Exhibit 99.3

Key Financial Performance Indicators

Revenue

Our revenue is primarily derived from real estate business including condominium renovation, and real estate development, and hotel management and accommodation business.

Occupancy rate

The occupancy rate is calculated by dividing the number of rooms utilized by the total number of rooms available. The Company utilizes revenue per available room as a key performance indicator.

Average daily rate

The average daily rate is calculated by dividing the total sales by the number of rooms utilized. We set the hotel room rates based on a number of factors, including local market conditions with reference to room rates set by competitors, recent occupancy rates, and seasonal occupancy fluctuations.

Cost of revenue

Our cost of revenue is primarily comprised of the costs to purchase units, construction costs, and capitalized interests.

Gross profit and gross profit margin

Gross profit is the difference between our revenue and cost of sales. Gross profit margin is the profit expressed as a percentage of revenue.

Selling, general and administrative expenses

Selling, general and administrative expenses are primarily comprised of personnel costs for general corporate functions and sales and marketing staff, brokerage fees, advertising expenses, taxes and dues, and outsourcing fees.

Operating profit and operating profit margin

Operating profit is the difference between our revenue and cost of revenue and selling, general and administrative expenses. Operating profit margin is the profit margin as a percentage of revenues.

Other income (expenses)

Other income (expense) is comprised of interest expenses and other income (expenses), in which, from time to time, we have non-recurring, non-operating gains and losses that are reflected through other income (expense).

A. Operating Results

Results of Operations

Comparison of Results of Operations for the Six Months Ended September 30, 2025 and 2024

The following table sets forth our statements of operations for the six months ended September 30, 2025 and 2024:

Revenues

Revenues decreased by JPY120,130 thousand or 1.3% year-over-year to JPY10,324,388 thousand ($69,773 thousand) in the six months ended September 30, 2025 from JPY10,518,468 thousand in the six months ended September 30, 2024. The decrease was primarily driven by the following factors:

Cost of Revenues

Cost of revenues decreased by JPY639,817 thousand or 7.3% year-over-year to JPY8,128,849 thousand ($54,936 thousand), which reflects the lower direct costs associated with the lower revenue during the six months ended September 30, 2025.

Gross Profit and Gross Profit Margin

Gross profit was JPY2,195,539 thousand ($14,837 thousand) during the six months ended September 30, 2025, compared to JPY1,749,802 thousand during the six months ended September 30, 2024. Gross profit margin was 21.3% during the six months ended September 30, 2025, compared to 16.6% during the six months ended September 30, 2024.

Selling, General and Administrative Expenses (“SG&A expenses”)

SG&A expenses increased by JPY234,294 thousand or 21.8% year-over-year to JPY1,311,386 thousand ($8,863 thousand), primarily due to:

Interest expenses

Interest expenses increased by JPY16,702 thousand or 15.2% year-over-year from JPY109,535 thousand to JPY126,237 thousand ($853 thousand), resulted from the higher average loan balance during the six months ended September 30, 2025.

Other Income, net

Other income was JPY5,301 thousand ($36 thousand) during the six months ended September 30, 2025 compared to JPY5,871 thousand during the six months ended September 30, 2024 and remained relatively at the same level.

Net Income

As a result of the foregoing, the net income was JPY494,419 thousand ($3,340 thousand) during the six months ended September 30, 2025, compared to JPY369,155 thousand during the six months ended September 30, 2024.

B. Liquidity and Capital Resources

Cash Flows/Liquidity

Cash flows for the six months ended September 30, 2025 and 2024

As of September 30, 2025 and March 31, 2025, we had cash of JPY1,161,203 thousand ($7,848 thousand) and JPY2,120,515 thousand, respectively. Liquidity is a measure of our ability to meet potential cash requirements. We generally funded our operations with cash flow from operations and, when needed, borrowing from financial institutions. We expect that our working capital will be sufficient to fund our operating expenses and cash obligations for at least the next 12 months, although our ability to continue as a going concern depends upon our ability to attract and retain revenue generating customers, acquire new customer contracts, and secure additional financing. In the long-term, or beyond the next 12 months, we plan to finance our operations primarily through cash from operating activities, borrowing from financial institutions, private placement of capital stock, and/or other available equity financings, depending upon market conditions, among other considerations. We have no other material unused source of liquidity.

Operating Activities

Net cash used in operating activities decreased from the cash inflow of JPY1,893,159 thousand during the six months ended September 30, 2024 to the cash outflow of JPY1,540,712 thousand ($10,411 thousand) during the six months ended September 30, 2025. The decrease was primarily due to the increase in inventories and long-term prepaid expenses in the six months ended September 30, 2025.

Investing Activities

Net cash used in investing activities decreased from the cash outflow of JPY364,205 thousand during the six months ended September 2024 to the cash outflow of JPY84,720 thousand ($571 thousand) during the six months ended September 30, 2025. The decrease was primarily due to the long-term investment we acquired in the six months ended September 30, 2024 which was a non-recurring activity and did not happen in the six months ended September 30, 2025.

Financing Activities

Net cash provided by financing activity increased from the cash outflow of JPY2,112,534 thousand during the six months ended September 30, 2024 to the cash outflow of JPY667,288 thousand ($4,511 thousand) during the six months ended September 30, 2025, mainly due to the increase in borrowing from long-term loans.