Message to Shareholders and Investors
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We would like to express our sincere gratitude for your continued support.

Thanks to your support, we have successfully completed our 13th fiscal year. I would also like to take this opportunity to express our deepest gratitude to all of our shareholders for their generous support.

We have now announced financial results for the second time since publishing Medium-term Management Plan 2026 ("MTMP," hereafter). In MTMP, we targeted revenue of 248 billion yen, gross profit of 41 billion yen, and business profit of 6 billion yen, and achieved them in full, posting revenue of 248.9 billion yen, gross profit of 42.1 billion yen, and business profit of 7.2 billion yen. We were also able to make a significant upward revision to our profit targets.
In FY2021, our 9th fiscal period of operation, we made the first downward revision since becoming a publicly listed company, and in the years since, we have made steadfast efforts to become a market leader and convincingly improve profitability while expanding the market as quickly as possible. These efforts culminated in the fiscal year under review, in which we posted over 7 billion yen in business profit.
Looking back, during the 10th fiscal year we expanded the product lineup and delivered seamless transactions between buyers and sellers at RENOSY, while at ITANDI, we pursued a business alliance with the All Japan Real Estate Federation to address issues cultivating SMBs, and acquired Dangonet, a company that performed strongly with SMBs. During the 11th fiscal year, we fundamentally reevaluated all of our management indicators, as well as our human resource strategy. Then in the 12th fiscal year, we bolstered our performance on the creative and technology fronts, expanding to the United States. Thus, over the past four years, we have implemented a wide array of measures to expand the market and drive profitability enhancements.
I believe FY2025 was the year that the results of those efforts clearly emerged.
This year's results were not achieved because of measures we took this year, nor a coincidental result due to a favorable market; the strategic measures we implemented over a four-year period hit the market, leading to this year's results.
Starting this year, we have also been consciously pursuing a new initiative. This is not just about improving profit and loss, but about enhancing capital efficiency.
Over the past four years, we have been conscious of capital efficiency, but rather than capital efficiency our top priorities have been acquisitions to achieve our vision, the creation of new businesses and enhancing profitability.
In FY2025, we announced the first issuance of dividends since we were publicly listed, and even in our cash allocation strategy we explained that in addition to selecting M&A activities, we would opt to maximize contributions to equity value, including dividends and share buybacks.
As a result, we achieved double-digit ROE of 15% for the first time in five years, and double-digit ROIC of 13% for the first time in five as well.
Going forward, we will maintain an awareness of both profitability improvements and enhanced capital efficiency, driving management practices that not only improve the P&L, but also raise ROIC.
However, this does not mean that stable management will come at the expense of pursuing growth. This is not the case.
As we aim to become a global company, we will continue to make growth-oriented investments, expanding our top line with the aim of achieving a year-on-year growth rate of 30% or higher.

Each year we announce a groupwide slogan. For FY2025, it was "Customer Focus."
Although we also made efforts to improve the customer experience in FY2024, this time we adopted "Customer Focus" out of a desire to fully commit to this goal.
At RENOSY, we created a department known as the Owner Loyalty Center (OLC) to improve owner satisfaction. OLC is a dedicated department specializing in owner support.
We also created the Owner Concierge Division (OCD), a department tasked with improving customer follow-up for sales representatives managing large customer portfolios.
In another initiative, we realized that "real estate sales representative" had too strong a focus on "sales," and renamed the position at RENOSY to "Asset Planner." This reinforces the idea of people focused on carefully planning a customer's asset portfolio. This was not just a name change. We have also formulated "Asset Planner's Tenets," conducted training, and created an Asset Planner qualification testing program. As part of our thorough commitment to improving the customer experience, we don't allow employees to go out into the field unless they pass this test.
In addition to the owner experience, we have also worked to improve the tenant experience. In addition to staffed support services provided year-round, we have also introduced a chatbot-based service layer.
Similarly at ITANDI, we conducted a rebranding due to product and service names being complicated and difficult for customers to understand. Procedures for applying for gas services, which previously required a phone call after submitting a rental application, can now be completed fully online.
Investments in improving the customer experience are not immediately reflected in profitability when viewed in the short term. However, services that fail to address customer experience have not continued to grow in the medium- to long-term.
For this reason, we invest in improving the customer experience so that customers will continue to choose these services in the medium- to long-term.

Our business is not a tech-centric business like Google, Meta or Microsoft.
In the tech-complete model, a product is created and, although there is a difference between BtoC and BtoB, in either case the service is completed with the product alone.
However, in the real estate sector, problems cannot be solved digitally alone, so the real side and the tech side must work together to create products.
In FY23, we implemented various initiatives, such as introducing a business division system, to promote the integration of real and tech. However, as this cannot be achieved overnight, in FY25 we worked to further strengthen this area.
Specifically, we have been holding weekly business reviews in which real estate and tech managers meet to confirm KPIs, launching a project called the Unity Project to quickly resolve real side's issues with the tech side, and hosting an event called RENOFARE where all real and tech members gather to share strategies. With these as the core pillars, in order to strengthen collaboration between RENOSY and ITANDI, we introduced ITANDI's new product, the "ITANDI rental management" core system set, to RENOSY ASSET MANAGEMENT in FY2025. RENOSY ASSET MANAGEMENT is engaged in property management business and is the management company that represents ITANDI's largest customer segment, so this represents a fusion of RENOSY and ITANDI, and of the real and tech.

In a new initiative at RENOSY, we are working to further expand recognition to make asset formation via real estate a common practice.
In Japan, the conventional term "property investment" carries a vague and somewhat unfavorable image, making it hard for people to clearly grasp what it involves.
For that reason, to change the concept of the term "property investment," we rebranded it as "AI property investment," promoting broader recognition of what it entails.
We have developed the brand concept by thoroughly analyzing customer needs to ascertain what kinds of customers are in the market, and where.
From FY2026, we will reflect those research results to launch RENOSY's first large-scale mass-media advertising strategy.
I think this represents a key first step for RENOSY to make asset formation via real estate a common practice.
In addition, until now we have been working to expand our services through a combination of real estate and technology, but I believe we are heading into an era in which both real estate and finance will be integrated with technology.
Traditionally under capitalism, those who already possess assets tend to further build their capital. RENOSY aims to create a world in which a diverse range of people can grow their assets.
As part of this effort, in FY2025 we focused on the area of finance in particular. Specifically, this involves enabling a broad range of people to purchase high-value real estate in fractional shares, rather than limiting the benefits of valuable real estate to the wealthy. In FY2025 we focused on the area of finance to help realize that world.
In FY2026, we want to bring that concept to fruition.

At ITANDI, we have finally launched our core system and will steadily improve convenience for customers going forward.
Although development was delayed by almost two years, we have been conducting full-scale sales from the summer of FY2025, and installations have been proceeding at a very steady rate.
From checking properties and making reservations to view them to rental applications, contracts, renewals and move-out procedures, technology has made real estate transactions smoother. However, the final core part had been left untouched. With this core system in place, property information and customer information are integrated, leading to greater convenience.
This year, for the first time, we also began monetizing the ITANDI BB marketplace in the form of an advanced plan.
To further enhance convenience for management companies going forward, we are also considering taking on the challenge of BPO services that cover entire operations rather than simply having them adopt our SaaS tools.
This is because the Japanese real estate industry in particular is experiencing a serious labor shortage, and we often hear that customers even lack the people to make use of SaaS tools in the first place.
As RENOSY ASSET MANAGEMENT already operates a property management business in this field, we believe we are in a position to solve the issues faced by SMBs at a fundamental level.

In FY2025, we achieved profitability on a monthly basis in the US Business for the first time.
While our focus on domestic operations remains unchanged, growth in the US Business is essential.
In FY2025, I personally traveled to the US for around two months as part of active efforts to acquire property management companies, change the organizational structure, transform the business model and develop a new corporate culture.
Despite the many issues we face, property investment is still not a common practice even in the US. There are no market leaders, and the introduction of technology also lags behind.
There are very few examples of Japanese companies, particularly venture companies, making successful expansions in the US.
I believe that is why many investors were concerned when we entered the market last year. In FY2025, we achieved profitability on a monthly basis, and in FY2026 we are aiming to achieve profitability over the full year.
As this was our first foray into the US, despite our cautious preparation, there were things that differed from our expectations.
However, I believe we avoided a major downturn because the broad strokes of the strategy we initially laid out worked as intended:(1) Enter the market with a recurring revenue business model(2) Leverage the strengths of our existing businesses(3) Avoid acquisitions with high valuations
Because we held to the above principles, even when faced with outcomes that diverged from our expectations, we were able to achieve profitability on a monthly basis, and I believe we have advanced to the stage where full-year profitability is in sight for FY2026.
Business practices vary by country. The areas that need localization must be addressed. 
However, as this is about a Japanese company, not a US company, expanding globally, I believe we should advance the strengths of the GA Technologies Group to bridge the differences with Japan, both in terms of business and culture.
Toyota Motor Corporation, one of Japan's leading companies, took "KAIZEN," a key element that reflects how it operates and its corporate culture, and successfully established it as a global practice, using the original term "KAIZEN" as-is.
The Japanese word “熱狂” is a core element of our corporate culture and values, and we intend to spread it globally as "Nekkyo" instead of replacing it with an English equivalent.
Companies like Toyota and Sony that supported postwar Japan have succeeded globally, but I believe it is the venture companies established after 2010 that will truly make significant contributions to the Japanese economy by competing globally, and that is why we will continue to boldly take on the challenge of operating in the United States.

We have over 1,600 employees, and to once again ensure that we are aligned on the same vector, we undertook revisions to OUR AMBITION.
Our previous mission lacked elements that strongly reflected our purpose. With the revisions, we added a purpose and mission to incorporate these elements, going from "inspire people with technology and innovation" to "spark excitement and inspiration by fusing technology with innovation to propel the world forward."
We also revised our management vision and human resources vision.
 In FY2025 we made further improvements to our off-the-job training program, and in addition to logical management training, we have made even greater efforts to cultivate our human resources with leadership training I personally administer, along with training programs in which all employees take part.
It is often said that business growth outpaces the growth of people and organizations at venture companies, resulting in people and organizational structures that have not been cultivated to the fullest extent.
If we only look at the short-term aspects, committing only to business growth might be a smart strategy.
However, as with our approach to improving the customer experience, I believe that medium-term growth is only possible through proper investment in the growth of people.

In FY2026, we are targeting sales of 323 billion yen, gross profit of 54.1 billion yen, and business profit of 10 billion yen.
 We also aim to generate net revenue of 55.9 billion yen. As we aim to bring about innovation with technology, while we don't aspire to be the top player in the real estate industry, we would rank 10th among publicly listed real estate companies if sales exceed 300 billion yen.
Since the average age of the top 20 companies is 63 years(Note 1), I believe ranking 10th represents remarkable growth for a company that was founded 13 years ago.
What's more, we are ranked not as a traditional real estate agency but as a PropTech company.
There is a general premise that if a company's sales exceed 300 billion yen, the value of its real estate inventory will be around the same level. In our case, however, that figure is closer to 20 billion yen.
That is because the cash conversion cycle (CCC) generally exceeds 300 days(Note 2) in real estate transactions, but at GA Technologies, we have achieved the exceptional level of just 16 days.(Note 3)
This is another area where the leveraging of technology has driven financial efficiency.

Finally, I would like to talk about how the utilization of AI is also a top priority in the real estate industry.
With AI replacing functions across a growing range of fields, I believe it will become increasingly important for people and companies to work out how to adapt to those changes so that they are not left behind.
Even as AI technologies evolve, "data" will become all the more important. One of the reasons for the difficulty in introducing technologies in the real estate field is that not everything can be done completely digitally. That is why almost no companies possess sufficient data.
GA Technologies does not operate solely as a media company with real estate portals. Media alone cannot gather primary data. RENOSY operates as a fully integrated one-stop model, while ITANDI is able to acquire primary data through the provision of SaaS tools. Both of these businesses possess a wealth of data that is extremely important for AI utilization.
It is precisely because the real estate industry faces labor shortages and requires the development of operations for its physical business that the utilization of AI is so important. That is why I believe there is ample room for the introduction of AI in this industry. As a leading company in this field, we hope to propel the world forward.
In FY2026, all of us will remain committed to realizing OUR AMBITION.