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Overview

Real Estate

Sun Frontier Fudousan Co.,Ltd.

Sun Frontier Fudousan is a Tokyo-centric real estate company specializing in the acquisition and value-add repositioning ('replanning') of existing office buildings in central Tokyo, which are then sold to building owners and investors, supported by ongoing property management services. The company also operates a comprehensive real estate services platform encompassing property management, building maintenance, leasing brokerage, rent guarantee, and rental conference room businesses. In addition, the company develops and operates hotels under proprietary brands including 'Hiyori Hotels & Resorts' and 'SkyHeart Hotel,' pursues regional revitalization projects, and conducts overseas real estate development in New York (residential replanning) and Vietnam (high-rise condominium development).

Market Cap

¥124B

US$792M

¥212B

US$1.35B

Stock¥2,171▲+1.16%

US$1 = ¥156.80 (2026-10-23)

LTM EV/EBITDA

7.1

LTM EV/EBIT

8.2

LTM PER

7.8

LTM PBR

0.9

Stock vs TOPIX (1Y, base=100)vs TOPIX ▼-27.9%pt

Oct 24, 25 – Oct 23, 26StockTOPIX

MC → EV Bridge

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Performance & Balance

Revenue 5Y (¥B)

EBITDA 5Y (¥B)

Net Income 5Y (¥B)

Capital Structure

51%

49%

EquityD/E 0.96xDebt

Liquidity vs Debt 5Y (¥B)▼ Net Debt

CashInv. Sec.Debt

Shareholders

Top 10 hold 62.5%

as of 2026-03-31 · Source: Annual Securities Report

Hoon Co., Ltd.

40.49%

AAGS S5,L.P.

6.08%

The Master Trust Bank of Japan, Ltd. (Trust Account)

5.77%

Custody Bank of Japan, Ltd. (Trust Account)

3.50%

JP JPMSE LUX RE CITIGROUP GLOBAL MARKETS L EQ CO (Standing Proxy: MUFG Bank, Ltd.)

1.46%

JPMorgan Securities Japan Co., Ltd.

1.34%

NOMURA INTERNATIONAL PLC A/C JAPAN FLOW (Standing Proxy: Nomura Securities Co., Ltd.)

1.07%

STATE STREET BANK AND TRUST COMPANY 505001 (Standing Proxy: Mizuho Bank, Ltd.)

0.95%

THE BANK OF NEW YORK MELLON 140044 (Standing Proxy: Mizuho Bank, Ltd.)

0.95%

SBI SECURITIES Co., Ltd.

0.84%

Management

10 officers

Tomoaki HORIGUCHI

Representative Director, Chairman

Mar 1990 Representative Director, President, Sun Frontier Co., Ltd. (merged entity) Apr 1999 Established the Company; Representative Director, President Aug 2015 Representative Director, Sun Frontier Hotel Management Co., Ltd. (current) Nov 2017 Representative Director, Sun Frontier Sado Co., Ltd. (current) Jun 2018 Representative Director, Sun Frontier Okinawa Co., Ltd. (current) Aug 2018 Representative Director, Oketsu Kanko Taxi Co., Ltd. (current) Apr 2020 Representative Director, Chairman of the Company (current) May 2021 Representative Director, Hotel Ogasado Co., Ltd. (current) Jul 2024 Representative Director, Oriental Resort Associates Co., Ltd. (current)

1958-04-21

Seiichi SAITO

Representative Director, President

Sep 2005 Joined the Company Nov 2005 General Manager, Administration Division Jun 2006 Director, General Manager, Administration Division Jun 2008 Senior Managing Director, General Manager, Administration Division Jun 2012 Director, Senior Vice President, Senior Executive Officer, General Manager, Administration Division Jun 2014 Representative Director, Senior Vice President, Senior Executive Officer, General Manager, Administration Division Apr 2015 Representative Director, Senior Vice President, Senior Executive Officer, General Manager, Asset Management Division Jun 2017 Chairman, Tokyo Yangguang Real Estate Co., Ltd. (current) Jan 2019 Representative Director, Kowa Kogyo Co., Ltd. (now SF Engineering Co., Ltd.) (current) Apr 2020 Representative Director, President, Executive Officer of the Company (current) Mar 2023 CEO, Sun Frontier NY Co., Ltd. (current)

1960-06-09

Kentaro KAWANISHI

Director, General Manager, Entrusted Asset Management Division

Feb 2008 Joined the Company; Entrusted Asset Management Division, Property Management Business Department Apr 2018 General Manager, Second Property Management Business Department Apr 2020 General Manager, Property Management Business; General Manager, Second Property Management Business Department Jun 2020 Executive Officer Apr 2023 General Manager, Property Management Business; General Manager, Second Property Management Business Department; General Manager, Real Estate Solutions Business Department Apr 2024 Senior Executive Officer, Deputy General Manager, Entrusted Asset Management Division; General Manager, Second Property Management Business Department; General Manager, Real Estate Solutions Business Department Jun 2025 Director (current) Apr 2026 Director, Senior Executive Officer, General Manager, Entrusted Asset Management Division; General Manager, Real Estate Solutions Business Department; General Manager, Sustainability Promotion Office (current)

1980-10-16

Kenji HIRAHARA

Director, General Manager, Administration Division

Apr 2019 Joined the Company; General Manager, Business Planning Department, Administration Division Jun 2020 Executive Officer; General Manager, Business Planning Department Mar 2023 Secretary/Treasurer, Sun Frontier NY Co., Ltd. (current) Apr 2024 Senior Executive Officer, Deputy General Manager, Administration Division; General Manager, Business Planning Department Apr 2026 Senior Executive Officer, General Manager, Administration Division; General Manager, Business Planning Department (current) Jun 2026 Director (current)

1964-08-23

Keitaro OTODO

Director

Nov 2003 Joined the Company Apr 2019 Director, Sun Frontier Space Management Co., Ltd. Apr 2023 Representative Director, Sun Frontier Space Management Co., Ltd. Jun 2023 Group Executive Officer; President, Representative Director, Sun Frontier Space Management Co., Ltd. Apr 2026 Senior Executive Officer, Deputy General Manager, Entrusted Asset Management Division; Representative Director, Sun Frontier Space Management Co., Ltd. (current) Jun 2026 Director (current)

1978-12-06

Kazutaka OKUBO

Director, Audit and Supervisory Committee Member

Nov 1995 Joined Century Audit Corporation (now EY ShinNihon LLC) Apr 1999 Registered as Certified Public Accountant Feb 2005 Managing Director, Shin Nihon Integrity Assurance Co., Ltd. (now EY Shin Nihon Sustainability Co., Ltd.) Jun 2006 Partner, Shin Nihon & Co. (now EY ShinNihon LLC) Jul 2012 Senior Partner, Shin Nihon LLC (now EY ShinNihon LLC) Feb 2016 Managing Partner, ERM Division Leader, EY ShinNihon LLC Jun 2019 Representative Director, President, Okubo Associates Co., Ltd. (current) Jun 2019 Outside Director of the Company Dec 2019 Outside Director, LIFULL Co., Ltd. (current) Feb 2020 Outside Director, Sala Corporation (current) Jun 2020 Outside Director, The Shoko Chukin Bank, Ltd. (current) Jun 2020 Outside Director, Audit and Supervisory Committee Member, Musashi Seimitsu Industry Co., Ltd. (current) Sep 2021 Outside Director, Audit and Supervisory Committee Member, Brainpad Inc. Jun 2022 Outside Director, Audit and Supervisory Committee Member, Sega Sammy Holdings Inc. (current) Jun 2024 Outside Director, Audit and Supervisory Committee Member of the Company (current)

1973-03-22

Keiichi ASAI

Director

Apr 1978 Joined Mitsubishi Corporation Apr 2009 Executive Officer, CEO Office Manager, Energy Business Group Apr 2013 Vice President, Lithium Energy Japan Corporation Sep 2014 President, Representative Director, KH Neochem Co., Ltd. Apr 2019 Retired from KH Neochem Co., Ltd. Jun 2021 Outside Director, Audit and Supervisory Committee Member, Cosmo Energy Holdings Co., Ltd. (current) Jun 2022 Outside Director of the Company (current)

1954-09-29

Hideaki OKAMOTO

Director

Apr 1994 Joined Itochu Corporation Apr 2025 General Manager, Construction & Real Estate Division, Itochu Corporation Jun 2025 Non-executive Director, Itochu Urban Community Ltd. (current) Dec 2025 Outside Director, Paraca Inc. (current) Apr 2026 Executive Officer, General Manager, Construction & Real Estate Division, Itochu Corporation (current) Jun 2026 Outside Director of the Company (current)

1970-05-19

Koichi ISHIMIZU

Director, Audit and Supervisory Committee Member

Apr 1984 Joined Shimizu Corporation Feb 1997 Construction Manager, Tokyo Branch Jul 2007 Chief Construction Manager, Tokyo Architecture Third Business Division, Building Business Headquarters Jul 2008 Site Manager, New Head Office Construction Office Apr 2015 Executive Officer, General Manager, Hiroshima Branch Apr 2017 Managing Executive Officer, in charge of Greater Tokyo Area; General Manager, Tokyo Branch Apr 2020 Senior Managing Executive Officer, in charge of Greater Tokyo Area and Nuclear & Thermal Power; General Manager, Tokyo Branch Apr 2021 Senior Managing Executive Officer, in charge of Kansai Area; General Manager, Yumeshima Project Office Apr 2023 Senior Advisor, Shimizu Corporation Mar 2024 Retired from Shimizu Corporation Jun 2024 Outside Director of the Company Jun 2026 Outside Director, Audit and Supervisory Committee Member of the Company (current)

1958-10-16

Kyoko EDAHIRO

Director, Audit and Supervisory Committee Member

Dec 2009 Registered as attorney-at-law (Tokyo Bar Association) Dec 2009 Joined Makinouchi & Kamiishi Law Office (now Makinouchi Law Office) Jul 2016 Joined Ginza Broad Law Office Jan 2020 Established Toranomon Daiichi Law Office (current) Jun 2024 Outside Director, Audit and Supervisory Committee Member of the Company (current)

1980-06-14

Large Shareholding Reports

SI LLC

2026-08-31

11.60%→11.60%

AAGS Investment, Inc.

2026-05-18

6.18%→5.65%

SI LLC

2026-04-17

11.60%→11.60%

SI Co., Ltd.

2026-04-16

11.60%

AAGS Investment, Inc.

2026-04-16

11.66%→6.18%

ITOCHU Corporation

2026-04-08

9.58%

AAGS Investment, Inc.

2026-03-11

11.66%→11.66%

AAGS Investment, Inc.

2026-03-04

11.66%→11.66%

Hoon Co., Ltd.

2025-12-05

37.96%→43.03%

Annual report (as of 2026-03-31): 40.49%

Hoon Co., Ltd.

2025-12-05

37.96%→43.03%

Correction filing (name/detail fix only) — ratio carried over from the original filing

Annual report (as of 2026-03-31): 40.49%

Hoon Co., Ltd.

2025-12-05

36.83%→37.96%

Annual report (as of 2026-03-31): 40.49%

Disclosures

No disclosures

Primary Source Filings

EDINET

2026-08-31

Large Shareholding Report

Sun Frontier Fudousan Co.,Ltd.

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Sun Frontier Fudousan Co.,Ltd.

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