Fiscal Year Ending December 2025 Financial Summary (REIT)

Overview of Business Results

For the fiscal year ending December 2025, Invincible Investment Corporation recorded operating revenue of ¥28,591 million (up 13.9% YoY), operating income of ¥19,309 million (up 14.0% YoY), ordinary income of ¥16,689 million (up 16.2% YoY), and net income attributable to owners of parent of ¥16,688 million (up 16.2% YoY). Distribution per unit increased to ¥2,186, achieving stable distributions while utilizing retained earnings. The expansion of the hotel portfolio (114 properties, total acquisition price of ¥646,565 million) along with increased occupancy rates and rents for domestic and overseas hotels and residential properties contributed to the business performance improvement. Total assets stood at ¥709,095 million, net assets at ¥354,587 million, and the equity ratio was 50.0%.

Outlook and Strategy

Operating revenue for the fiscal half-year ending June 2026 and full year ending December 2026 is projected to be ¥26,581 million and ¥29,077 million respectively, with net income attributable to owners of parent forecasted at ¥14,354 million and ¥16,369 million. Distributions per unit are expected to remain unchanged at ¥2,186, aiming to stabilize distributions through the use of retained earnings. The external growth strategy involves continuing acquisitions of hotel and residential properties, while the internal growth strategy promotes maximizing revenue and reducing costs through collaboration with hotel operating companies. On the financial front, the Company will work on diversifying debt repayment schedules and funding sources aiming to improve credit ratings. Additionally, the Company is committed to ESG and sustainability initiatives, promoting sustainable operations through obtaining environmental certifications and utilizing green bonds and green loans.