Loadstar Capital Kk · TSE:3482
Loadstar Capital Kk — Q3 2026 Earnings Presentation
50 slides from Loadstar Capital Kk's earnings presentation, Oct 30, 2026
Slide 1: Q3 FY2026 Financial Results
Q3 FY2026 Financial Results (Nine Months Ended September 30, 2026) Loadstar Capital K.K. TSE: 3482 October 30, 2026
Slide 2: Mission: Real Estate X Tech to Open Up a New Market
Mission Real Estate X Tech to Open Up a New Market © Loadstar Capital ALL RIGHTS RESERVED 1
Slide 3: Table of Contents
Table of C ontents 01 Highlights P. 3 02 Overview of Financial Results P. 7 03 Business Overview by Segment P. 13 04 Medium-Term Management Plan (FY2025-2027) P. 23 05 Company Profile P. 34 06 Real Estate Market and Our Strengths P. 38 “Loadstar" means Loadstar Capital K.K. “Loadstar Group" means Lo
Slide 4: Highlights
01 Highlights © Loadstar Capital ALL RIGHTS RESERVED 3
Slide 5: Highlights of Q3 FY2026
Highlights of Q3 FY2026 ⚫ Although the sale of a large office building shifted to Q4, the transaction has already closed. In addition, we have entered into a sales agreement for another large property. ⚫ The real estate leasing, asset management and crowdfunding businesses also continued to grow yea
Slide 6: Q3 FY2026 Topics
Q3 FY2026 Topics 1 Acquisition of GRACE Hatchobori We acquired a recently built, highly visible property in close proximity to Hatchobori Station. The property has also obtained the highest rating under BELS (*1) as well as ZEB Ready certification (*2), underscoring its exceptionally high building q
Slide 7: Real Estate Market Outlook
Real Estate Market Outlook ⚫ Amid tight supply-demand conditions in the office market, rents in Tokyo's five central wards have risen 13.7% over the past year, sustaining robust growth that is more than sufficient to absorb the impact of rising interest rates. With investor appetite remaining strong
Slide 8: Overview of Financial Results
02 Overview of Financial Results © Loadstar Capital ALL RIGHTS RESERVED 7
Slide 9: Consolidated Sales and ROE
Consolidated Sales and ROE ⚫ Consolidated sales increased 15% year on year to 33.0 billion yen. ⚫ Despite the impact of rising interest rates, the real estate market remains resilient, supported by inflation-driven rent increases. Consolidated Sales and ROE [Billions of yen] 1Q 2Q 3Q 4Q ROE 37.5% 38
Slide 10: Consolidated Profit before Income Taxes and Cost Controls
Consolidated Profit before Income Taxes and Cost Controls ⚫ The consolidated profit before tax was 6.8 billion yen, down 11.4% year on year, due to the timing shift in the sale of a property. ⚫ Although the profit margin has declined, it is within the expected range. In addition, in anticipation of
Slide 11: Consolidated Statements of Income
Consolidated Statements of Income ⚫ Due to the timing shift in the sale of a property, progress toward our full-year forecast as of Q3 is slightly behind the initial plan. ⚫ In Q4, the sale of one large property has already closed, and a sales agreement has been signed for another large property. EB
Slide 12: Consolidated Balance Sheet
Consolidated Balance Sheet ⚫ The real estate balance is at 113.7 billion yen, the highest on record, maintaining a management foundation that is resilient to inflation. ⚫ We maintain a sound financial position, underpinned by a healthy balance between cash on hand and long-term borrowings, as well a
Slide 13: Return to Shareholders
Return to Shareholders Basic Policy Loadstar strives to improve corporate value and shareholder profit by expanding business performance. Dividend Policy Loadstar aims to provide stable and continuous returns to shareholders, with a target dividend payout ratio of 18% or higher. Although the number
Slide 14: Business Overview by Segment
03 Business Overview by Segment © Loadstar Capital ALL RIGHTS RESERVED 13
Slide 15: Real Estate Investments Platform
Real Estate Investments Mission Real Estate X Tech to Open Up a New Market Real Estate Investments Platform Businesses Corporate Funding Asset Management Crowdfunding Business Digital Securities (ST) Business Business Business OwnersBook OwnersBook+ Investment in real estate using Management of inve
Slide 16: Corporate Funding Business Results (Real Estate Investment)
Corporate Funding Business Results (Real Estate Investment) ⚫ Three properties were sold, resulting in net sales of 24.8 billion yen, up 12% year on year. ⚫ Amid strong office demand, we proactively pursued acquisitions focused on office properties within Tokyo's 23 wards, completing the acquisition
Slide 17: Corporate Funding Business Results (Real Estate Leasing)
Corporate Funding Business Results (Real Estate Leasing) ⚫ Due to the return-to-office trend and the limited new supply of mid-sized offices, rents have risen, resulting in net sales of 2.7 billion yen, up 9% year on year. ⚫ The rental profit margin also maintained a high level. Net Sales (Real Esta
Slide 18: Corporate Funding Business Results (Hotel Operations)
Corporate Funding Business Results (Hotel Operations) ⚫ Net sales from hotel operations were 3.21 billion yen, while operating costs were 3.16 billion yen (including depreciation of approximately 0.5 billion yen). ⚫ Although the competitive and business environment remains challenging, we are workin
Slide 19: Corporate Funding Business Results
Corporate Funding Business Results ⚫ Loadstar actively acquired properties such as offices in Tokyo’s 23 wards, where vacancy rates have declined and rents have risen. The real estate inventory balance exceeded 110 billion yen for the first time. ⚫ While focusing on acquiring offices, we will active
Slide 20: Asset Management Business Results
Asset Management Business Results ⚫ Following Q2, we secured additional large-scale mandates, driving net sales up 94% year on year to 0.8 billion yen, while AUM surpassed 200 billion yen for the first time. ⚫ Loadstar Group will continue to focus on increasing our AUM. Net Net Sales Sales and and A
Slide 21: Platform Businesses
Platform Businesses Mission Real Estate X Tech to Open Up a New Market Real Estate Investments Platform Businesses Corporate Funding Asset Management Crowdfunding Business Digital Securities (ST) Business Business Business OwnersBook OwnersBook+ Investment in real estate using Management of investme
Slide 22: Crowdfunding Business Results
Crowdfunding Business Results ⚫ With the strong real estate market conditions, net sales increased by 12% year-on-year to 0.67 billion yen. ⚫ Operating loans related to OwnersBook increased by 27%, compared to the end of the previous year, to 11.8 billion yen. Net Sales and Operating Loans [Billions
Slide 23: Digital Securities (ST) Business
Digital Securities (ST) Business ⚫ In August, our real estate digital securities investment service, OwnersBook+, launched its first offering as a member of the Loadstar Group. ⚫ This will create new revenue opportunities, including asset management fees, securities brokerage fees, and platform fees
Slide 24: Medium-Term Management Plan (FY2025-2027)
04 Medium-Term Management Plan (FY2025 - 2027) © Loadstar Capital ALL RIGHTS RESERVED 23
Slide 25: Basic Policy
Basic Policy Lead real estate investment through the fusion of Basic Policy advanced expertise and IT, and become a one-of-a-kind independent company. Environmental Response Policy Business Strategy Awareness Population decline and urban areas Accumulation of real estate balance and Concentrated inv
Slide 26: Progress of Management Indicators
Progress of Management Indicators ⚫ To achieve the target sales and pre-tax profit for 2027, we are carefully selecting which properties to sell. ⚫ We aim for an ROE of 25% or higher. Although it may decrease slightly due to an increase in equity capital from profit expansion, it remains at a level
Slide 27: Business Strategy
Business Strategy Corporate Funding Business (Real Estate Investment / Leasing) Expansion of Real Estate Stock ■Business Development■ • While expanding investment in offices, which are attracting renewed attention due to rapidly Appraisal Value improving vacancy rates and rents, Loadstar is also loo
Slide 28: Business Strategy
Business Strategy Asset Management Business Crowdfunding Business Establishing a position as the independent Opening up real estate investment mid-sized asset management company opportunities to individuals Accumulation of AUM (billions of yen) OwnersBook Investment Amount (billions of yen) 300 20 1
Slide 29: Capital Allocation
Capital Allocation ⚫ The majority of cash inflow from operations will be used for growth investments. 有利子負債 匿名組合出資預り金 ⚫ We will accumulate real estate holdings as a future revenue base and expand our balance sheet while maintaining その他負債 financial discipline. 純資産 現金及び預金 有利子負債 Capital Allocation 匿名組合
Slide 30: Enhancement of Corporate Value
Enhancement of Corporate Value We aim to improve ROE/PER through various measures. ➢ Enhancement of IR activities Expected Growth ➢ Strengthening information dissemination Rate PER ➢ Reduction of performance volatility Shareholders’ ➢ Strengthening governance Equity Cost PBR ➢ Discovery of propertie
Slide 31: Increasing PER and Reduction of Performance Volatility
Increasing PER Fostering Expectations for Profit Growth Current Situation While investors have given a certain level of recognition for our high profitability, Assessment it is difficult to say that there are high expectations for future growth. ・Formulation and execution of growth strategies ➢ We a
Slide 32: Incentive Design Based on Share Price Performance
Incentive Design Based on Share Price Performance Directors' compensation system Based on the deliberations and recommendations of the Nomination and Compensation Committee, Fixed Compensation which consists of a majority of independent outside directors, the determination is made considering the co
Slide 33: Shareholder Returns
Shareholder Returns Basic Policy Loadstar strives to improve corporate value and shareholder profit by expanding business performance. Dividend Policy Loadstar aims to provide stable and continuous returns to shareholders, with a target dividend payout ratio of 18% or higher. Dividend Amount and Pay
Slide 34: Corporate Governance Initiatives
Corporate Governance Initiatives 1 Strengthening Governance Strengthening of Corporate Initiatives to Date Governance Structure Outside Officers Ratio of 50% Percentage of Female Officers: 20% Items KPIs (by 2030) Establishment of the Nomination and Conducting Board Evaluation Ratio of Female Compen
Slide 35: Company Profile
05 Company Profile © Loadstar Capital ALL RIGHTS RESERVED 34
Slide 36: Company Profile (as of September 30, 2026)
Company Profile（as of September 30, 2026） Company Name Loadstar Capital K.K Address 1-9-13 Ginza, Chuo-ku, Tokyo, Japan Founded March 14, 2012 Tatsushi Iwano, Paid-in Capital 1.4 billion yen President Stock Listing Tokyo Stock Exchange, Prime Market (3482) Organizational form: Company with the Audit
Slide 37: Reference: Loadstar Group
Reference: Loadstar Group Loadstar Capital K.K. Company Name Business 100% 100% Ownership Group Oversight Ownership Loadstar Investments K.K Loadstar Capital K.K. Corporate Funding, Headquarters Asset Management HDI K.K. 100% Loadstar Investments K.K Crowdfunding Business Ownership Loadstar Funding
Slide 38: Shareholders
Shareholders ⚫ Enhancement of English disclosure materials and distribution of sponsored reports, among other IR initiatives targeting overseas investors, are believed to be one of the factors contributing to the increase in the ratio of overseas institutional investors, which was one of our goals.
Slide 39: Real Estate Market and Our Strengths
06 Real Estate Market and Our Strengths © Loadstar Capital ALL RIGHTS RESERVED 38
Slide 40: Why Central Tokyo Office Buildings Are Our Investment Target?
Why Central Tokyo Office Buildings Are Our Investment Target? ⚫ Tokyo's real estate market offers both scale and liquidity, creating an environment well suited to investment. ⚫ Foreign capital has returned to pre-pandemic levels, pointing to further market expansion. Existing Real Estate Market Real
Slide 41: Why We Focus on Mid-sized Offices in Central Tokyo
Why We Focus Our Investments on "Mid-sized Offices in Central Tokyo“? (Corporate Funding Business) ⚫ Tokyo is home to a large number of small and mid-sized businesses, driving strong demand for mid-size office space, yet new supply in this segment remains scarce, pushing values higher. ⚫ Falling vac
Slide 42: Property Clock
Property Clock ⚫ Japan's major cities are positioned for rental growth across the office, retail and logistics sectors, maintaining a relatively favorable market environment. ⚫ Solid rental growth is expected to drive higher property income, supporting continued appreciation in property values over
Slide 43: Why is Loadstar Strong? (Corporate Funding Business)
Why is "Loadstar Strong"? (Corporate Funding Business) Unrivaled information-gathering capability Confident and swift decision-making ability ⚫ How fast? In certain cases, a Letter of intent can be submitted within one business day of receiving Relationships built over more than 20 years lead to inf
Slide 44: Asset Management Business
Asset Management Business Expertise Strengths at Every Phase, Based on Expertise Solid relationships phase 1 phase 2 phase 3 with investors Acquisition Management Sale Recurring fee business ⚫ Formulating ⚫ Enhancing property ⚫ Formulating exit Expertise in investment value to maximize strategies im
Slide 45: OwnersBook Features 1
OwnersBook Features 1 Differences between Loan-Type and Equity-Type and their business models Loan-Type Funds collected from investors through Loan Lending crowdfunding are lent out with real Real estate (Mortgage) Investors estate as collateral, and investors ¥ 400 million receive dividends from in
Slide 46: OwnersBook Features 2 (Loan-Type)
OwnersBook Features 2 (Loan-Type) A Win-Win mechanism for both investors and borrowers Borrowers Investors Quick origination Financing collateral Small investment Little time & effort is capacity amounts required Faster originations than We can provide loans with a Lending Investment Easy investment
Slide 47: Security Token Market
Security Token Market ⚫ The ST market is expanding rapidly. By the end of 2026, ST outstanding balance is expected to reach approximately 1,053.1 billion yen (1.8 times the previous year-end), and cumulative ST issuance amount is expected to reach about 522.5 billion yen (1.7 times the previous year
Slide 48: Comparison of OwnersBook+ and Other Real Estate Investment Products
Comparison of Digital Securities (ST) "OwnersBook+" and Other Real Estate Investment Products Minimum Inflation Expected Price Sources of Investment Products Investment Liquidity Resistance Return Volatility Revenue Amount Digital Securities Income Gain Several hundred (Security Tokens) ◎ ◎ Relative
Slide 49: Definitions
Definitions Security Tokens (ST) are considered to be representations of rights typically displayed on securities such as stock certificates or corporate bonds, but in the form Security Tokens (ST) of property values (often expressed as 'tokens') that can be transferred using electronic information
Slide 50: Disclaimers
Disclaimers The contents of this document are being supplied to you solely f or your inf ormation and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, f or any purpose without our prior permission. This document is being