282
**Filing Date:** 2026-4
**Character Count:** 73647
**Document Hash:** acce9b85d46a07fd8554f74c80132246
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-26-003282.hdr.sgml**: 20260408

**ACCESSION NUMBER**: 0001829126-26-003282

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20260408

**FILED AS OF DATE**: 20260408

**DATE AS OF CHANGE**: 20260408

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LEIFRAS Co., Ltd.
- **CENTRAL INDEX KEY:** 0002030277
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EDUCATIONAL SERVICES [8200]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** M0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42877
- **FILM NUMBER:** 26848683

**BUSINESS ADDRESS:**
- **STREET 1:** EBISU GARDEN PLACE TOWER FLOOR 17
- **STREET 2:** 4-20-3, EBISU, SHIBUYA-KU
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 150-6017
- **BUSINESS PHONE:** 03-6451-1341

**MAIL ADDRESS:**
- **STREET 1:** EBISU GARDEN PLACE TOWER FLOOR 17
- **STREET 2:** 4-20-3, EBISU, SHIBUYA-KU
- **CITY:** TOKYO
- **STATE:** M0
- **ZIP:** 150-6017

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER<br> PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER<br> THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of April 2026**

**LEIFRAS Co., Ltd.**

**Ebisu Garden Place Tower Floor 17<br> 4-20-3, Ebisu, Shibuya-ku<br> Tokyo, Japan<br> +81-30-6451-1341**

(Address and telephone number, including area code, of Registrant's principal executive offices)

**Explanatory Note**

On April 8, 2026, LEIFRAS Co., Ltd. (the "Company") issued a press release to announce financial results for its fiscal year ended December 31, 2025. The press release is furnished as Exhibit 99.1 to this report. The Company also hereby furnishes its investor presentation, attached as Exhibit 99.2 to this report.

**Exhibit Index**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | [Press Release, dated April 8, 2026](leifras_ex99-1.htm) |
| 99.2 | [Investor Presentation, dated April 8, 2026](leifras_ex99-2.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **LEIFRAS Co., Ltd.** | **LEIFRAS Co., Ltd.** |
| Date: April 8, 2026 | By: | */s/ Kiyotaka Ito* |
|  | Name: | Kiyotaka Ito |
|  | Title: | Representative Director and Chief Executive Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

**LEIFRAS Co., Ltd. Reports Fiscal Year 2025 Financial Results** 

**Record-High Revenue and Operating Income, Up 13.5% and 20.7% Year Over Year Respectively<sup>[1]</sup>**

TOKYO, April 8, 2026 /PRNewswire/ – LEIFRAS Co., Ltd. (Nasdaq: LFS) (the "Company" or "Leifras"), a sports and social business company dedicated to youth sports and community engagement, today announced its financial results for the fiscal year ended December 31, 2025.

**Fiscal Year 2025 Financial Highlights**

**●** **Revenue** was JPY11.7 billion ($74.8 million), an increase of 13.5% from JPY10.3 billion for fiscal year 2024.

**●** **Income from operations** was JPY627.4 million ($4.0 million), an increase of 20.7% from JPY519.8 million for fiscal year 2024.

**●** **Net income** was JPY438.5 million ($2.8 million), an increase of 4.7% from JPY418.6 million for fiscal year 2024.

**●** **Adjusted income from operations** was JPY692.3 million ($4.4 million), an increase of 41.8% from JPY488.2 million for fiscal year 2024.

**●** **Basic and diluted earnings per share** was JPY17.41 ($0.11), compared to basic earnings per share of JPY16.81 ($0.11) and diluted earnings per share of JPY15.78 ($0.10) for fiscal year 2024.

**Fiscal Year 2025 Operational Highlights**

***Sports School Business***

**●** **Number of members** was 70,688, an increase of 0.04% from 70,663 for fiscal year 2024.

**●** **Revenue of sports school business** was JPY8,560 million ($54.6 million), an increase of 7.8% from JPY7,944 million for fiscal year 2024.

***Social Business***

**●** **Number of schools** was 381, an increase of 9.8% from 347 for fiscal year 2024.

**●** **Revenue of social business** was JPY3,168 million ($20.2 million), an increase of 32.8% from JPY2,385 million for fiscal year 2024.

**Management Commentary**

Mr. Kiyotaka Ito, the Representative Director and Chief Executive Officer of Leifras, commented, "For the full fiscal year ended December 2025, we achieved record highs in revenue, income from operations, and adjusted income from operations. Revenue in the sports school business increased by 7.8% compared to the same period last year, and revenue in the social business increased by 32.8% compared to the same period last year. These results reflect the steady growth of the sports school business, which boasts the largest market share in Japan, as well as an increase in the number of contracts for the club activities business, which is a growth driver. In particular, in our social business, in addition to being the No. 1 company in Japan in terms of club activity contracting, in 2025 we have signed new contracts with many schools, including Suita City, Osaka Prefecture; Shibuya Ward, Tokyo; and Monbetsu City, Hokkaido. The Japanese government's club activity reforms will transfer the management of school-based club activities to local communities and the private sector, with the 'reform implementation period' from 2026 to 2031 marking the full-scale transition from school-based to local communities and the private sector. This national policy is a powerful tailwind for our company and paves the way for medium- to long-term growth. We will continue to take on the challenge of supporting the smiles and growth of children across borders by sharing our sports-based non-cognitive skills development services, which we have cultivated in Japan, with the world. We appreciate your continued support."

**Financial Condition**

● As of December 31, 2025, the Company had cash and cash equivalents of JPY2.52 billion ($16.1 million), compared to JPY2.54 billion as of December 31, 2024.

● Net cash provided by operating activities was JPY468.3 million ($3.0 million) for fiscal year 2025, compared to JPY207.1 million for fiscal year 2024.

● Net cash used in investing activities was JPY53.5 million ($0.3 million) for fiscal year 2025, compared to JPY51.4 million for fiscal year 2024.

● Net cash used in financing activities was JPY437.0 million ($2.8 million) for fiscal year 2025, compared to JPY346.4 million for fiscal year 2024.

**Financial Guidance**

● Revenue is expected to be between $82.9 million and $95.7 million for the fiscal year ending December 31, 2026, an increase of approximately 10.8% to 27.9% from $74.8 million for the fiscal year ended December 31, 2025.

● Income from operations is expected to be between $4.5 million and $5.4 million for the fiscal year ending December 31, 2026, an increase of approximately 13.2% to 33.9% from $4.0 million for the fiscal year ended December 31, 2025.

The Guidance is based on the assumption that no business acquisitions, restructuring activities, or legal settlements will take place during the period.

**Conference Call Information**

The Company will host an English-language conference call at 8:30 am U.S. Eastern Time (9:30 pm Japan Standard Time) on April 14, 2026 and a Japanese-language conference call at 3:00 am U.S. Eastern Time (4:00 pm Japan Standard Time) on April 15, 2026. To attend the earnings conference calls, please use the following access information.

---

| | |
|:---|:---|
| **Dial-in details for the English-language conference call:** | **Dial-in details for the English-language conference call:** |
| Date: | April 14, 2026 |
| Time: | 8:30 am U.S. Eastern Time (9:30 pm Japan Standard Time) |
| International: | 1-412-902-4272 |
| USA/CANADA TOLL-FREE<br>| 1-888-346-8982 |
| Conference ID: | Leifras Co., Ltd. |
| Webcast: | <u>https://event.choruscall.com/mediaframe/webcast.html?webcastid=Id5RSCFh</u> |
| **Dial-in details for the Japanese-language conference call:** | **Dial-in details for the Japanese-language conference call:** |
| Date: | April 15, 2026 |
| Time: | 3:00 am U.S. Eastern Time (4:00 pm Japan Standard Time) |
| Pre-registration Link for Dial-in Access: | <u>https://zoom.us/webinar/register/WN_Je53cHjFT4OyGlARdeUdWg</u> |

---

Please dial in at least 15 minutes before the commencement of the call to ensure timely participation.

For those unable to participate, an audio replay of the conference call will be available from approximately one hour after the end of the live call until April 21, 2026. The dial-in for the replay is 1-855-669-9658 within the United States or 1-412-317-0088 internationally. The replay access code is 6857888.

A live and archived webcast of the conference call will also be available at the Company's investor relations website at <u>https://ir.leifras.co.jp</u>.

**Exchange Rate Information**

This announcement contains translations of certain Japanese Yen ("JPY") amounts into U.S. dollars ("USD," or "$") for the convenience of the reader. Translations of amounts from JPY into USD have been made at the exchange rate of JPY156.80 = $1.00, the exchange rate on December 31, 2025 set forth in the H.10 statistical release of the United States Federal Reserve Board.

**About LEIFRAS Co., Ltd.**

Headquartered in Tokyo, Leifras is a sports and social business company dedicated to youth sports and community engagement. The Company primarily provides services related to the organization and operations of sports schools and sports events for children. As of December 31, 2025, Leifras was recognized as one of Japan's largest operators of children's sports schools in terms of both membership and facilities by Tokyo Shoko Research. The Company's approach to sports education emphasizes the development of non-cognitive skills, following the teaching principle "acknowledge, praise, encourage, and motivate." The holistic approach that integrates physical and mental development sets Leifras apart in the industry. Building upon deep experience and know-how in sports education, Leifras also operates a robust social business sector, dispatching sports coaches to meet various community needs with the aim to promote physical health, social inclusion, and community well-being across different demographics.

For more information, please visit the Company's website: <u>https://ir.leifras.co.jp/</u>.

**Non-GAAP Financial Measures**

In the Company's annual report on Form 20-F, it discusses key financial measures that are not calculated in accordance with U.S. Generally Accepted Accounting Principles ("GAAP") to supplement its consolidated financial statements presented on a GAAP basis. This non-GAAP financial measure is reconciled from its most directly comparable financial measure determined in accordance with GAAP as follows:

**Non-GAAP Financial Measures and Reconciliation**

**Adjusted INCOME FROM OPERARIONS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Years Ended <br>December 31,** | **For the Fiscal Years Ended <br>December 31,** | **For the Fiscal Years Ended <br>December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **JPY** | **JPY** | **US$** |
| INCOME FROM OPERATIONS | 519757261 | 627405815 | 4001313 |
| Plus: listing-related and transformational expenses<sup>(a)</sup> | 24392841 | 64901063 | 413910 |
| Less: litigation-related reimbursement<sup>(b)</sup> | (55935710) | - | - |
| Adjusted INCOME FROM OPERATIONS | 488214392 | 692306878 | 4415223 |

---

(a) Represents one-time listing-related and other transformational expenses incurred in connection with our initial public offering and corporate transformation initiatives in fiscal years 2024 and 2025. These costs were recognized as expenses in the statement of operations and were not recorded as direct deductions from equity.

(b) Litigation-related reimbursement received in fiscal year 2024 from the CEO in connection with a dispute involving a former director. As this payment represents a non-recurring and unusual item, it has been excluded for normalization purposes.

Adjusted income from operations is a financial measure that is not calculated in accordance with GAAP (collectively referred to as the "non-GAAP financial measures"), and the use of the terms adjusted income from operations may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. The Company believes the non-GAAP financial measure provides investors with useful information with respect to its historical operations. The Company presents the non-GAAP financial measure as supplemental performance measures because the Company believe it facilitates a comparative assessment of its operating performance relative to its performance based on its results under GAAP, while isolating the effects of some items that vary from period to period. Specifically, adjusted income from operations allows the Company to assess its performance without the impact of the specifically identified items that the Company believes do not directly reflect its core operations, including non-recurring costs, such as listing-related and transformational expenses, other non-recurring income, such as litigation-related reimbursement. The non-GAAP financial measure also functions as key performance indicator used to evaluate the Company's operating performance internally, and it is used in connection with the determination of incentive compensation for management, including executive officers.

Adjusted income from operations is not a measurement of the Company's financial performance under GAAP and should not be considered in isolation or as an alternative to income from operations or any other financial statement data presented as indicators of financial performance or liquidity, each as presented in accordance with GAAP. Consequently, the Company's non-GAAP financial measure should be considered together with its consolidated financial statements, which are prepared in accordance with GAAP and included in Item 8 of its Annual Report on Form 20-F. The Company understands that although adjusted income from operations is frequently used by securities analysts, lenders and others in their evaluation of companies, it has limitations as analytical tools, and you should not consider it in isolation, or as a substitute for analysis of its results as reported under GAAP. Some of these limitations are: adjusted income from operations does not fully reflect its cash expenditures, future requirements for capital expenditures or contractual commitments; adjusted income from operations does not reflect changes in, or cash requirements for, its working capital needs; adjusted income from operations does not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on debt; and, although depreciation and amortization expenses are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted income from operations does not reflect any cash requirements for such replacements.

Because of these limitations, adjusted income from operations should not be considered as discretionary cash available to the Company to reinvest in the growth of its business or as measure of cash that will be available to the Company to meet its obligations.

**Forward-Looking Statements**

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may," or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. These statements are subject to uncertainties and risks, including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the "Risk Factors" section of the registration statement filed with the U.S. Securities and Exchange Commission (the "SEC"). Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at <u>www.sec.gov</u>.

**For more information, please contact:**

**LEIFRAS Co., Ltd.**

Investor Relations Department

Email: <u>IR@leifras.co.jp</u>

**Ascent Investor Relations LLC**

Tina Xiao

Phone: +1-646-932-7242

Email: <u>investors@ascent-ir.com</u>

Note: [1] Record high in US-GAAP figures since 2023.

**LEIFRAS CO., LTD. AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **JPY** | **JPY** | **US$** |
| **ASSETS** |  |  |  |
| **CURRENT ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | 2538554638 | 2524082266 | 16097463 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 518398551 | 731083491 | 4662522 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 4935000 |  |  |
| &nbsp;&nbsp;&nbsp;Inventories, net | 24468188 | 21578477 | 137618 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 182278232 | 158040280 | 1007910 |
| &nbsp;&nbsp;&nbsp;Other current assets | 34381843 | 38219685 | 243748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL CURRENT ASSETS** | **3303016452** | **3473004199** | **22149261** |
| **NON-CURRENT ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 53805279 | 96456471 | 615158 |
| &nbsp;&nbsp;&nbsp;Finance lease right-of-use assets | 208611550 | 236908226 | 1510894 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 337330750 | 482694859 | 3078411 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 39250078 | 29631015 | 188973 |
| &nbsp;&nbsp;&nbsp;Long-term investments |  | 5736500 | 36585 |
| &nbsp;&nbsp;&nbsp;Goodwill | 27999994 | 27999994 | 178571 |
| &nbsp;&nbsp;&nbsp;Deferred tax assets, net | 214671578 | 164082227 | 1046443 |
| &nbsp;&nbsp;&nbsp;Deferred initial public offering ("IPO") costs | 157482065 |  |  |
| &nbsp;&nbsp;&nbsp;Long-term deposits | 150407276 | 150216792 | 958015 |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 3090205 | 8470398 | 54020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NON-CURRENT ASSETS** | **1192648775** | **1202196482** | **7667070** |
| **TOTAL ASSETS** | **4495665227** | **4675200681** | **29816331** |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| **CURRENT LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Short-term loans | 700000000 | 100000000 | 637755 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term loans | 230785000 | 151030000 | 963202 |
| &nbsp;&nbsp;&nbsp;Bond payable, current | 40000000 | 40000000 | 255102 |
| &nbsp;&nbsp;&nbsp;Accounts payable | 168281568 | 196849154 | 1255416 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 1109740581 | 1160996435 | 7404314 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 75374800 | 43499500 | 277420 |
| &nbsp;&nbsp;&nbsp;Contract liabilities, current | 147628310 | 154074620 | 982619 |
| &nbsp;&nbsp;&nbsp;Amount due to a director | 1000000 |  |  |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities, current | 71681545 | 88017810 | 561338 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 110889134 | 138880117 | 885715 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 195952191 | 176592537 | 1126228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL CURRENT LIABILITIES** | **2851333129** | **2249940173** | **14349109** |
| **NON-CURRENT LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;Long-term loans, net of current portion | 175452000 | 24422000 | 155752 |
| &nbsp;&nbsp;&nbsp;Bond payable, non-current | 56807020 | 18175440 | 115915 |
| &nbsp;&nbsp;&nbsp;Contract liabilities, non-current | 10615635 | 12817448 | 81744 |
| &nbsp;&nbsp;&nbsp;Finance lease liabilities, non-current | 140333247 | 144989192 | 924676 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | 207353977 | 347365643 | 2215342 |
| &nbsp;&nbsp;&nbsp;Assets retirement obligations | 12914758 | 30775915 | 196275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL NON-CURRENT LIABILITIES** | **603476637** | **578545638** | **3689704** |
| **TOTAL LIABILITIES** | **3454809766** | **2828485811** | **18038813** |
| **COMMITMENTS AND CONTINGENCIES** |  |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| &nbsp;&nbsp;&nbsp;Ordinary shares, 80,000,000 shares authorized; 25,310,660 shares issued and 24,910,619 shares outstanding as of December 31, 2024 and 26,560,660 shares issued and 26,160,619 shares outstanding as of December 31, 2025\* | 80500000 | 409833241 | 2613732 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 748840080 | 786906631 | 5018537 |
| &nbsp;&nbsp;&nbsp;Treasury shares, 400,041 shares as of December 31, 2024 and 2025, respectively\* | (100012265) | (100012265) | (637833) |
| &nbsp;&nbsp;&nbsp;Retained Earnings | 311527646 | 749987263 | 4783082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHAREHOLDERS' EQUITY** | **1040855461** | **1846714870** | **11777518** |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | **4495665227** | **4675200681** | **29816331** |

---

\* *Retrospectively restated for a 1-to-20 share split which became effective on November 1, 2024.*

**LEIFRAS CO., LTD. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF INCOME**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Fiscal Years ended December 31,** | **For the Fiscal Years ended December 31,** | **For the Fiscal Years ended December 31,** | **For the Fiscal Years ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **JPY** | **JPY** | **JPY** | **US$** |
| **NET REVENUE** | **9304011693** | **10329658133** | **11728402114** | **74798483** |
| &nbsp;&nbsp;&nbsp;Cost of revenue | (6966376610) | (7381911441) | (8262783362) | (52696323) |
| **GROSS PROFIT** | **2337635083** | **2947746692** | **3465618752** | **22102160** |
| &nbsp;&nbsp;&nbsp;Selling, general, and administrative expenses | (1941979790) | (2427989431) | (2838212937) | (18100847) |
| **INCOME FROM OPERATIONS** | **395655293** | **519757261** | **627405815** | **4001313** |
| **OTHER INCOME (EXPENSE)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 319563 | 333704 | 3812636 | 24314 |
| &nbsp;&nbsp;&nbsp;Interest expense | (13828146) | (16499609) | (16480844) | (105107) |
| &nbsp;&nbsp;&nbsp;Grant income | 14461568 | 17038263 | 16821366 | 107279 |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) on short-term investment | 175000 | (87500) |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gain on long-term investment |  |  | 801500 | 5112 |
| &nbsp;&nbsp;&nbsp;Loss on disposal of long-lived assets | (712149) | (190430) | (659442) | (4206) |
| &nbsp;&nbsp;&nbsp;Loss on disposal of a subsidiary |  | (753900) |  |  |
| &nbsp;&nbsp;&nbsp;Other income (expenses), net | 14126116 | 18385674 | (24884546) | (158702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expenses), net | 14541952 | 18226202 | (20589330) | (131310) |
| **INCOME BEFORE INCOME TAX POVISION** | **410197245** | **537983463** | **606816485** | **3870003** |
| **PROVISION FOR INCOME TAXES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Current | (159658082) | (156791073) | (117767517) | (751068) |
| &nbsp;&nbsp;&nbsp;Deferred | (5198043) | 37441597 | (50589351) | (322636) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total provision for income taxes | (164856125) | (119349476) | (168356868) | (1073704) |
| **NET INCOME** | **245341120** | **418633987** | **438459617** | **2796299** |
| **WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic\* | 25298605 | 24910656 | 25191441 | 25191441 |
| &nbsp;&nbsp;&nbsp;Diluted\* | 28561813 | 26521008 | 25194441 | 25194441 |
| **EARNINGS PER SHARE** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic\* | 9.70 | 16.81 | 17.41 | 0.11 |
| &nbsp;&nbsp;&nbsp;Diluted\* | 8.59 | 15.78 | 17.40 | 0.11 |

---

\* *Retrospectively restated for a 1-to-20 share split which became effective on November 1, 2024.*

**LEIFRAS CO., LTD. AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the Fiscal Years ended December 31,** | **For the Fiscal Years ended December 31,** | **For the Fiscal Years ended December 31,** | **For the Fiscal Years ended December 31,** |
|  | **2023** | **2024** | **2025** | **2025** |
|  | **JPY** | **JPY** | **JPY** | **US$** |
| **Cash flows from operating activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net income | 245341120 | 418633987 | 438459617 | 2796299 |
| Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 92376436 | 122007991 | 126109125 | 804267 |
| &nbsp;&nbsp;&nbsp;Loss on disposal of a subsidiary |  | 753900 |  |  |
| &nbsp;&nbsp;&nbsp;Provision for expected credit loss | 1540558 | 2004676 | 8647329 | 55149 |
| &nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | 651482 | 190430 | 247775 | 1580 |
| &nbsp;&nbsp;&nbsp;Loss on disposal of intangible assets | 60667 |  | 411667 | 2626 |
| &nbsp;&nbsp;&nbsp;Provision for inventory impairment | 2050199 | 3159439 | 601009 | 3833 |
| &nbsp;&nbsp;&nbsp;Unrealized (gain) loss on short-term investment | (175000) | 87500 |  |  |
| &nbsp;&nbsp;&nbsp;Unrealized gain on long-term investment |  |  | (801500) | (5112) |
| &nbsp;&nbsp;&nbsp;Unrealized foreign currency exchange gain |  |  | (7743963) | (49387) |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 6787500 |  |  |  |
| &nbsp;&nbsp;&nbsp;Other non-cash income | (53186243) | (2572426) | (165310) | (1054) |
| &nbsp;&nbsp;&nbsp;Deferred tax expense | 5198043 | (37441597) | 50589351 | 322636 |
| Changes in operating assets and liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | (140305194) | (100804801) | (221332269) | (1411558) |
| &nbsp;&nbsp;&nbsp;Inventories | 4738514 | (7121445) | 2288702 | 14596 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | (15384821) | (74376336) | 23960671 | 152810 |
| &nbsp;&nbsp;&nbsp;Long-term deposits | (12472270) | (13114365) | 190484 | 1215 |
| &nbsp;&nbsp;&nbsp;Amount due from a director |  | 33577065 |  |  |
| &nbsp;&nbsp;&nbsp;Other current assets | (5694167) | (5887422) | (3837842) | (24476) |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 5943850 | (11766167) | (5380193) | (34312) |
| &nbsp;&nbsp;&nbsp;Accounts payable | 40249686 | (3215853) | 28567586 | 182191 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 324832914 | (86514627) | 51255854 | 326887 |
| &nbsp;&nbsp;&nbsp;Contract liabilities | (2561454) | 19842770 | 8648123 | 55154 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 28733 | (1070016) | 22638540 | 144378 |
| &nbsp;&nbsp;&nbsp;Income tax payable | 149480600 | (79952400) | (31875300) | (203286) |
| &nbsp;&nbsp;&nbsp;Amount due to a director |  | 1000000 | (1000000) | (6378) |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 28440743 | 29691091 | (22183453) | (141476) |
| **Net cash provided by operating activities** | 677941896 | 207111394 | 468296003 | 2986582 |
| **Cash flows from investing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash outflow due to reduction in consolidated entities |  | (17257489) |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | (3752431) | (15081600) | (42598215) | (271672) |
| &nbsp;&nbsp;&nbsp;Purchase of intangible assets | (1030000) | (19051500) | (10900000) | (69516) |
| **Net cash used in investing activities** | (4782431) | (51390589) | (53498215) | (341188) |
| **Cash flows from financing activities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payment of finance lease liabilities | (39799863) | (65901913) | (91110980) | (581065) |
| &nbsp;&nbsp;&nbsp;Proceeds from bank loans | 378000000 | 250000000 |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of bank loans | (313451000) | (338785000) | (830785000) | (5298374) |
| &nbsp;&nbsp;&nbsp;Repayment of bond payable | (40000000) | (40000000) | (40000000) | (255102) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of ordinary shares upon IPO |  |  | 658666480 | 4200679 |
| &nbsp;&nbsp;&nbsp;Payment of deferred IPO costs | (5732730) | (151749335) | (133784623) | (853218) |
| &nbsp;&nbsp;&nbsp;Repurchase of treasury stock | - | (12265) | - | - |
| **Net cash used in financing activities** | (20983593) | (346448513) | (437014123) | (2787080) |
| **Effect of exchange rate** | - | - | 7743963 | 49387 |
| **Net increase (decrease) in cash** | 652175872 | (190727708) | (14472372) | (92299) |
| **Cash at the beginning of the year** | **2077106474** | **2729282346** | **2538554638** | **16189762** |
| **Cash at the end of the year** | **2729282346** | **2538554638** | **2524082266** | **16097463** |
| **Supplementary cash flow information** |  |  |  |  |
| Cash paid for income taxes | 10177482 | 236743473 | 144636317 | 922425 |
| Cash paid for interest expenses | 12358975 | 15522155 | 14846154 | 94682 |

---

**Non-GAAP Financial Measures and Reconciliation**

**Adjusted INCOME FROM OPERARIONS**

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Fiscal Years Ended<br> December 31,** | **For the Fiscal Years Ended<br> December 31,** | **For the Fiscal Years Ended<br> December 31,** |
|  | **2024** | **2025** | **2025** |
|  | **JPY** | **JPY** | **US$** |
| INCOME FROM OPERATIONS | 519757261 | 627405815 | 4001313 |
| Plus: listing-related and transformational expenses<sup>(a)</sup> | 24392841 | 64901063 | 413910 |
| Less: litigation-related reimbursement<sup>(b)</sup> | (55935710) | - | - |
| Adjusted INCOME FROM OPERATIONS | 488214392 | 692306878 | 4415223 |

---

(a) Represents
 one-time listing-related and other transformational expenses incurred in connection with our initial public offering and corporate
 transformation initiatives in fiscal years 2024 and 2025. These costs were recognized as expenses in the statement of operations
 and were not recorded as direct deductions from equity.

(b) Litigation-related
 reimbursement received in fiscal year 2024 from the CEO in connection with a dispute involving a former director. As this payment
 represents a non-recurring and unusual item, it has been excluded for normalization purposes.

## Exhibit 99.2

**Exhibit 99.2**

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Full Year 2025 Investor Presentation Leifras Co., Ltd. (Nasdaq: LFS) ｜ April 2026

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1© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. This presentation contains forward - looking statements that reflect our current expectations and views of future events, all of w hich are subject to risks and uncertainties. Forward - looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate str ict ly to historical or current facts. You can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," " pla ns," "will," "would," "should," "could," "may" or other similar expressions in this presentation. These statements are likely to address our growth strategy, financial results and product and development progr ams . You must carefully consider any such statements and should understand that many factors could cause actual results to differ from our forward - looking statements. These factors may include inaccurate assu mptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward - looking statement can be guaranteed and actual future results may vary material ly. Factors that could cause actual results to differ from those discussed in the forward - looking statements include, but are not limited to: assumptions about our future financial and operating results, in cluding revenue, income, expenditures, cash balances, and other financial items; our ability to execute our growth, and expansion, including our ability to meet our goals; current and future economic and po lit ical conditions; our capital requirements and our ability to raise any additional financing which we may require; our ability to attract customers and further enhance our brand recognition; our ability to hi re and retain qualified management personnel and key employees in order to enable us to develop our business; trends and competition in the sports instruction services industry and the social support service s i ndustry; and other assumptions described in this presentation underlying or relating to any forward - looking statements. We describe certain material risks, uncertainties and assumptions that could affect our business, including our financial con dit ion and results of operations, under "Risk Factors" in our annual report on Form 20 - F (the "Annual Report"), we filed with the U.S. Securities and Exchange Commission (the "SEC"). We base our forward - looking stat ements on our management's beliefs and assumptions based on information available to our management at the time the statements are made. We caution you that actual outcomes and results may, and are li kely to, differ materially from what is expressed, implied or forecast by our forward - looking statements. Accordingly, you should be careful about relying on any forward - looking statements. Except as requir ed under the federal securities laws, we do not have any intention or obligation to update publicly any forward - looking statements after the distribution of this presentation, whether as a result of new information, future events, changes in assumptions, or otherwise. The forward - looking statements made in this presentation relate only to events or information as of the date on which the statem ents are made in this presentation. Except as required by law, we undertake no obligation to update or revise publicly any forward - looking statements, whether as a result of new information, future events, o r otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. You should read this presentation, along with the Annual Report and the documents that are filed as exhibits to the Registrat ion Statement, carefully and with the understanding that our actual future results may differ materially from what we currently expect. Forward - Looking Statements

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2© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. 2. Executive Summary 3. 2025 Full - Year Consolidated Financial Results 4. Growth Strategy 5. Consolidated Financial Position 6. Capital Allocation 7. 2026 Full - Year Consolidated Financial Forecast 8. Appendix INDEX

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3© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Corporate philosophy/history With the corporate philosophy of " To change and design sports ," we practice "sports and social business" to address various social issues through sports. ２００ 0 ～ ２００５～ ２０１０～ 2015 ～ ２０２０～ ※ 1 （ FY ２０２５） Founded in 2001 Started sports school business FY2005 10,000 members FY2009 2 0,000 members FY2014 40,000 members FY2013 Started School club support business FY2023 60,000 members FY2024 70,000 members FY2020 Large - scale club activity project contract (Nagoya City elementary school) FY2012 30,000 members FY2021 50,000 members ※ 1:Performance comparison for the same period from FY23 onwards (US GAAP)

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4© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Business Model Sports School Business Social Business ● Service details We provide a unique sports service that cultivates the " non - cognitive skills " that are emphasized in modern education. Based on our teaching philosophy of "acknowledge, praise, encourage, and motivate," we offer a training program that integrates physical and mental growth, focusing not only on developing sports skills, but also on greetings, etiquette, leadership, cooperation, self - management, and problem - solving skills. ● Revenue sources ・ School fees (monthly fee, enrollment fee, annual fee) ・ Event participation fee ● Service details Our social business consists of two main types of projects: the " School Club Support " and " After - School Daycare Services ." Our club activities project works in collaboration with local governments and schools and involves coaching and running club activities primarily at elementary and junior high schools. Our after - school day care services project supports the independence of children with developmental disabilities through sports. ● Revenue sources Mainly business outsourcing contract fees We operate our business in two segments: "Sports School Business" and "Social Business." ● Sales ratio ● Sales ratio 27 ％ （ FY ２０２５） ７ 3 ％ （ FY ２０２５） Compared to FY2023 ＋ 3 ％ （ FY ２０２３：２４％）

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5© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. INDEX 1. Company Profile 3. 2025 Full - Year Consolidated Financial Results 4. Growth Strategy 5. Consolidated Financial Position 6. Capital Allocation 7. 2026 Full - Year Consolidated Financial Forecast 8. Appendix

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6© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. 3,114 4,415 FY23 FY24 FY25 1,565 2,670 2,796 FY23 FY24 FY25 2,523 3,315 4,001 FY23 FY24 FY25 59,337 65,878 74,798 FY23 FY24 FY25 66,412 70,663 70,688 FY23 FY24 FY25 Financial Highlights (in thousands of USD) USD figures are based on JPY to USD ¥156.80=$1.00 Growth in both businesses led to record highs in both revenue and profits. Net income Sports school members Contracted club activities Net revenue Adjusted income from operations ※ ２ Income from operations 2008 1971 2120 FY23 FY24 FY25 \* 1:Performance comparison for the same period from FY23 onwards (US GAAP) \*2: Adjusted Income from Operations : Introduced as a performance management indicator representing the profitability of the cor e business. Adjusted Income from Operations = Income from operations + IPO costs - Compensation (in thousands of USD) (in thousands of USD) (in thousands of USD) (members) (Clubs) Non - GAAP financial measures not presented for periods prior to Fiscal Year 2024. YC1 YC2

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7© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Financial Highlights \| Supplementary Explanation Items Main factors Foreign exchange losses recorded due to revaluation of foreign currency - denominated assets As a result of our Nasdaq listing, we incurred exchange rate losses on our foreign currency - denominated assets, which were recorded as non operating expenses. Please note that this loss is an accounting treatment based on the exchan ge rate at the end of the period, and its impact on actual cash flow and core business growth is limited. Net income FY24 - FY25 Factors: +4.7% Net Income Strategic allocation of human resources in response to the re - contracting of Nagoya City club activities projects and the new consignment of other large club activities projects In the second half of 2024, following the collapse of the previous contractor three months after the contrac t was signed, the company was asked by Nagoya City to urgently take over the club activity projects (6 wards). Furthermore, in t he first half of 2025, the company also secured new large - scale projects in Suita City and Shibuya Ward. Because human resources were concentrated on these projects as top priorities, the number of new school openings was temporarily suppressed. However, the tra ck record of successfully completing these projects was highly praised by local governments nationwide, leading to an increa se in the number of schools under contract and the establishment of an overwhelming advantage in this field. Termination of an Affiliate Contract In the first half of 2025, a contract was terminated by one affiliate, resulting in a certain number of members withdrawing f rom the school operated by the affiliate, resulting in a decrease in the overall number of members at affiliated stores. Number of sports school members FY24 - FY25 Factors: +0.04% sports school members Contract Review Following Commissioning from the Japan Sports Agency (Compliance Measures) In April 2024, we were commissioned by the Japan Sports Agency to undertake the "FY2024 Regional Sports Club A ctivity System Development Project." In order to prevent conflicts of interest in participating in an important national proj ect , we have temporarily terminated contracts with some local governments. In response to the city's policy regarding the transfer of operations in some areas of Nagoya City's club activity programs Initially eight wards had their operations transferred to other companies. However, as mentioned above, due to t he bankruptcy of the companies to which the operations were transferred, the city took over six wards at its request. As a res ult, the actual decrease was limited to only two wards, maintaining a strong business foundation. Number of c ontracted club activities FY23 - FY24 Factors: decrease number of schools

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8© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Social Business(School club support) Highlights The number of new club activity contracts with local governments is expected to increase. From fiscal 2026 onwards, we aim to further grow our business as a frontrunner, while taking advantage of the strong tailwind of national policy. National policy (Summary of the guidelines for club activity reform) Weekends: All school club activities are planned to be expanded to the community. Weekdays: Resolve various issues and promote reform. 2025 Club Activities: New Contract Results Prefecture Name Period 2026 - 2029 Monbetsu City Hokkaido 2026 - 2027 Muroran City Hokkaido 2026 - 2027 Sendai City Sendai City 2026 - 2027 Shibuya Ward Tokyo 2026 - 2027 Chiyoda Junior and Senior High School Tokyo 2026 - 2027 Waseda University Educational Corporation Tokyo 2026 - 2027 Shinagawa Ward Tokyo 2026 - 2027 Nagoya City Aichi 2026 - 2028 Suita City Osaka 2026 - 2027 Kyoto City Kyoto City 2026 - 2027 Shingu town Fukuoka 2026 - 2027 Shime Town Fukuoka 2026 - 2027 Kagawa Prefecture Junior High School Kagawa Club Activity Reform Portal Site / New Guidelines Regarding Club Activity Reform Summary of the "Comprehensive Guidelines for School Extracurricular Activity Reform and Promotion of Local Club Activities" Philosophy of the Reform • Securing Opportunities , Inclusivity , Local Value Creation Reform Timeline Action plan 2023 - 2025 Reform Promotion Period 2026 - 2028 Reform Execution Period (First Half) 2026 - 2028 Reform Execution Period (Second Half) Holidays Weekends Goal: Realize the transition to local community - based activities for all school club activities Weekdays: Address various issues and promote further reform (the government will first verify feasible activity models).

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9© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. INDEX 1. Company Profile 2. Executive Summary 4. Growth Strategy 5. Consolidated Financial Position 6. Capital Allocation 7. 2026 Full - Year Consolidated Financial Forecast 8. Appendix

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10© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Consolidated P/L Highlights Net revenue, Adjusted income from operations \* 2 , Income from operations and Net income reached record highs \* 1 . YoY change % YoY change FY ２５ FY ２４ FY ２３ (in thousands of USD) 13.5% 8,920 74,798 65,878 59,337 Net revenue 17.6% 3,303 22,102 18,799 14,908 Gross profit 20.7% 686 4,001 3,315 2,523 Income from operations 0.3% 5.3% 5.0% 4.3% Operating profit margin 4.7% 126 2,796 2,670 1,565 Net income 41.8% 1,301 4,415 3,114 Adjusted income from o perations \*2 USD figures are based on JPY to USD ¥156.80=$1.00 \* 1:Performance comparison for the same period from FY23 onwards (US GAAP) \*2: Adjusted Income from Operations : Introduced as a performance management indicator representing the profitability of the cor e business. Adjusted income from operations = Income from operations + IPO costs – Compensation Non - GAAP financial measures not presented for periods prior to Fiscal Year 2024. YC1 AH2 AH3

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11© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Adjusted Income from O perations Adjusted Income from O perations \*1 was 4,565 thousand USD , up 42% year - on - year. Core business profitability grew steadily. FY25 FY24 FY24 Income from operations IPO costs Compensa tion FY24 Adjusted Income from operations FY25 Income from operations IPO costs FY25 Adjusted Income from operations USD figures are based on JPY to USD ¥156.80=$1.00 (in thousands of USD) (in thousands of USD) !(59!) 88 520 30 491 630 718 21,384 3,315 3,114 4,0 01 4,415 414 156 (357) \*1: Adjusted Income from Operations : Introduced as a performance management indicator representing the profitability of the cor e business. Adjusted Income from Operations = Income from operations+ IPO costs - Compensation YC1

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12© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Segment Summary Sports School Business Social Business Stable growth due to increased membership and event attendance Continued high growth due to significant increase in the number of schools FY23 FY24 FY25 ＋ 7.8 ％ YoY 44,918 50,665 54,593 Net revenue Net revenue FY23 FY24 FY25 14,419 15,213 20,205 ＋ 32.8 ％ YoY "Sports School Business" and the "Social Business" achieved steady growth. USD figures are based on JPY to USD ¥156.80=$1.00 (in thousands of USD) (in thousands of USD)

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13© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. INDEX 1. Company Profile 2. Executive Summary 3. 2025 Full - Year Consolidated Financial Results 5. Consolidated Financial Position 6. Capital Allocation 7. 2026 Full - Year Consolidated Financial Forecast 8. Appendix

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14© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. ● ● ● Increase in graduates (withdrawals) due to current members reaching higher grades Issues and factors Strategies and measures Expansion of sports school business We are focusing on enhancing the quality of our class offerings and customer services, to continue being chosen by our customers and expanding market share and strengthening customer attraction, for sustainable growth. Internal environment Quality enhancement E xternal environment ● Growing awareness of the need to protect one's livelihood due to the effects of prolonged price hikes ● The special demand (rebound demand) after the COVID - 19 pandemic has run its course Market Share expansion and b randing s trengthening customer attraction ● ● Differentiation through enhanced branding of the non - cognitive ability measurement system " Milabo " ● ● ● ● ● ● Opening new student - led schools utilizing school facilities through comprehensive partnership agreements with universities and vocational schools ● and alliances with other companies in the same industry that share our philosophy

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15© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Expanding the share of club activities \| Market size and national policy roadmap I 202 3 2024 2025 2026 2027 2028 2029 2030 2031 Reform promotion period 2026 school year will see the start of a "reform implementation period" for club activities. In principle, all club activities held on holidays will be transferred to the local community. TAM \| Club activity market size Our current location \| 2025 results Approximately junior high schools nationwide \*1 Approximately USD Number of contracted schools: 381 Sales: approx. 2 0,000 USD \*1: e - Stat Government Statistics Portal Site/Number of Schools in 2025 \*2: Market Size: Our own calculation method based on past contract performance \*3: Club Activity Reform Portal Site/New Guidelines Regarding Club Activity Reform (This is merely a national plan a nd is not necessarily guaranteed to be implemented) Weekends: All school club activities are planned to be expanded to the community Weekdays: Resolve various issues and promote reform. Reform implementation period

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16© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Expanding the share of club activities \| Market size and national policy roadmap II 202 3 Results 2024 Results Scheduled for 2025 Scheduled for 2026 2027 ～ The Japanese government has announced that it plans to transfer "more than 30%" of holiday club activities to local communities and the private sector in fiscal 2026. \*1 [ Source ] Survey on the status of club activity reform efforts (Agency for Sports and Agency for Cultural Affairs) 4.7 % (6,049 copies) 8.5 % (10,910 copies) 16.6 % (21,208 copies) (38,954 copies) Regional club activity development ratio across Japan and plans for \* Ratio of local club activities across Japan (number of local club activities: number of clubs) \* The percentage is calculated based on Reform promotion period (demonstration experiment) \*1: Club Activity Reform Portal Site/New Guidelines Regarding Club Activity Reform (This is merely a national plan a nd is not necessarily guaranteed to be implemented)

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17© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. ● ● ● ● ● Number of school clubs managed : ● Repeat rate (continuation rate) from local governments: 89% ● Collaboration with local governments (cumulative total from 2013 to 2025) • P refectures : (47 prefectures nationwide) • Special ward : (all 23 wards in Tokyo) ● Business areas: ● of sports instructors (full - time employees): ● of club activity instructors (part - time employees): ● Training through unique programs and thorough supervision by the general manager ● Achievements in safety management • Since accepting club activities in 2013, there Expanding share of club activities business \| Competitive advantage I (barriers to entry) We have built up a barrier to entry through our established "trust, track record, and know - how" and our overwhelming "instructor platform" that is unique to our company. Competitive Advantage (Barriers to entry)

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18© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Japan Private Education Council Expanding the share of club activities \| Competitive advantage II (Network with the national government) Nippon Sport Policy Commission Japan Sport Association (JSPO) A strategic think tank and lobbying organization that proposes national sports policies and promotes industrialization A unified organization of the Japanese sports world that works to create an environment for "watching," "playing," and "supporting" sports. Japan Private Education Council An organization that brings together organizations representing various fields of private education to promote social contribution for children and contribute to the development of private education. Representative: Kiyotaka Ito \*1: Club Activity Reform Portal Site/New Guidelines Regarding Club Activity Reform (This is merely a national plan a nd is not necessarily guaranteed to be implemented) \*2: All marks are trademarks or registered trademarks of their respective owners. The display of trademarks herein does not i mpl y that a license of any kind has been granted. Member

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19© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Expanding Market Share in Club Activities \| Human Resources Strategy Enhance human r esources through technology utilizing the increasing value of services due to the spread and evolution of AI. The competitive advantage of the business Human resources strategies utilizing technology ● Value reversal due to the spread of AI ● An absolute reason that only "people" can do. : "Warm and compassionate care" that supports both setbacks and joys. : The passion and aspirations of instructors that drive children's growth. : "Human skills" to resolve unpredictable conflicts between children. "Cognitive abilities (knowledge and logic)" "Routine tasks" "Non - cognitive skills (interpersonal skills)" "Human relations" AI systems (Premiumization) Thorough use of technology [ Recruitment ] High - precision screening of "level of alignment with company philosophy" through data analysis [ Management ] Accumulation of training know - how data and automation of administrative tasks Focusing on "time and energy spent with children." Maximizing customer satisfaction and lifetime value (" LTV") through outstanding service quality. Decreased value All resources generated through AI and systemization will be invested back into "people".

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20© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. ● By offering direct employment and clear career paths, we can continuously attract talented young people. ● by processing approximately 1,000 hiring and terminating transactions per month without delay. ● utilizing a nationwide network of experienced instructors ● The high level of reliability that allows for immediate coverage in case of staff shortages ● With a seamless system that integrates on - site operations and HR, we can quickly respond to the urgent needs of local governments. ● A llows for both by sharing talent within a given area. ● The system of allowing side jobs and concurrent employment ensures the availability of diverse professional talent, including current teachers. ● We are expanding Expanding Market Share in Club Activities \| Human Capital Strategy II By utilizing Japan's only "instructor platform," we are building a scalable human resource base to support the rapid expansion of our business. ● Through comprehensive partnerships with educational institutions (such as Sanko Gakuen), Human Capital Strategy

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21© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Expanding market share in club activity programs \| Strategies by phase Phase 2 will focus on "designated cities" where the balance between population density and market size is optimal. Phase 3 will expand to "nationwide and regional cities." Demonstration experiments and track record building Development into "Government - Designated Cities" Expansion to the whole country and regional cities PHASE 1 PHASE 2 PHASE 3 Target Designated cities Approximately Tokyo 23 wards: Approximately (number of schools not currently under contract) Strategy Scaling to a "City Designated by Government Ordinance" • The know - how gained will be expanded to urban areas. • Maximize recruitment and operational efficiency • A shift from "testing" to "commercialization." Completion Medium to long term ● Target nationwide ● Strategy Infrastructure development throughout the entire country • Utilizing the enhanced operating system from Phase 2 • Introduction of a highly efficient remote and supervisory management model that works even in areas with low population density. ● Achievements schools clubs ● Strategy Business model validation Establishing a revenue base \* This is merely a national plan and is not necessarily guaranteed to be implemented

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22© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Improving operating profit margin \| Factors, measures, and future outlook From the "growth investment phase" to the " margin expansion phase " . 2023 2024 2025 2026 2027 2028 2029 Management Department School Business Social Business ● Improving LTV (monthly membership fees, events, merchandise sales, etc.) ● Cost reduction by opening a school in kindergarten or school facilities ● Increase number of members per employee (increase in classes for younger employees) ● Proof of concept → Convert to full contract to increase ● Expand peripheral revenues (insurance, systems, etc.) ● Reduce costs per project through economies of scale ● Utilize Digital Transformation (DX) / Artificial Intelligence (AI) ● Fixed management costs ● Improving business efficiency From expansion to increased profit density Increase in projects = conversion to profit margin Sales growth = profits source of leverage ・ Club activity demonstration experiment ・ Human resource investment ・ IPO/ management system development LTV of school business ・ Reduce personnel in administrative departments ・ Reduce fixed costs ・ Utilize DX/AI Growth investment phase Margin Expansion Phase \* This is merely a national plan and is not necessarily guaranteed to be implemented

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23© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. INDEX 1. Company Profile 2. Executive Summary 3. 2025 Full - Year Consolidated Financial Results 4. Growth Strategy 6. Capital Allocation 7. 2026 Full - Year Consolidated Financial Forecast 8. Appendix

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24© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Consolidated BS Highlights Maintaining a sound financial base. Net assets are steadily increasing due to the recording of net income. YoY Change % YoY Change FY25 FY24 in thousands of USD 5.1% 1,084 22,149 21,065 Current assets 0.8% 61 7,667 7,606 Fixed assets 4.0% 1,145 29,816 28,671 Total assets - 21.1% - 3,835 14,349 18,184 Current liabilities - 4.1% - 159 3,690 3,849 Fixed debt - 18.1% - 3,994 18,039 22,033 Total liabilities 77.4% 5,139 11,777 6,638 Total net assets 4.0% 1,145 29,816 28,671 Total liabilities and net assets USD figures are based on JPY to USD ¥156.80=$1.00

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25© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Consolidated CF highlights FY 2025 FY 2024 (in thousand of USD) 2,987 1,321 Cash flows from operating activities - 341 - 328 Cash flows from investing activities - 2,787 - 2,209 Cash flows from financing activities 49 - Effect of exchange rate - 92 - 1,216 Increase/decrease in cash and cash equivalents 16,097 16,1 89 Cash and cash equivalents at end of period Cash flow remains strong. A total of 16 million USD was arranged with the aim of flexibly raising funds and strengthening the company's financial position. Arranged project Arranger and agent Lender Use of funds Amount (USD) Working capital Chikuho Bank, SBI Shinsei Bank Chikuho Bank Chikuho Bank Working capital Mizuho Bank, Saga Bank, Fukuoka Bank, Resona Bank Mizuho Bank Mizuho Bank Overview of the syndicated USD figures are based on JPY to USD ¥156.80=$1.00 AH1 AH2

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26© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. INDEX 1. Company Profile 2. Executive Summary 3. 2025 Full - Year Consolidated Financial Results 4. Growth Strategy 5. Consolidated Financial Position 7. 2026 Full - Year Consolidated Financial Forecast 8. Appendix

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27© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. ● Improving corporate value to achieve our mission and social mission of "Changing and Designing Sports" Capital Allocation We will prioritize promoting M&A (growth investment) and aim to improve corporate value through inorganic growth. Purpose Aims of target M & A policy Rigorous investigation and deliberation of consistency with overall strategy, synergy effects, investment rationality, risks and integration issues, etc. Basic Policy ● M&A with the aim of sustainable business expansion and synergy creation. ● All companies acquired in the past have completed PMI as planned. ● Acquired companies have achieved significant growth in collaboration with Leifras . M & A track record \* This is merely a plan and is not necessarily guaranteed to be implemented ● Expansion of business areas and improvement of customer lifetime value (LTV) ● Strengthening of talent acquisition pipelines and efficient improvement of organizational infrastructure ● High value - added and efficient services through the use of technology

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28© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. INDEX 1. Company Profile 2. Executive Summary 3. 2025 Full - Year Consolidated Financial Results 4. Growth Strategy 5. Consolidated Financial Position 6. Capital Allocation 8. Appendix

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29© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. ● With steady business expansion in our school and social businesses, we predict double - digit growth in both sales and operating p rofit. ● This earnings forecast assumes that no business acquisitions, restructurings or legal settlements will be concluded. Consolidated earnings forecast for the fiscal year ending December 2026 USD figures are based on JPY to USD ¥156.80=$1.00 YoY Change % YoY Change FY26 FY25 FY24 （ in thousand USD ） 27.9% 20,865 95,663 74,798 65,878 Net revenue - - - 10.8% 8,110 82,908 33.9% 1,356 5,357 4,001 3,315 Income from operations - - - 13.2% 527 4,528 0.3% 5.6% 5.3% 5.0% Operating profit margin - - - 0.2% 5.5% (High) (Low) (High) (Low) (High) (Low)

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30© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. INDEX 1. Company Profile 2. Executive Summary 3. 2025 Full - Year Consolidated Financial Results 4. Growth Strategy 5. Consolidated Financial Position 6. Capital Allocation 7. 2026 Full - Year Consolidated Financial Forecast

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31© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Adjusted Income from Operations FY ２５ FY ２４ (in thousands of USD) 4,001 3,315 Income from operations 414 156 Plus: listing - related and transformational expenses (a) - - 357 Less: litigation - related reimbursement (b) 4,415 3,114 Adjusted income from operations USD figures are based on JPY to USD ¥156.80=$1.00 (a) Represents one - time listing - related and other transformational expenses incurred in connection with our initial public offer ing and corporate transformation initiatives in fiscal years 2024 and 2025. These costs were recognized as expenses in the statement of operations and were not recorded as direct deductions from equity. (b) Litigation - related reimbursement received in fiscal year 2024 from the CEO in connection with a dispute involving a former d irector. As this payment represents a non - recurring and unusual item, it has been excluded for normalization purposes. Adjusted income from operations is a financial measure that is not calculated in accordance with U.S. Generally Accepted Acco unt ing Principles ("GAAP") (collectively referred to as the "non - GAAP financial measures"), and the use of the terms adjusted income from operations may di ffer from similar measures reported by other companies and may not be comparable to other similarly titled measures.. We believe the non - GAAP financial measure provides investors with useful information with respect to our historical operations. We present the non - GAAP financial measure as supplemental performance measures because we believe it facilitates a comparative assessment of our oper ati ng performance relative to our performance based on our results under GAAP, while isolating the effects of some items that vary from period to period. Specifically, adjusted income from operations allows us to assess our performance without the impact of the specifically iden tif ied items that we believe do not directly reflect our core operations, including non - recurring costs, such as listing - related and transformational expenses, othe r non - recurring income, such as litigation - related reimbursement. The non - GAAP financial measure also functions as key performance indicator used to evaluate ou r operating performance internally, and it is used in connection with the determination of incentive compensation for management, including executive of ficers. YC1 YC2

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32© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Supplementary materials on national policy ① Japan Sports Agency - Club Activity Reform Portal Site / New Guidelines Regarding Club Activity Reform Summary: Overview of the Guidelines for Reform of School Extracurricular Activities 1. Philosophy of the Reform The primary goal is to ensure that students can continue to enjoy sports and cultural activities in the future, despite the rapidly declining birthrate. By shifting from school - based activities to a community - wide support system, the reform aims to create new value and more diverse opportunities for all students. 2. Reform Timeline FY2023 – 2025: Reform Promotion Period FY2026 – 2028: Reform Implementation Period (Phase 1) FY2029 – 2031: Reform Implementation Period (Phase 2) Key Target: Realizing the transition of weekend/holiday activities to community - based clubs, in principle, across all schools during the implementation period starting in FY2026. 1. Key Policies and Certification System Weekends/Holidays: Prioritize the transition to community - based activities. Certification: Municipalities will establish a system to certify "Certified Community Club Activities." To be certified, clubs must meet specific requirements regarding activity hours (e.g., max 3 hours on holidays), rest days, and instructor qualifications. Benefits of Certification: Certified clubs will receive public support (financial aid, priority use of school facilities) and smoother participation in competitions. 2. Implementation and Addressing Challenges Support System: Municipalities take the lead in providing resources, appointing coordinators, and collaborating with private companies and universities. Safety and Standards: Strict measures will be taken to prevent misconduct, including the use of "Japanese version of DBS" (criminal record checks for instructors) and ensuring student safety (heatstroke prevention, etc.).Operational Challenges: Focus areas include securing instructors, finding activity venues, arranging transportation, and ensuring inclusivity for students with disabilities.

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33© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Supplementary materials on national policy ② Japan Sports Agency - Club Activity Reform Portal Site / New Guidelines Regarding Club Activity Reform Summary: Progress Status of Regional Transition for Extracurricular Activities (Weekends/Holidays) 1. Overall Progress Since the "Reform Promotion Period" began in FY2023, the transition of school club activities to the community has been progressing steadily. By FY2026 (the start of the implementation period), it is projected that approximately 30% (30.4%) of all club activities will have transitioned into community - based clubs. 2. Trends in the Number of Club Activities (Sports & Arts/Culture Combined) FY2023 (Actual): 11.2% total (4.7% regional transition + 6.5% regional cooperation). FY2026 (Projected): 36.6% total (30.4% regional transition + 6.2% regional cooperation). Observation: There is a significant shift towards full "regional transition" (becoming community clubs) rather than just "regional cooperation" (such as joint school teams). 3. Number of Participating Municipalities The number of local governments planning to implement regional transitions by FY2026 is increasing sharply: Sports: 1,097 municipalities Arts & Culture: 646 municipalities The data shows a clear upward trend, indicating that the movement to shift school activities to the local community is gaining momentum nationwide.

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34© 2026 LEIFRAS CO., LTD. There is no guarantee that any specific outcome will be achieved. Investments may be speculative, illiquid and there is a ris k o f loss. Past performance is not indicative of future results. Contact Us LEIFRAS Co., Ltd. Investor Relations Department Email: IR@leifras.co.jp