Ichigo Inc.

Strong performance + “record earnings” outlook (with upside) - Year-to-date results (FY26 Feb ending next month; discussing Q3 corporate presentation): business profit +25% YoY, EPS +24% YoY, cash EPS +19% YoY. - Stock earnings +9% and flow earnings +31%. - Management forecasts that the company will “definitively” hit record earnings for the full year, with net income and EPS growth expected. - Upside potential noted: ROE/EPS outlook could benefit further due to buybacks and other capital actions.

Capital return intensified: doubled buyback + treasury share cancellation - Buyback doubled to JPY 10bn (announced “today”). - ~7% of shares cancelled after purchase (treasury shares removed permanently; not re-issued). - Management frames this as structurally driven because Ichigo is highly cash generative and aims to stay capital-efficient; buybacks support EPS growth that is described as structural/permanent. - Dividend: dividend already increased and expected to continue growing going forward.

Earnings durability comes from “stock earnings” (stable) + monetization fees; governance limits forecasting accuracy - Ichigo emphasizes structural profitability: stock earnings overwhelmingly exceed fixed expenses, supported by a 25-year track record through crises (financial crisis, COVID). - In asset management: stock earnings are relatively stable, but performance fees depend on REIT boards’ independent decisions, so they can’t be forecast reliably at the start of the year. - Result: management expects they will beat full-year forecast substantially, because they “crush” it historically once REIT monetizations occur.