Ichigo Inc.

Hi, everybody. I'm Scott Callan, Chairman of Ichigo. I'm joined today by Dan Morisaku, who is a senior member of our finance team and the head of our global IR. Thank you very much for joining us for the February 2025 Q3 corporate presentation. Let me start with our world-class weightlifting team, but that's okay. I don't know if you know this, but we do have a world-class weightlifting team. The woman on the left is our employee, Hiromi Miyake, who is the Greatest weightlifter in Japanese history. She won a silver medal at the London Olympics, a bronze medal at Rio. She is standing next to Tank Murakami, who was just in the most recent Olympics and took tenth in the world in the 102-kilogram class.

I just love the picture. Forgive me for showing it to you.

It's one of the things that we do. These are not sponsored external athletes. These are employees of Ichigo, and we're super proud of them and proud of. of sending Japanese athletes into the world. Okay, let's jump into it. Page 6, the Q3 summary. Three things. All-in operating profit was down 7% year-on-year. Cash and income down 12%. Cash UPS down 9% because we've been buying back some stock. That's on stock earnings actually heading up 13% year-on-year, so it's the flow earnings that are down. As you know, we're forecasted to be up in the full year. We expect to have a very strong Q4, and everything is going to be good. We're expanding the REIT pipeline, in particular hotels. The hotel REIT is doing very, very well, so it's well-positioned to acquire. The office REIT, as you know, we operate it on behalf, intensively on behalf of the office REIT shareholders. It does the significant value-add work that we also do within the main company, which is this company, 237, and so it is both a buyer and a seller of assets because it sells assets when it's added value and it buys them to create value. So despite that share price being weak, it is also an active acquirer because it's been able to sell assets at very good levels. We're in the midst of an ongoing share buyback. 3.9% share is outstanding. We've executed about half of that since the end of December.