Slides
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July 28, 2025 FY2025 2Q (January - June) IR Presentation Code 3003
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2 Table of Contents Page 03 Executive Summary 3 Financial Highlights (Consolidated) 4 FY2025 2Q Income Statement (Consolidated) 5 FY2025 2Q Segment Performance (Consolidated) 6 FY2025 2Q Balance Sheets (Consolidated) 7 Funding 8 Financial Discipline 9 Key Metrics / Shareholder Return 10 TrackRecord/ Evolutionrespondingto environmentalchanges 11 Page 12 Portfolio Restructuring 13 Vacancy Rate & Rent History 14 Portfolio Distribution Pictures 15-16 Page 27 Stable Core Profits ~Expanding profits on a consolidated basis~ 28 <Expanding profits on a consolidated basis> ① Raysum 29 ② Riso Kyoiku (Kodomo Depart) 30 ③ M&A 31 ④ Tourism-related Business 32-33 <Initiatives for “Hulic in the next 10 years”> ① Narita Logistics Development Project 34 ② Sports and Entertainment Business 35 ③ Others 36 Page 17 Ongoing Projects 18-22 Urban Data Centers 23 R&D Facilities 24 Value-added Business 25 International Business 26 Page 37 Environment 38 Social 39 Governance / External Evaluation 40 Growth Strategy (1) in MT Management Plan Portfolio Restructuring Growth Strategy (2) in MT Management Plan Maximizing profits from completed projects and expanding international investments Growth Strategy (3) in MT Management Plan Achieving profit growth on a consolidated basis Sustainability Initiatives Consolidated Performance Summary Appendix Macro Environment 42-44 MT Management Plan (2025-2027) 45-47 Corporate Value Improvement / Financial Strategy 48 Cash Flow Statements 49 Corporate Profile 50-62
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3 Executive Summary ⚫ Operating profit (“OP”) : JPY75.0 bn, increased JPY6.1 bn (8.9%) QoQ ⚫ Ordinary profit : JPY66.5 bn, increased JPY1.7 bn (2.6%) QoQ ⚫ To-be redeemed JPY120.0 bn hybrid bond has been refinanced by subordinated bond & loan ⚫ Advanced fund procurement amid favorable environment (Issued JPY100.0 bn SB in July) ⚫ Growth investment topped JPY370.0 bn (gross amount) in 1H Additionally, over JPY120.0 bn (gross) are almost confirmed for 2H FY2025 ⚫ Hotels/Ryokans: OP JPY2.6 bn, increased JPY1.1 bn (73%) QoQ THE GATE HOTEL Fukuoka opened in April ⚫ International business: Approx. JPY25.0 bn of investments were confirmed in 1H (cumulative total: JPY63.0 bn). Progressing steadily ⚫ M&A: Started TOB for Koken Boring Machine (6297) and Canadian Solar Infrastructure Fund (9284) ⚫ Narita Logistics Development Project: Decided to develop an international logistics hub “WING NRT”, with Japan Airlines ⚫ Sports & Entertainment business: Began consideration of arena development in Makuhari, Chiba Progressed steadily. Proceeded fund procurement in advance. Narita Logistics Development Project and Arena Development in Makuhari also materialized
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4 63.6 69.5 79.1 94.6 0.0 20.0 40.0 60.0 80.0 100.0 20/12 21/12 22/12 23/12 24/12 25/12 (Billion yen) All profit items were at record-highs Proceeding as planned towards achieving the annual forecasts Financial Highlights (Consolidated) 339.6 447.0 523.4 446.3 0.0 100.0 200.0 300.0 400.0 500.0 600.0 20/12 21/12 22/12 23/12 24/12 25/12 (Billion yen) 68.9 75.0 100.5 114.5 126.1 146.1 163.3 0.0 50.0 100.0 150.0 200.0 20/12 21/12 22/12 23/12 24/12 25/12 (Billion yen) (Billion yen) 95.6 109.5 123.2 137.4 0.0 50.0 100.0 150.0 20/12 21/12 22/12 23/12 24/12 25/12 (TBA) (178.0) (108.0) 102.3154.3 (164.0) Operating Profit Ordinary Profit (Recurring Profit) Profit attributable to Owners of Parent Operating Revenue 591.6 204.8 300.0 66.5 64.8 44.8 44.1 Progressed 42% Progressed 41%Progressed 40%
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5 OP increased 8.9%. Ordinary Profit increased 2.6% despite Raysum M&A fees FY2025 2Q Income Statement (Consolidated) (Million yen) FY24/12 2Q FY25/12 2Q Change (%) Operating Revenue 204,852 300,081 95,229 (+46.4%) Operating Gross Profit 98,261 120,141 21,880 SGA Expenses 29,337 45,086 15,748 Operating Profit 68,923 75,055 6,132 (+8.9%) Non-operating Income 3,318 4,434 1,115 Non-operating Expenses 7,385 12,942 5,556 Ordinary Profit (Recurring Profit) 64,856 66,547 1,691 (+2.6%) Extraordinary Income 5,545 4,120 -1,424 Extraordinary Losses 5,000 2,019 -2,980 Total Income Taxes 21,083 23,568 2,484 Profit attributable to Owners of Parent 44,130 44,893 762 (+1.7%) Major factors for changes Gain on sale of investment securities -1.5 bn Real Estate Business +8.6 bn Hotels / Ryokans +1.6 bn Loss on step acquisitions -2.7 bn Real Estate Business +15.6 bn Hotels / Ryokans +2.5 bn Interest expenses +3.2 bn Raysum M&A fees +1.4 bn
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6 Real estate segment (leasing profit, etc.) increased owing to investment progress Hotels/Ryokans continued to show strong performance. Stable Core Profits 41.5% FY2025 2Q Segment Performance (Consolidated) (Million yen) FY24/12 2Q FY25/12 2Q Change Operating Revenue 204,852 300,081 95,229 Real Estate 180,539 257,335 76,795 Raysum - 37,159 37,159 Insurance Agency (subsidiary) 1,892 1,966 74 Hotels / Ryokans (subsidiaries) 24,984 27,943 2,958 Others 4,482 19,019 14,536 Riso Kyoiku - 15,775 15,775 Elimination / Corporate -7,047 -6,182 864 Operating Profit 68,923 75,055 6,132 Real Estate 72,839 79,713 6,874 Raysum *Pre-goodwill amortization - 4,650 4,650 Insurance Agency (subsidiary) 587 557 -29 Hotels / Ryokans (subsidiaries) 1,532 2,652 1,119 Others 187 -52 -239 Riso Kyoiku *Pre-goodwill amortization - 202 202 Elimination / Corporate -6,223 -7,816 -1,592 % Stable Core Profits*1 40.2% 41.5% Leasing revenue, etc. +9.7 bn Existing / acquired / completed properties +7.1 bn Transfer to real estate for sale -4.5 bn Others +7.0 bn Sales revenue +67.0 bn Increase in occupancy rate / ADR +1.1 bn Leasing profit, etc.*2 +3.3 bn Existing / acquired / completed properties +4.3 bn Transfer to real estate for sale -2.7 bn Others +1.7 bn Sales profit*2 +3.5 bn Major factors for changes *1: Deducting real estate sales profit from consolidated operating profit. Elimination and corporate were allocated to reportable segments and Others. *2: Before allocating elimination and corporate *Change in accounting treatment for development land rents Stable core profits +3.4 bn Real estate sales profit +2.6 bn
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7 Procured fiscal funds in advance amid favorable environment FY2025 2Q Balance Sheets (Consolidated) 24/12 25/6 Change Current Assets 583,864 780,806 196,942 Cash and deposits 134,462 169,700 35,237 Real estate for sale 354,961 365,294 10,332 Real estate for sale in process 49,425 54,992 5,566 Non-current Assets 2,463,680 2,641,938 178,258 Property, Plant and Equipment 1,723,825 1,834,165 110,339 Intangible Assets 216,886 224,201 7,314 Investment Securities 420,487 463,499 43,011 Marketable Securities 174,593 190,952 16,359 Shareholdings/Investments of Affiliated Companies, etc. 245,894 272,546 26,652 Total 3,048,935 3,424,321 375,385 Liabilities 2,192,591 2,556,629 364,038 Borrowings 1,397,089 1,562,406 165,317 Corporate Bonds 473,909 663,623 189,713 Deferred Tax Liabilities 89,978 92,199 2,220 Net Assets 856,344 867,691 11,347 Shareholders’ Equity 769,176 781,909 12,732 Valuation Difference on Available-for-sale Securities 65,506 68,208 2,701 Total 3,048,935 3,424,321 375,385 Major factors for changes(Million yen) Quarterly net income +44.8 bn Cash dividends paid -21.4 bn Elimination upon full consolidation of Raysum -7.5 bn Purchase of treasury shares (BBT) -3.1 bn AssetsLiabilities & Net Assets Real estate investment through SPC, etc. +41.0 bn MTM valuation +5.4 bn Advance fund procurement Redemption (Jul. 2) of HBB +120.0 bn CP issuance +130.0 bn Subordinated bond (refinance)+60.0bn Advance fund procurement+100.0 bn Subordinated loan (refinance) +60.0 bn Land・Buildings +85.6 bn Acquisitions, completions +129.7 bn Transfer -36.6 bn Others -7.5 bn
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8 Refinanced JPY120.0 bn HBB with subordinated bond & loan. Refinanced Raysum related bridge loans to long-term. Kept funding rates within our plan Funding JCR rating AA－ / Stable External Rating Corporate Bonds Short-term Borrowing Capacity Average Funding Cost & Long-term Borrowing Ratio 2020/12 2021/12 2022/12 2023/12 2024/12 2025/6 0.72% 0.71% 0.77% 0.80% 0.84% 1.05% (As of Jun. 30, 2025） （Billion yen） OD limit (unused balance) 154.0 (154.0) CP issue limit (〃) 200.0 (40.0) Added SB limit (〃) 300.0 (240.0) (*) Average interest rate including hybrid finance: Date Coupon rate (%) JPY (bn) Tenor (year) Oct. 22, 2018 6th Straight 0.494 20.0 10 Jun. 25, 2019 8th Straight 0.30 20.0 7 〃 9th Straight 0.40 15.0 10 Jul. 2, 2020 2nd Hybrid 1.28 120.0 35 (NC5) 〃 3rd Hybrid 1.40 40.0 37 (NC7) 〃 4th Hybrid 1.56 40.0 40 (NC10) Oct. 15, 2020 10th Straight (*) 0.44 10.0 10 Oct. 19, 2022 5th Hybrid 1.435 46.0 35 (NC5) 〃 6th Hybrid 1.849 30.0 40 (NC10) Apr. 13, 2023 11th Straight 0.320 40.0 3 Feb. 29, 2024 12th Straight 0.610 13.0 5 Apr. 18, 2024 13th Straight 0.569 30.0 3 〃 14th Straight 0.806 20.0 5 Mar. 6, 2025 7th Hybrid 2.102 60.0 35 (NC5) Jul.10, 2025 15th Straight 1.529 100.0 5 Total (bn) 484.0 (*) Sustainability Linked Bonds 99.9 99.9 99.9 99.8 89.4 92.7 97.9 0.56 0.56 0.57 0.60 0.67 0.86 0.50 1.00 1.50 2.00 0 20 40 60 80 100 20/12 21/12 22/12 23/12 24/12 25/6 Long-term borrowing ratio Average interest rate (*) （％） （％） Due to bridge loans related to the tender offer for Raysum (Raysum adjusted) Redeemed Refinance
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9 Net D/E ratio was 1.8, remaining within our aim despite the temporary increase of interest-bearing debt due to advanced procurement Financial Discipline Safety and Efficiency Financial Discipline 486.4 637.7 686.7 765.6 832.9 848.2 32.7 36.8 37.1 37.9 33.0 30.9 13.4 12.3 11.9 13.0 12.8 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 45.0 50.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 20/12 21/12 22/12 23/12 24/12 25/6 Equity Equity ratio (*) ROE (Billion yen) （％） 1,360.1 1,394.4 1,440.9 1,445.0 1,870.9 2,226.0 1.7 1.3 1.3 1.3 1.6 1.8 9.9 9.0 8.5 7.6 9.1 0.0 2.0 4.0 6.0 8.0 10.0 12.0 0.0 500.0 1,000.0 1,500.0 2,000.0 20/12 21/12 22/12 23/12 24/12 25/6 Total interest-bearing debt Net debt to equity ratio (*¹) Net debt to EBITDA ratio (*¹)(Billion yen) (times) ・50% of hybrid finance in FY2018 (75 bn=JPY150 bn x 50%) was calculated as nominal equity (Since Dec. 2018 to Dec. 2022） ・50% of hybrid finance in FY2020 (100 bn=JPY200 bn x 50%) was calculated as nominal equity（Since Dec. 2020) ・50% of hybrid finance in FY2022/2023 (75 bn=JPY150 bn x 50%) was calculated as nominal equity (Since Mar. 2023) (*¹) ＊ ² ＊ ² (*²) Adjusted temporary duplication of JPY120.0 bn hybrid bond (1st call date July 2nd, 2025) and its refinancing JPY120.0 bn (Jun. 2025)
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10 Dividends per share have been increased for 16 consecutive years since listing Plans to increase dividends to 57.0 yen (+3.0 yen), with a payout ratio of 40.1% Key Metrics / Shareholder Return 88.93 95.23 101.09 104.00 124.36 134.42 141.81 19/12 20/12 21/12 22/12 23/12 24/12 25/12 0.00 20.00 40.00 60.00 80.00 100.00 120.00 140.00 (Yen) 728.31 836.89 902.70 1,006.19 1,093.78 1,117.07 20/12 21/12 22/12 23/12 24/12 25/6 0.00 200.00 400.00 600.00 800.00 1,000.00 1,200.00 (Yen) (Yen per Share) 21.00 25.50 31.50 36.00 39.00 42.00 50.00 54.00 57.00 32.6% 33.9% 35.4% 37.8% 38.5% 40.3% 40.2% 40.1% 40.1% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 0.00 10.00 20.00 30.00 40.00 50.00 60.00 17/12 18/12 19/12 20/12 21/12 22/12 23/12 24/12 25/12 Annual Dividend (Left axis) Payout ratio (Right axis) (forecast) (forecast) EPS (Net income per share) BPS (Book value per share) Dividend History Payout ratio guidance: 40% or higher 28.50
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11 Medium-term Management Plan（2025－2027） Track Record / Evolution responding to environmental changes ROE Average 12.5% Average of other industry players 8.2% Ordinary Profit Growth Average 15.3% Average of other industry players 6.3% Equity Ratio Average 32.4% Average of other industry players 30.7% （Notes:）Average: past 10 years Other industry players: the top three companies in the real estate sector Equity ratio: hybrid finance issued by companies were calculated as nominal equity Top-notch profit growth and ROE in industry. “Balanced Management” Enhance corporate value through consolidated management ROA Average of other industry players 3.5% Average 5.1% ①Portfolio Restructuring ②Maximizing profits from completed projects and expanding international investments ③Achieving profit growth on a consolidated basis Growth Strategy: Responding to this rapidly changing era, create a foundation for new profit pillars with a view to “the next 10 years”, while keeping real estate business as our core business
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12 Portfolio Restructuring Restructure the portfolio to achieve “high profit growth” and “stable core profit increase” Medium-Term Management Plan Growth Strategy (1)
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13 Invested over JPY370.0 bn in 1H. Additional over JPY120.0 bn (gross) are almost confirmed. CRE acquisition progressed. Exchange transaction with Hulic REITs Portfolio Restructuring Major Investment in 2025 (■Assets in focus areas) Settlement Asset type Property summary 1Q Office ■FORECAST Shinjuku SOUTH [1st settlement of two installments] Retail ■PUZZLE GINZA Retail ■2 retail facilities in Ginza area *Mezzanine investment Shopping mall Ario Nishiarai [2nd settlement of two installments] R&D facilities/CRE JFE Minami-watarida North Side of the Northern District Development land CRE Land of 2 properties owned by an educational institution in Tokyo CRE 2 YAMATO TRANSPORT warehouse 2Q Office Hulic Kamiyacho Building (35%) Office JTB Osaka Building (land) Hotel Bulk acquisition (4 hotels) Data Center Data center in Greater Tokyo R&D facilities/CRE Nipro Tokyo CPF (land) Settlement Asset type Property summary In/After 3Q Office ■Office in Shibuya ward Office ■FORECAST Shinjuku SOUTH [2nd settlement of two installments] Office Office in Tokyo 5 wards Development land (Office) Office development land in Tokyo 5 wards Office Office in Greater Tokyo Shopping mall Luz Musashikosugi Hotel Hotel in Tokyo 5 wards (land) Senior living Senior living in Tokyo 23 wards Others Major properties sold Reasons to sell Property name Asset type Sold date Portfolio reshuffling (reasons to divest: earthquake resistance, value added, etc.) 3 office buildings Office Mar. 2025 OS Tsukiji Building Office May. 2025 Sponsorship to Hulic J-Reit, Hulic Private Reit / Funds, etc. Hulic Shinjuku Building (41%) Office Jun. 2025 Review of development plans 2 development land Development land Mar. 2025
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14 HULIC vacancy rates continued to stay below 1% Average rent decreased due to progress in reconstruction, etc. Vacancy Rate & Rent History 5.4 4.0 3.6 3.1 1.8 1.5 4.4 6.3 6.4 6.0 4.0 3.3 0.7 0.9 0.3 0.4 0.4 0.2 0.6 0.5 0.6 0.4 0.2 0.4 0.6 1.3 0.4 0.6 0.4 0.1 0.8 0.7 0.9 0.7 0.3 0.6 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 0 5,000 10,000 15,000 20,000 25,000 30,000 2014/12 2015/12 2016/12 2017/12 2018/12 2019/12 2020/12 2021/12 2022/12 2023/12 2024/12 2025/6 Hulic Office in Tokyo 5 wards Market average in Tokyo 5 wards Market average in Tokyo 5 wards All Hulic Hulic in Tokyo 23 wards Hulic 5 wards 25,147 24,510 24,970 25,242 25,628 27,858 28,393 28,119 28,478 27,334 28,415 27,318 Tokyo 5 wards 16,953 17,692 18,540 19,173 20,887 22,206 21,999 20,596 20,059 19,748 20,296 20,877 Osaka 6 wards 11,123 11,114 11,051 11,267 11,423 11,794 11,925 11,796 11,872 11,976 12,170 12,340 23,207 23,691 23,105（The average of all Hulic buildings) Average office rent (yen/tsubo) （Average rent: yen per tsubo=3.3㎡） (Vacancy rate:％） ・MKT average data: MIKI SHOJI “Office Data by regions” (Tokyo Business District building with more than 100 tsubo as a base floo r space) ・Hulic vacancy data excluded refurbishing spaces, leasing floor space within 1 year from completion and real estate for sale ・Hulic’s rent data: period-end monthly rent income ÷ period-end contracted floor, excluded hotel / ryokan, single -tenant lease and real estate for sale
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15 Net leasable area (including leased land area) expanded reflecting steady investment Portfolio Distribution Pictures 5 min or less 72% Property Age (for all assets)Walking Distance from Train Stations (for office building, etc.) Distribution of portfolio (for office building, etc.) ※ As of Jun.30, 2025 Less than 10 years 49% Over 40 years 13%30-40 years 12% 20-30 years 10% 10-20 years 16% To be reconstructed in near future 250 properties Number of Properties Net Leasable Area (excl. leased land area) Greater Osaka 5% 1,161 K㎡ Tokyo 5 wards 45% Other Tokyo 23 wards 21% Tokyo 5 wards 27% Other 6% Other 8% Other Tokyo 23 wards 24% Tokyo suburbs 38% Tokyo suburbs 21% 204 properties Greater Osaka 5% 1min or less 33% 2-3 minutes 26% 4-5minutes 13% 5 minutes or more 28% 204 properties 293.3 323.2 370.0 353.0 364.6 375.8 384.9 402.9 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 450.0 17/12 18/12 19/12 20/12 21/12 22/12 23/12 24/12 Unrealized gains (= NAV - book value) （Billion yen） 1,075 1,198 1,382 1,351 1,323 1,362 1,387 1,279 1,283 12 21 21 159 180 180 197 858 912 0 500 1,000 1,500 2,000 2,500 17/12 18/12 19/12 20/12 21/12 22/12 23/12 24/12 25/6 Leased land area Net leasable area Net leasable area (Including leased land area) （1,000㎡ ） Note: Non-consolidated SPCs are excluded in the calculations. Rent revenue calculations include both Otemachi Place and Dentsu H eadquarters Building Unrealized gains ・Properties under development that the Company and its subsidiaries are leasing or plan to lease after completion (excluding real estate for sale) ・Including the Company and its subsidiaries are using (excluding “Hulic Head Office Building” and its subsidiaries are using a s hotels / ryokans ) ・Major properties are appraised by appraisers. Other properties are calculated by the company using indicators believed to app ropriately reflect market prices ・The book value of properties newly acquired during the fiscal year is considered to be the fair value at the end of the perio d
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16 Portfolio Distribution Pictures (Sources of Rent Revenue) Long-term master leasing Office 43％ ※excluding real estate for sale, including Otemachi Place and Dentsu Headquarters Building ※ Jun. 2025 (Monthly breakdown) Office 40% ◼ In response to decrease in office demand due to population decline, keeping office ratio at 50% or less ◼ Securing competitive advantages by focusing on central Tokyo, close to stations, highly earthquake resistant, and renewable energized buildings Office (Mizuho) 3% Rental apartments 1% Senior living 5% ◼ Owning over 4,900 rooms, contributing to stable earnings ◼ Halted new development Hotel, Ryokans 12% ◼ Expanding directly operated facilities ◼ Targeting the upper middle to the high-net-worth ◼ Expanding in carefully selected areas, achieving high occupancy rates and high ADRs Retail Commercial 29% ◼ Expanding in prime areas such as Ginza where high demand from luxury brands continues ◼ Achieving high rent mainly in street-level shops Data Center 4% ◼ Actively investing as an asset resilient to inflation ◼ Opting for urban data center developments Others 6% R&D facilities、logistics、Kodomo Department, etc.
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17 Maximizing profits from completed projects and expanding international investments Maximize profits from completed projects and promote carefully selected development projects in response to the changing external environment Medium-Term Management Plan Growth Strategy (2)
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18 Our flagship developments in Ginza & Sapporo and Hulic Nihonbashi Center (urban data center) are due to complete in 3Q Projects completed in 2025 Property Name Area Asset type Total Floor Space (Approx.) Completion 1 Kodomo Depart Nakano Tokyo 23 wards Kodomo Depart 2,100㎡ 1Q 2 Hulic Logistics Noda II Greater Tokyo Logistics 16,700㎡ 1Q 3 Hulic Logistics Misato Greater Tokyo Logistics 56,900㎡ 3Q 4 Hulic Nihonbashi Center Tokyo 5 wards Data center 6,300㎡ 3Q 5 LICOPA Higashi Yamato Greater Tokyo Shopping mall 49,900㎡ 3Q 6 ■●Hulic Ginza Building Focus area / Ginza Ryokan, office, retail 12,800㎡ 3Q 7 ●HULIC SQUARE SAPPORO (Phase II) Sapporo Hotel, office, retail 22,400㎡ 3Q 8 FUFU Jogashima Greater Tokyo Ryokan 4,800㎡ 4Q ■ Assets in focus areas ●Reconstruction of bank branch building 2 3 6 7 1 4 8 5 Terrace building image (To be opened in Autumn 2025 / Extension)
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19 Construction started at Kodomo Depart Motoyawata. Construction works start at our flagship developments of G8 and Aoyama Building in 4Q Projects starting construction in 2025 Property Name Area Asset type Total Floor Space (Approx.) Start of Construction Completion 1 Shiohama 2-chome Development Project (Phase I) Tokyo 23 wards Data Center - 1Q 2027★ 2 Kodomo Depart Motoyawata Greater Tokyo Kodomo Depart 3,900㎡ 2Q 2027★ 3 Shimbashi 2-chome Development Project Tokyo 5 wards Retail 1,500㎡ 2Q 2027★ 4 Property in Kichijoji Tokyo 23 wards Retail 1,000㎡ 3Q 2026★ 5 ■World Town Building Renovation Project Focus area / Ginza Retail 4,100㎡ 3Q 2026★ 6 ■Ginza 5-chome Development Project Focus area / Ginza Retail 20,800㎡ 3Q 2028 7 Senior living in Benten-cho Tokyo 5 wards Senior living 3,000㎡ 4Q 2027★ 8 JFE Minami-watarida North Side of the Northern District ① Greater Tokyo R&D facility 62,440㎡ 4Q 2028 9 ■G8 Development Project Focus area / Ginza Office, retail 16,800㎡ 4Q 2028 10 ■Aoyama Building Reconstruction Project Focus area / Shibuya & Aoyama Retail, office 9,600㎡ 4Q 2028 11 ■Ginza 7-chome Showa St. Development Project Focus area / Ginza Hotel 14,500㎡ 4Q 2028 12 Kodomo Depart Azabu Tokyo 5 wards Kodomo Depart 7,600㎡ 4Q 2027★ 10 9 ■ Assets in focus areas ★ Completion during Medium-term Management Plan 6 Under demolition
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20 Large projects such as Shinsaibashiand Jiyugaoka 1-29, etc. will be completed in 2026 Other projects completed during MT Management Plan (2026-2027) Property Name Area Asset type Total Floor Space (Approx.) Completion 1 Yaesu 1-chome Higashi Redevelopment Tokyo 5 wards Office 225,200㎡ 2026 1Q 2 Shinsaibashi Project Osaka Retail 46,200㎡ 2026 1Q 3 One’s mall Renewal Greater Tokyo Retail 83,800㎡ 2026 2Q 4 Jiyugaoka 1-29 Redevelopment Project Tokyo 23 wards Retail 46,000㎡ 2026 3Q 5 ■Nishi Ginza Development Project Focus area / Ginza Retail, office 7,300㎡ 2026 3Q 6 Miyazaki Prefecture Tokyo Building Redevelopment Project (PPP) Tokyo 5 wards Office 5,100㎡ 2026 3Q 7 ■Ginza 8-chome 9-11, 12 Development Project Focus area / Ginza Retail 5,500㎡ 2026 4Q 8 ■Shibuya 1-chome Area Joint Development Project (PPP) Focus area / Shibuya & Aoyama Office 47,400㎡ 2027 9 Soto Kanda 1-chome Development Project Tokyo 5 wards Retail 1,500㎡ 2027 10 Property in Akihabara Tokyo 5 wards Retail 1,500㎡ 2027 11 FUFU Development① Greater Tokyo Ryokan 2,800㎡ 2027 ■ Assets in focus areas 2 4 5 6 7 8
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21 1 2 3 4 5 6 7 8 Strategically important area for both stable leasing income and unrealized gains Owning 37 properties, with 8 projects currently under construction Projects in Ginza Area Acquired through external sources Development projects (completed) Development projects (progressing) Note: Information on this page is based on current plans and is subject to change due to changes in design, discussions with related government ministries and agencies, etc. Ginza 8-chome 9-11, 12 Development Project Complete in 2026 (plan) 4 G8 Development Project Complete in 2028 (plan) 5 Complete in 2026 (plan) 3 Nishi Ginza Development Project Complete in 2025 (plan) Hulic Ginza Building 1 Complete in 2026 (plan) World Town Building Renovation Project 2 Under renovation Ginza 6-chome Miyuki St. Development Project Complete in 2028 (plan) 6 Ginza 7-chome Showa St. Development Project 8 Under demolition Complete in 2028 (plan) 7 Under demolition Ginza 5-chome Development Project Complete in 2028 (plan) ◼ We seek to maximize earnings through increasing floor-area ratio by taking advantage of Ginza district plans upon reconstruction After the renovation, NOI (forecast): ×1.4times Floor-area ratio : +300％ NOI (forecast): ×1.6times
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22 Focused on development in prime locations with strong demand from luxury brands, etc. Projects in other focus areas and prime locations Shibuya / Aoyama area Other prime locations ◼ Complete in 2026 ◼ Asset type: retail, office, THE GATE HOTEL ◼ Directly connected to Shinsaibashi station of Osaka Metro ◼ Streetside stores are planned to be leased by luxury brand tenants for all the lots ◼ Complete in 2028 ◼ Asset type: retail, office ◼ 1 min walk from Omotesando station ◼ Basement demolition began in Apr. 2025 ◼ Phase II complete in 2025 ◼ Asset type: retail, office, THE GATE HOTEL, etc. ◼ Directly connected to Sapporo subway station ◼ Phase I completed and opened in Aug. 2022 ◼ Complete in 2027 ◼ Asset type: office, rental housing, facilities for child education, retail, multi-purpose hall, etc. ◼ 1 min walk from Shibuya station ◼ Construction began in Jul. 2024 ◼ Complete in 2026 ◼ Asset type: retail, office, condos, etc. ◼ 1 min walk from Jiyugaoka station of Tokyu Lines ◼ Promoting the project with Kajima Corporation◼ Complete in 2028 ◼ Asset type: retail ◼ 2 min walk from Omotesando station, Tokyo Metro Lines ◼ Demolition began in Jan. 2025 Jiyugaoka 1-29 Redevelopment Project HULIC SQUARE SAPPORO Shibuya 1-chome Area Joint Development Project Aoyama Building Reconstruction Project Omotesando Development Project I Shinsaibashi Project Under demolition 2 min walk from station Note: Information on this page is based on current plans and is subject to change due to changes in design, discussions with related government ministries and agencies, etc. 1 min walk from station 1 min walk from station Direct to station Direct to station 1 min walk from station Direct to station ◼ Completed in Dec. 2024 ◼ Retail shops in lower floors open in Jan., THE GATE HOTEL in the upper floors opened in Apr. ◼ Directly connected to “Tenjin” station HULIC SQUARE FUKUOKA TENJIN Floor-area ratio : +400％ NOI (forecast): ×2.6times Floor-area ratio : +600％ NOI (forecast): ×1.9times By increasing rent revenue, NOI：×4.0times (forecast)
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23 Focused Asset Class: Urban Data Centers Hulic Nihonbashi Center is set to open in Sep., with tenant selection progress at 98% With our 4th project planned in Chiyoda, the total capacity will be over 80MW Shiohama 2-chome Development Project Initiatives for Urban Data Centers Hulic Nihonbashi Center ◼ With the rapid growth in domestic data traffic, urban data centers are emerging as a high-growth market. They provide high- speed, high-capacity, and low-latency connectivity, particularly in densely networked Tokyo central areas ◼ While many competitors are focusing on suburban sites, we have taken an early lead in developing urban data centers and are currently advancing four projects ◼ Recognizing their resilience to inflation, we intend to actively pursue further development of urban data centers Project Pipeline Location Completion (plan) IT load capacity 1 Hulic Nihonbashi Center Chuo-ku, Tokyo 2025 5MW 2 Shiohama 2-chome Development Project Koto-ku, Tokyo I : 2027 6MW II : 2029 24MW 3 Project C Koto-ku, Tokyo 2031 33MW (Plan) 4 Project D Chiyoda-ku, Tokyo 2031 16MW (Plan) • Effective land utilization project of Tokyo Metro (Tokyo-central subway company) (CRE; Corporate Real Estate) garage. Construction started for Phase I • Geographical superiority: Close to major interconnection points for data transmission; Otemachi & Toyosu & little risk of flooding Otemachi Shiohama 2-chome Toyosu Minato Chuo Chiyoda Koto Project Plan Address Shiohama 2-chome, Koto- ku, Tokyo Access 10 min walk from Toyo-cho Station (Tokyo Metro) Completion I : 2027, II : 2029 (Plan) 2 Image Plan (baseline design: Nikken Sekkei) • Our first data center project: close to Otemachi's interconnection hubs, ensuring high connectivity. Strong demand confirmed in leasing • Co-established an operating company for the Kobuna-cho data center with an experienced data center operator “Digital Edge DC” Project Plan Address 7-1 Kobuna-cho, Nihonbashi, Chuo-ku, Tokyo Land Approx. 967㎡ # of floors 8F - B1 Completion 2025 (Plan) 1 Note: Information on this page is based on current plans and is subject to change due to changes in design, discussions with related government ministries and agencies, etc. Inland location close to major interconnection points
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24 Focused Asset Class: R&D Facilities Land acquisition completed; new construction scheduled to begin at the end of 2025 Project Plan Address 13-1 etc. Minami-watarida-cho, Kawasaki-ku, Kawasaki-shi, Kanagawa Land 5.7ha（57,000㎡） *Hulic will develop 4ha（40,000㎡） Asset type R&D and related facilities Opening date Spring 2028 (Plan) ◼ CRE (corporate real estate) initiative where Hulic was selected as the business partner in JFE Holdings’ call for proposals ◼ Kawasaki City aims to convert the area from industrial use to R&D facilities. We will acquire a 4.0ha of land from JFE Steel and develop it as a community ◼ In Mar. 2025, completed the acquisition of 4.0ha of land for our development project R&D Facilities：JFE Minami-watarida North Side of the Northern District An approx. 5.7ha of rare development site with high transportation convenience ✓ 3 min walk from the nearest station ✓ 3km from JR/Keikyu Kawasaki Station ✓ 5km from Haneda AirportTo Hama-Kawasaki Station Layout plan Area not subject to development R&D center (image) Community center (image) Note: Information on this page is based on current plans and is subject to change due to changes in design, discussions with related government ministries and agencies, etc.
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25 Started renovation work at World Town Building in Jul. LICOPA Higashi Yamato Terrace Building set to open in Sep. with full occupancy Value-added Business World Town Building Renovation Project LICOPA series (renovation of GMS) ◼ As a general merchandise store (GMS) total renovation project, we are developing “LICOPA”, a community-focused retail facility ◼ Three Ito-Yokado stores have been converted to LICOPA, through renovations, expansions, and tenant reshuffling, leading to higher NOI Name Location Total floor (approx.) Open VA scheme 1 LICOPA Tsurumi Yokohama-shi, Kanagawa 31,935㎡ Sep. 2021 Renewal 2 LICOPA Kawasaki Kawasaki-shi, Kanagawa 5,660㎡ Mar. 2024 Building extension 3 LICOPA Higashi Yamato Higashiyamato- shi, Tokyo Maison building 46,800㎡ Nov. 2024 Renewal Terrace building 3,100㎡ Sep. 2025 Building extension Under renovation ◼ Seismic reinforcement and full façade renovation are planned ◼ Profitability greatly enhanced by expanding street-level retail space and increasing rent ◼ Construction carried out while tenants remain in operation ◼ Scheduled to be completed in 2026 1 2 3 3 Maison building (Opened in Nov. 2024) Terrace building (To be opened in Sep. 2025) After the renovation, NOI：×1.4times (forecast) Hulic Ginza World Town Building Property Overview Address 5-8-17 Ginza, Chuo-ku, Tokyo Land Approx. 546㎡ Total floor Approx. 4,120㎡ # of floors 8F / B2 Access 1 min walk from Ginza Station, Tokyo Metro Lines Completion Mar. 1982 (Built 43 years ago)
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26 International Business Six deals (JPY25.0 bn) were confirmed under risk-controlled schemes in 1H Basic Strategy and Progress • Risk-mitigating strategy: allocating JPY1.0-6.0 bn per case, partnering with Japanese companies with rich track records in international investments, etc. • The newly established Global Investment Department enhances deal sourcing and ongoing project management Investment budget by 2027: JPY150.0 bn (Approx. JPY63.0 bn already invested / confirmed) Areas Population / Economic growing countries Asset Class Asset class with solid demand Balanced investments in operating properties and development project Scheme Small-lot investments, Diverse investment scheme, Partnership with Japanese companies U.S. Singapore Vietnam India Senior living Houses built for sale Rental housing Industrial assets (Logistics, plants) Equity investment Mezzanine investment Fund investment Joint investment Case 1 Multi-family rental housing in U.S. Case 2 Logistics facility in Singapore • Invested in operational multi-family rental housing in Seattle, Washington in Jun. 2025, partnering with Kenedix and others. • Completed in 2018, the property houses 265 units • Close to Seattle's downtown, where companies including Amazon, Google, and Microsoft have offices, solid demand is expected amid the office return trend Multi-family rental housing The Danforth (Washington, U.S.) • Invested in a logistics facility development in western Singapore in Mar. 2025 with ESR and Japanese companies • A BTS (Built-to-Suit) logistics facility with confirmed tenants CEVA Logistics and Allied Container Group • Planned for 2027 completion and operation Sunview Logistics & Container Hub (Singapore)
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27 Achieving profit growth on a consolidated basis Build a foundation for new profit pillars by looking ahead to the next 10 years ~ expand profits on a consolidated basis ~ Medium-Term Management Plan Growth Strategy (3)
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28 Leasing income as our core, further accumulate “stable core profits” on a consolidated basis by increasing earnings across the Hulic Group companies Stable Core Profits ~Expanding profits on a consolidated basis~ Current 2027 Real estate leasing income Gains on real estate sales Gains on real estate sales + Gains on real estate sales of Raysum Real estate leasing income Operating profits including those of Group companies Operating profits including those of Group companies High profit growth Increase “stable core profits” Aiming at a high ROE of around 12% or higher Leasing income as our core, expand profits on a consolidated basis Profits defined as consolidated operating profits from which gains on real estate sales are deducted Stable core profits ■Narita Logistics Development Project Page. 34 ■Sports & Entertainment Business Page. 35 ■Other initiatives Page. 35 Grid-scale battery storage / Luxury senior residence / Capital and business alliance with ASTMAX ■Raysum Page. 29 ■Riso Kyoiku Page. 30 ■M&As Page. 31 ■Tourism-related business Page. 32-33 Increase “stable core profits” Expanding profits on a consolidated basis Initiatives for “Hulic in the next 10 years”
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29 The property sales pipeline are building, with profit contribution expected from the second half onward. Materialized joint investment Expanding profits on a consolidated basis① Raysum Aiming at reinforcing value-add operations and growing the pipeline, we made Raysum our wholly-owned subsidiary in Mar. 2025 Examples of Synergy-Generating InitiativesExpected synergies Procurement and due diligence capabilities to identify further potential value Experience in handling various assets / Expertise in value-added initiatives Ability to make proposals to accurately address customer needs; a wide-ranging customer base Sector-leading capability in collection of information for real estate sourcing Diverse exits including Hulic Group REITs Ability to stably raise funds at low cost Realize further growth and sustainable enhancement of corporate value on a consolidated basis by incorporating a new real estate business model • Jointly invested in a bulk deal: a scheme in which Raysum acquired properties outside our investment criteria • Sharing information on transaction opportunities sourced through our channels Profit Outlook for FY2025 Procure- ments • Diversifying exit strategies using each other’s customer base Exits • Sequentially shifting to parent-subsidiary loans (financing from Hulic to Raysum) Funding • 2Q results reflected the Raysum’s earnings for Oct. 2024 to Mar. 2025. Expecting a major profit contribution from the second half, aligned with our fiscal year-end • The pipeline of properties held for sale exceeded JPY140.0 bn
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30 Nakano and Tama Plaza, the first launches in April, are operating successfully Succeeding openings in Jiyugaoka, Shibuya, Motoyawata, and Azabu Expanding profits on a consolidated basis② Riso Kyoiku (Kodomo Department) Kodomo Depart Nakano Kodomo Depart Tama Plaza 1F Cafe 2F 5-6F 3F 4F 9F 7-8F ◼ 2 min walk from JR Nakano station ◼ 9-story building Future pipeline 2 min walk from MotoyawataSta. Coming soon 6 min walk from Shirokane takanawa Sta. 1 min walk from Jiyugaoka Sta. 2 min walk from Shibuya Sta. Aim developing approx. 20 facilities mainly in Greater Tokyo area by 2029 2026 2027 2028 etc. Operated by Riso Kyoiku (Consolidated subsidiary) Operated by KONAMI Sports (Business alliance partner) Kodomo Depart Jiyugaoka (Opening in limited floors) Kodomo Depart Shibuya (Opening in limited floors) 1F 2F 3F ◼ 2 min walk from Tama Plaza station, Tokyu Den-en-toshi Line ◼ 3-story building Kodomo Depart Motoyawata (Opening in limited floors) Kodomo Depart Azabu (Opening in limited floors) Women-only Pilates Sports classes Exam prep tutoring Tutoring, English classes, Preschool for infants Offering a wide-range of extra- curricular & family programs Pediatrics & sick-child care After-school care with tutoring Preschool classes Childcare & educational play After-school care with tutoring Offering a wide-range of extra-curricular & family programs
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31 Aiming to strengthen our consolidated earnings through M&As Internal structures have also been enhanced Expanding profits on a consolidated basis③ M&A M&A investment budget by 2027: Approx. JPY100.0 bn Strategic Direction for M&As ◼ Expansion into the child education business due to increasing dual- income households and government childcare support, etc. ◼ Made the company a consolidated subsidiary on May 28, 2024, to strengthen our child education business Consolidation of Riso Kyoiku (Announced in Apr. 2024) ◼ A company with advanced value- add expertise, a lean organizational structure, and high profitability ◼ Made the company a wholly owned subsidiary on May 6, 2025, to reinforce value-add operations and grow the pipeline Consolidation of Raysum (Announced in Sep. 2024) Achievements in FY2024 Tender offer for Koken Boring Machine Co., Ltd. [TSE6297] (Jun. 17ーJul. 29, 2025 / Approx. 6.4 bn acquisition size) Real estate Child education Industrial Infrastructure Tender offer for Canadian Solar Infrastructure Fund, Inc. [TSE9284] (Jul. 1ーAug. 13, 2025 / Approx. 7.4 bn acquisition size)Environment ◼ Japan’s No.1 boring equipment manufacturer, also engaged in construction services such as geological surveys and hot spring drilling, etc. ◼ Aim to secure stable earnings through full ownership, while strengthening construction partnerships, expanding into hot spring construction and maintenance, and supporting M&A for growth, etc. ◼ Sponsored by one of the world's leading solar panel manufacturers. Listed in 2017. Holds a top-level asset scale among Japanese infrastructure REITs. ◼ Plan to acquire 20% and make it an equity-method affiliate, aiming to grow our environmental business through collaboration in solar power plants and grid storage batteries under a support agreement Food & AgricultureTourism Sports ＆ Entertainment Elderly Care (Healthcare) Other example target areas
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32 Achieved JPY2.6 bn OP , increased by JPY1.1 bn, or 73%, offsetting higher opening costs “FUFU Tokyo Ginza” and “THE GATE HOTEL Sapporo” set to open this year Expanding profits on a consolidated basis④ Tourism-related Business Brand High-end Ryokans（FUFU） THE GATE HOTEL View Hotels Target For the wealthy For the upper-middle For the middle-classed Concept Top Luxury Ryokans (Japanese style resort inns), more than 50-100㎡ per room, every room has natural hot spring Brand concept is “To offer authentic value to our guests” Captured touristic demand (domestic and international) by spreading the charms of Japanese culture Current status Awarded Promoting land acquisition for additional development Planning and considering additional development, also advancing new business model development Established strategic management through sharing human resources, etc. with THE GATE HOTEL Asakusa View Hotel Asakusa Rokku Development pipeline As of the end of 2024 Opening year Portfolio image in 20332025 2026 2027～ # of bldgs. # of rooms # of bldgs. # of bldgs. # of bldgs. # of bldgs. # of rooms High-end Ryokan (FUFU) 11 268 1 Ginza 1 Jogashima 6-7 Acquired 3 lands 19-20 Approx. 470 THE GATE HOTEL 4 608 3 Yokohama, Fukuoka, Sapporo 1 Osaka 6 14 Approx. 2,000 *MICHELIN Key: A MICHELIN Guide’s selection for hospitality venues, comparable to the 'Star' for restaurants. Opened two new facilities in Yokohama and Fukuoka, with further openings coming in Sapporo and Osaka THE GATE HOTEL Sapporo (Open on Dec. 20, 2025) THE GATE HOTEL Fukuoka (Opened on Apr. 24, 2025) FUFU Tokyo Ginza (Open in winter 2025) FUFU Jogashima (Open in early 2026) Plan to open two new facilities
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33 Two THE GATE HOTEL opened in Yokohama (Feb.) and in Fukuoka (Apr.) Recording favorable performance both in ADR and occupancy rate Expanding profits on a consolidated basis④ Tourism-related Business (Newly Opened Hotels) Address 11-3, Yamashita-cho, Naka-ku, Yokohama-shi, Kanagawa # of floors 13F Completion Nov. 2024 Address 2-8-49, Tenjin, Chuo-ku, Fukuoka-shi, Fukuoka # of floors 19F / B3 (Hotel: 10-19F) Completion Dec. 2024 Guest room “THE GATE” Restaurant “Anchor Grill Yokohama” Rooftop Terrace • 111 refined rooms in five types, overlooking Yokohama Bay and Yamashita Park • Art Deco-inspired interiors with modern art accents, evoking Yokohama’s heritage • First street-level restaurant under the new brand “Anchor Grill” Opened on Feb. 26, 2025 Opened on Apr. 24, 2025 Guest room “Essential” Guest room “Classy”Anchor Grill Fukuoka Lobby Lounge (terrace area) THE GATE HOTEL Fukuoka by HULIC THE GATE HOTEL Yokohama by HULIC • Located on 10th to 19th floors of HULIC SQUARE FUKUOKA TENJIN • Main room types "Classy" and "Essential" offer a spacious, functional, and relaxing stay • Terrace seating available at the Lobby Lounge on the top (19th) floor • "Anchor Grill Fukuoka" on the 19th floor serves grilled dishes prepared with local ingredients
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34 Agreed with Japan Airlines to jointly develop and operate "WING NRT," Japan's first integrated bonded warehouse and logistics facility Initiatives for “Hulic in the next 10 years”① Narita Logistics Development Project Narita Logistics Development Project 「WING NRT」 Project Plan Address Shimo-fukuda area, Narita-shi, Chiba Land Approx. 450,000㎡ Total floor Approx. 420,000㎡ (a total of all facilities) Incl. Approx. 150,000㎡ (bonded warehouse zone) Access 10 min drive from NRT *after the extension of North Chiba Highway (currently 15 min) Completion 2029 Convenient location to NRT International Airport *The image is based on current plan and is subject to change ◼ 10 min drive from NRT, after the extension of North Chiba Highway ◼ Responding to estimated growth in international cargo demandwith Narita Airport's third runway launch in March 2029 ◼ Japan Airlines will use the bonded warehouse facility, featuring advanced technologies including temperature-controlled pharmaceutical storage and cold storage units, etc. to provide high value-added services ◼ Plan to collaborate with Japan Airlines on facility operations and tenant leasing Features： ✓ An international logistics hub integrating bonded warehouse and logistics facilities ✓ Efficient and convenient facilities by integrating functions ✓ Creating jobs for locals ✓ Function as a disaster response base Shared Use Fac. Logistics Fac. Logistics Fac. Bonded Warehouse Fac. Management Fac. *Worldwide-cargo Innovation Gate Narita
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35 Initiatives for “Hulic in the next 10 years”② Sports & Entertainment Business Announced arena development at Makuhari Kaihin Park (Chiba), targeting 2030 opening and profit generation through operations and services (tentative name) Makuhari Arena Development Project ◼ Developing a 20,000-seat basketball arena, one of Japan's largest, meeting global standards ◼ Using a public-private partnership framework, we plan to secure 70- year operating rights by donating the arena to Chiba City ◼ The arena will serve as Altiri Chiba’s home arena, and it will host various domestic and international entertainment events ◼ Pursuing business profits through operations and services as part of expanding into the sports and entertainment business ◼ Aiming for 2030 opening Project Plan Address 1-110 Hibino, Mihama-ku, Chiba-shi, Chiba Access 3 min walk from Kaihin Makuhari Station, JR Keiyo Line 3 min by car from Wangan Chiba IC Land Approx. 50,000㎡ Total floor Approx. 50,000㎡ # of floors 6F Arena capacity 20,000 people About Altiri Chiba [professional basketball team] *The image is based on current plan and is subject to change • Founded in 2020, the club quickly advanced to and won a season title in record time. In just four years, it rose to the top tier of B2 and will join the newly established B Premier League (current B1 equivalent) in 2026 • In 2024–25, with a league-high 95.0%-win rate, it claimed the B2 title became eligible to join B1 with dominant performance • With home attendance exceeding the B1 average, the team boasts strong fan engagement Jan 2025: formed a capital alliance and entered into a sponsorship agreement with Altiri Co., Ltd., which manages the professional basketball team "Altiri Chiba,” based in Chiba City
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36 Started initiatives for monetarizing renewable energy business and new domains such as luxury senior residence. Making strategic investments in view of the next long-term plan Initiatives for “Hulic in the next 10 years”③ Others Grid-scale battery storage ◼ Invest JPY100.0 bn by 2034 in anticipation of growing demand for grid-scale battery storage in response with power fluctuations ◼ Aim to capture new earnings sources by trading electricity in the electricity market and with retail electricity providers ◼ Centralized renewable energy businesses to a new company ‘Hulic Energy Solution Co., Ltd.’ Luxury senior residence ◼ Develop and manage residences for active seniors to meet the growing needs of high-net-worth individuals ◼ New businesses that combine “the elderly and health care”, “tourism”, and “membership business” areas where Hulic has expertise ◼ Collaborate with industry’s top companies with extensive experience Capital and business alliance with ASTMAX Co., Ltd. Example 1 Example 2 Grid-scale battery storage ◼ In Jun. 2025, consolidated subsidiary Hulic Property Solution Co., Ltd. acquired shares of Astmax Co., Ltd., turning it into an equity-method affiliate (18.04% of total voting rights) ◼ Contribute to monetarization of renewable energy business through the capital and business alliance ASTMAX Co., Ltd. (Securities Code: 7162) • A general energy company • Specialized in retail electricity trading, handling power supply-demand management for our group • Experienced in renewable energy facilities and battery storage development/operation Aim of the alliance ◆Retail electricity business Expand our electricity business earnings and customer base by leveraging Astmax Group's expertise to optimize our retail electricity operations ◆Renewable energy & storage business Strengthen business foundation and expand earnings by acquiring battery development know-how through joint projects ◼ As of Jun. 30, 2025, two sites have been completed and become operational in 2025 (in Shizuoka and Chiba Pref.)
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37 Sustainability Initiatives
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38 Sustainability: Environment ～2022 2023 2024 2025 ～2029 2030 ～2050 General Recycling- oriented Society & Decarbon -ization GHG Reduction Targets*² Scope1+2 ●Reduce by 70%*3 Scope3 ●Reduce by 30%*3 ✓ Started disclosing information in line with TCFDs ✓ Disclosed SBT-approved GHG emissions reduction targets Adoption of environmentally friendly technologies to properties owned Achieve by 2029 1 year ahead of ongoing plan RE100RE100 Achieved in 2023 In response to lease assets (downstream) Aim to offer buildings that are chosen by tenants from environmental friendliness Will reduce GHG emissions by 132,000t-CO2e which is equivalent to 78,000 household annual emissions Progressing steadily towards achieving 100% renewable energy buildings by 2029 Powering all company-owned buildings*1 with 100% in-house renewable electricity 2 years ahead of initial plan Substantially Zero by 2050 Initiatives for buildingsInvestment in renewable power plant Small hydroelectric plant [FIT] (Shiga Pref.) Solar power plant [non-FIT] (Fukushima Pref.) Newly development Acquisition Development of ZEB (Zero Energy Buildings) Ensure exceptional environmental measures for the purpose of promoting decarbonization in development project ZEB : Hulic Logistics Series (Noda I, Kashiwa, Hashimoto, Noda II, Misato) Promoting use of wood Use of eco-friendly materials Use eco-friendly concreate and asphalt to reduce embodied carbon (Scope 3 upstream emissions) *¹ Excludes single-tenant lease properties, residential properties and unmanaged shared properties for which we do not manage energy, and real estate for sale. *² base year: 2019 *³ SBT-approved near-term targets. Combined Scope1+2 targets are consistent with reductions required to keep the global warming to 1.5℃, the most ambitious goal of the Paris Agreement. Scope3 target meets the SBTi’s criteria for ambitious value chain goals, meaning they are in line with current best practice. Wind power plant [FIT] (Akita Pref.) Grid-scale battery storage Plan to invest JPY100.0 bn by 2034 in grid-scale battery storage ✓ Started disclosing information in line with TNFDs
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39 High level of property safety standards Focus on earthquake and disaster contingency planning Sustainability: Social Stricter in-house standards than the Building Standard Act and our buildings can withstand a seismic intensity of 7 level ✓ 100% highly earthquake-resistant leasing buildings by 2025 ✓ As of Dec. 31, 2024, 98% of the leased properties are applicable (excl. those to be reconstructed or sold, etc.) ✓ Introduction of “Sokushin Navi”, a new damage assessment system, to non-current assets ✓ Active use of Earthquake-Absorbing / Damping Structure ✓ Confirmed all 21 properties located in Nankai Trough Earthquake Disaster Prevention Promotion Area has seismic performance that can withstand intensity level 7 earthquakes (Japanese scale) ✓ Measures against tsunamis and floods caused by localized heavy rains Measures against flooding of electrical equipment in owned buildings ex. Installation of tide barriers and simple water stop boards Roof drain cap Vertical damp proof barrier Measures against huge earthquakes Measures against Mt. Fuji volcanic ashes Flood control measures Safe and Secure Buildings Human Capital Initiatives Increased annual payroll by over 10% again in 2025 (base up + salary increases). Starting salaries have also been increased to the highest among peers: JPY330,000 (BA), JPY370,000 (MA) *Salary increase rates are calculated excluding managing officers and fixed-term employees ✓ Ratio of female among directors and auditors: 33％*¹ ✓ Female employee birth rate 1.73*² (Japan: 1.20*²) ✓ Rate of female employee returning to work following child leave: 100% ✓ Usage rate of child leave: male employee 88.9%, female employee 100%*³ ✓ Childcare leave and shortened work hours are extended to include up to grade 6 ✓ Paid leave usage rate: 83.3％ ✓ Chosen by the Government as Certified Health and Productivity Management Organization for consecutive 7 years Improving work motivation Empowering women Maintaining decent work environment Social Contributions Support for Shogi culture ✓ Strengthened support by increasing prize money for two co-hosted/ specially sponsored tournaments Other social contributions ✓ Supporting Japan Para Badminton Federation Support Shogi Culture (Female Competition) ✓ Hardware measures Development and introduction of a system to prevent volcanic ash from intrusion into stormwater drains ✓ Measures for both hardware and software Establishment of systems and deployment of equipment for rapid recovery work Unless otherwise noted, all figures on this page are based on 2024 results *¹ As of Jun. 30, 2025 *² Total fertility rates (Recent 3-year average) *³ (Number of employees who uses child care leave each year) ÷ (Number of employees whose child is born each year) × 100 Hulic Shogi-Kaikan Sendagaya Building ► Highly productive organization Ordinary profit per employee: JPY650 mil
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40 External director serves as chairperson of the board of directors Established the transparent governance framework Sustainability: Governance / External Evaluation Board of Directors ✓ Nominating Committee and Remuneration Committee all members are independent external directors ✓ Majority of members (6 out of 10) are independent external directors ✓ External director serves as the chairperson Audit & Supervisory Board ✓ Majority of members (3 out of 5) are independent external auditors Establishment of discretionary committees D&I among Board Members ✓ Ratio of female among directors and auditors: 33％*1 ✓ Appoint three female directors and two female auditors Introduction of stock compensation ✓ Director remuneration consists of a basic fee and performance-based fee which includes stock compensation to reflect a medium- to long-term perspective ✓ Clawback mechanism is in place ＊1: Ratio of female among directors and auditors Corporate Governance External Evaluation HULIC is a constituent of all 6 domestic ESG indices adopted by GPIF Our GHG emissions reduction targets are approved by SBTi Rated AA grade in MSCI ESG ratings ESG investment indices Received “Platinum Kurumin” Rated 4.5 stars in Nikkei SDGs Management Survey Selected for the 2024 Climate Change “A” List by CDP
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41 Appendix
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42 Tokyo ＋3.9% Aichi (Nagoya) ＋0.8% Fukuoka ＋0.7% Hokkaido (Sapporo) -2.9% Miyagi (Sendai) -1.4% Kagoshima -3.6% Hiroshima -1.6% Osaka -0.0% Ishikawa (Kanazawa) -1.9% Macro Environment Demographic Trends ◆ From 2015 to 2020 (Based on the Census) Sources: ＊1 Ministry of Internal Affairs and Communications 2020 population census ＊2 Data for 2024 is based on” Population figure (As of Jul. 1, 2024) “Population Census of the Ministry of Internal Affairs and Communications (Dec. 20, 2024) Data for 2040 and later is based on “Population Projections for Japan (Apr. 2022) ＊3 Statistics Bureau, Ministry of Internal Affairs and Communications “Report on Internal Migration in Japan, Monthly report” Tokyo area...Tokyo/Kanagawa/Saitama/Chiba Nagoya area...Aichi/Gifu/Mie Osaka area...Osaka/Hyogo/Kyoto/Nara Tokyo 5 wards Shinjuku：+4.7% Shibuya：＋8.6% Chiyoda：+14.2% Chuo：+19.8% Minato： +7.1% Annual Population Inflow / Outflow by Major cities(*3) Population change by prefecture (*1) Demographic Composition Estimates (*2) 36 .2million (29.2%) 39.2million (34.8%) 36.4million (37.9%) 73.7million (59.5%) 62.1million (55.1%) 50.7million (52.8%) 13.9million (11.3%) 11.4million (10.1%) 8.9million (9.3%) 0.0 25.0 50.0 75.0 100.0 125.0 2024 2040 2060 Age Under 15 Over 15 to Under 65 Over 65 123.9million 112.8million 96.1million -7.9 -3.9 -1.1 -5.5 -3.6 0.2 3.5 135.6 145.6 98.0 80.4 94.4 114.8 119.3 -7.4 -11.5 -12.3 -11.2 -13.7 -13.6 -11.5 -40.0 0.0 40.0 80.0 120.0 160.0 2018 2019 2020 2021 2022 2023 2024 Osaka・Nagoya：Outflow trend continues Tokyo area Osaka area Nagoya area (thousand people) Tokyo: Influx continues (million people) Population Inflow ⇚ ⇛ Outflow
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43 Macro Environment Office Market ◆ Supply is estimated to remain on par with the past decade over the next five years Supply Volume of Large-scale Tokyo Office Building Source: Mori Building Co., Ltd. Market trend Survey of Large-Scale Office Buildings in Tokyo’s 23 wards (Updated May 22, 2025) Top 5 wards: Chiyoda, Chuo, Minato, Shinjuku, Shibuya （1,000㎡) 1,190 750 1,440 510 360 1,180 340 1,040 760 380 650 1,130 220 100 350 100 120 70 80 280 140 70 0 140 1,410 850 1,790 610 480 1,250 430 1,320 900 450 650 1,270 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Top 5 wards Other 18 wards Research target : GFA more than 10,000㎡ Source: Japan Tourism Agency (Mar. 31, 2025) ◆ Travel expenditure by foreign visitors in 2024 exceeded the pre- COVID-19 peak, setting a record-high Trend in Travel Expenditure by Foreign Visitors 4,416 4,519 4,814 745 121 899 5,307 8,126 154 153 159 185 235 213 227 0 100 200 300 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 2017 2018 2019 2020 2021 2022 2023 2024 Travel expenditure by foreign visitors (Left axis) Travel expenditure per person (Right axis)（Billion yen） （Thousand yen） Estimated
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44 -2% 0% 2% 4% 6% 8% 10% 03/4 04/4 05/4 06/4 07/4 08/4 09/4 10/4 11/4 12/4 13/4 14/4 15/4 16/4 17/4 18/4 19/4 20/4 21/4 22/4 23/4 24/4 25/4 Yield Spread J-REIT Forward Dividend Yield 10-year Government Bonds Yield Macro Environment Yield Spread Yield Spread (daily) History since Apr. 2003 10-Year Bond Yields* 10-Year Bond Yield of Japan* 1.487% Source: Nikkei Quick (Apr. 1, 2003 – Jul. 22, 2025）and Financial Results of Real Estate Companies. J-REIT Forward Dividend Yield: Capitalization-weighted average of each J-REIT’s forward distribution rates (=doubled each REITs’ forward distribution amount divided by each day stock prices) ＊Each 10-year bond yield is as of 15:00 JST Jul. 22, 2025 (Source: Bloomberg) 4.380% 3.292% 4.298% 3.514％ 2.611% 2.830% 4.601％ 0.369% 2.085%
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45 Portfolio restructuring is underway ; Earthquake-resistance : nearly 90% Office: less than 50% Medium-Term Management Plan (2025-2027) Progress of Leasing Portfolio Restructuring KPI Plan Progress Assets in Focus Areas 50%*3 ◼ Strictly selected locations ◼ Focus on Tokyo central (Ginza, Shinjuku east, Shibuya/Aoyama, Asakusa) 2019 end 2024 end 2029 Office share Less than 50%*³ ◼ Establish a balanced asset class composition with the ratio of office buildings at 50% at a maximum ◼ In response to a decline in working population, promote more to develop and acquire commercial and next generation assets, etc. 2024 end2019 end 2029 100％ highly earthquake resistant buildings*¹ ◼ Response to tenants’ BCP needs for future disasters (earthquakes, Mt. Fuji eruption) ◼ Set new target to achieve 100% by 2025 (excluding those subject to reconstruction) 2025 20292024 end Achieve 100% excluding those to be sold or reconstructed, etc. 100% renewable energy buildings*² ◼ 100% renewable energy for our business operations and all company-owned buildings*² ◼ Aim to achieve the target by 2029 through investing and developing renewable energy facilities in-house 2029 *1 Property number basis. Highly earthquake resistant buildings are those that can safeguard human life and enable continued us e of the building with post-earthquake repairs when an earthquake occurs with a seismic intensity of 7 level. Excluding those to be sold *2 Property number basis. Excludes properties for which we do not have energy management authority including master lease prope rties, residential properties and non-managerial co-ownership properties, and real estate for sale *3 Office share: Rent revenue basis, Assets in Focus Areas: Book value basis Leasing Portfolio chosen by tenants and society Higher rent Low vacancy Competitive advantages 86% 100% 100% 63% 43% 44% 50%43% Achieved RE100 in May 2023 2 years ahead of initial plan (Initial plan: 2025) Less than 50%
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46 Plan to make net investments of JPY930.0 bn over 3 years for sustained profit growth Controlling B/S by balancing investments and recovery to maintain the credit rating Medium-Term Management Plan (2025-2027) Quantitative Target (Profit Plan and Investment Budget) FY2024 FY2025 FY2027 (Final year of Phase III) Result Plan Plan JPY591.6 bn - - JPY163.3 bn JPY178.0 bn JPY205.0 bn JPY154.3 bn JPY164.0 bn JPY180.0 bn JPY102.3 bn JPY108.0 bn JPY119.0 bn FY2024 FY2025 FY2027 (Final year of Phase III) JPY3.0 trn JPY3.4 trn JPY3.8 trn JPY1.9 trn JPY2.2 trn JPY2.5 trn JPY769.1 bn JPY830.0 bn JPY970.0 bn FY2024 FY2025 (1 year) FY2025 - FY2027 (3 years) JPY460.5 bn JPY420.0 bn JPY930.0 bn JPY158.6 bn JPY280.0 bn JPY360.0 bn JPY91.7 bn JPY70.0 bn JPY200.0 bn JPY210.1 bn JPY70.0 bn JPY370.0 bn Development / reconstruction, value-added New business, etc. Investment Budget Net investments Leasing, management, etc. Total Assets (Year-end) Interest-bearing debt (Year-end) Equity (Year-end) Profit attributable to owners of parents <For Ref.> Estimated B/S Operating Revenue Operating Profit Ordinary Profit
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47 Three strategies in achieving “Ordinary Profit of JPY180.0 bn or higher” even in the rising interest rate environment Medium-Term Management Plan (2025-2027) Growth Strategies 2024 2027 JPY154.3 bn JPY180.0 bn or higher Growth Strategy 1 ◼ Achieve high profit growth by controlling balance sheet through portfolio reshuffling ◼ Increase “stable core profits” by allocating investment returns to the acquisitions of properties with competitive advantages Portfolio Restructuring ◼ Maximize profits through sale of completed properties to Hulic’s REITs or fund ◼ Expand international investments through the efficient and risk-controlled Hulic’s proprietary approaches Maximizing profits from completed projects and expanding international investments ◼ Realize synergies with Riso Kyoiku and Raysum ◼ Acquire businesses through new M&A deals that will create synergies with Hulic ◼ Promote the growth of tourism-related subsidiaries and other group companies ◼ Promote new business domains with a view to 10 years ahead Achieving profit growth on a consolidated basis Approx. JPY26.0 bn profit growth over 3 years - Impacts of higher interest rates and debt increase - Amortization of intangible assets associated with the consolidation of Riso Kyoiku and Raysum Growth Strategy 3 Growth Strategy 2
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48 The basic policy is to increase equity by steadily accumulating profits. Aim to maintain AA rating by ensuring financial soundness while operating efficiently with high profitability Corporate Value Improvement / Financial Strategy Quantitative Targets and Measures to Improve Corporate Value Improvement of corporate value : ROE ＞ Cost of Equity Initiatives to improve corporate value ① Profit growth ② Capital efficiency ③ Optimization of the cost of capital ◼ High-quality leasing portfolio ◼ Promotion of development / reconstruction projects ◼ Diversification of revenue source through new business domains ◼ Continuance of portfolio reshuffling ◼ Partial realization of development gains with exit strategies ◼ Optimal capital structure ◼ Financial soundness with a view to maintaining the AA rating level ◼ Stable and consistent shareholder return centered on dividend * 50% of hybrid finance was calculated as nominal equity Targets in 2027 Final year of Phase III Aiming at FY2024 around 12% or higher Growth Ordinary profit JPY180.0 bn or higher Dividend payout ratio Shareholder return 40% or higher Soundness D/EBITDA Net D/E ratio Less than 12 times Less than 3 times ROE around 10 times High 1x range Efficiency 10% or higher JPY154.3 bn 9.1 times 1.6 times 12.8％ 40.1％
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49 Financial Summary FY2025 2Q Consolidated Cash Flow Statements (Million yen) FY2024 2Q FY2025 2Q Change Cash flows from operating activities 85,234 47,195 -38,039 Cash flows from investing activities -298,199 -220,580 77,619 Free cash flow -212,964 -173,384 39,579 Cash flows from financing activities 240,431 208,721 -31,710 Cash and cash equivalents at end of period 110,230 169,585 59,355 Decrease in real estate investments +76.1 bn Fund procurement +316.3 bn Bridge loan -173.5 bn Repayment and redemption -139.8 bn Commercial paper -25.5 bn Major factors for change Increase in real estate investments -75.2 bn Increase in recovery of real estate investments +62.4 bn Increase in income taxes paid -11.6 bn
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50 Corporate Profile Market Capitalization, Stock Price Market Capitalization & Stock Price (weekly) History （Nov.14, 2008～Jun. 30, 2025） Market Capitalization (upper row) and Stock Price (period-end closing price) (lower row) （ Billion yen ） （yen） 2008_end 2009_end 2010_end 2011_end 2012_end 2013_end 2014_end 2015_end 2016_end 2017_end 2018_ end 2019_end 2020_end 2021_end 2022_end 2023_end 2024_end 2025_Jun. 60.0 bn 87.5 bn 115.0 bn 154.1 bn 346.3 bn 926.3 bn 722.0 bn 708.2 bn 688.7 bn 839.4 bn 653.1 bn 886.9 bn 763.5 bn 838.6 bn 798.6 bn 1,133.8 bn 1,052.0 bn 1,115.3 bn 410 Yen 598 Yen 670 Yen 898 Yen 583 Yen 1,555 Yen 1,211 Yen 1,069 Yen 1,039 Yen 1,266 Yen 985 Yen 1,316 Yen 1,133 Yen 1,092 Yen 1,040 Yen 1,477 Yen 1,370 Yen 1,453 Yen Note: In consideration of the July 1, 2012 merger with Shoei Co., Ltd. (share exchange ratio: former Shoei : former Hulic = 1 :3), the stock prices recorded up until the end of December 2011 refer to the former Hulic, while prices recorded from the end of December 2012 onward refer to the new Hulic. 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 0 200 400 600 800 1,000 1,200 Market Cap 3625 Former HULIC (Right axis) 3003 New HULIC (Right axis) 08/11 11/12 14/12 17/12 20/12 22/1209/12 10/12 13/1212/12 15/12 16/12 18/12 19/12 21/12 23/12 24/12 Great East Earthquake Shoei merger announcement (merger ratio 3:1) JPX Nikkei Index 300（Aug. 2014） P.O. JPX Nikkei Index 300（Mar. 2017）TOPIX P.O. Covid-19 Pandemic P.O.
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51 Resolved the overhang concerns through secondary offering conducted in Nov-Dec 2024 Corporate Profile Major Shareholders (Top 10) Company name As of the end of Jun. 2025* 1. The Master Trust Bank of Japan, Ltd. (Trust account) 9.33% 2. Meiji Yasuda Life Insurance Company 6.21% 3. Fuyo General Lease Co., Ltd 5.30% 4. Yasuda Real Estate Co., Ltd 4.01% 5. Yasuda Logistics Corporation 3.70% 6. Custody Bank of Japan, Ltd. (Trust account) 3.58% 7. Oki Electric Industry Company 3.34% 8. Mizuho Capital Co., Ltd 3.33% 9. Tokyo Tatemono Co., Ltd 2.65% 10. TEIKOKU SEN-I Co., Ltd 2.21% Total 43.66% Non-Japanese ownership 19.16% Individual ownership 14.99% *Shareholding ratios for Major Shareholders are calculated by excluding treasury stocks
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52 Corporate Profile Hulic’s Asset Information (Senior Living) Hulic property Name Address Date Rooms 1 Iris garden Kita-Urawa Saitama-shi, Saitama 2010 48 2 Aristage Kyodo Setagaya-ku, Tokyo 2012 146 3 Charm Suite Nishinomiyahama Nishinomiya-shi, Hyogo 2015 50 4 Lianreve Yakumo Meguro-ku, Tokyo 41 5 Life Commune Hayama Miura-gun, Kanagawa 2016 48 6 Life Commune Tsutsujigaoka Mitaka-shi, Tokyo 101 7 Medical Home Granda Okamoto Kobe-shi, Hyogo 2017 67 8 Charm Premier Fukasawa Setagaya-ku, Tokyo 85 9 Sompo no ie Komae Komae-shi, Tokyo 2018 33 10 Asheim Oizumigakuen Nerima-ku, Tokyo 50 11 Fukagawa Yasuragi no sono Koto-ku, Tokyo 69 12 Charm Premier Yoyogi Hatsudai Shibuya-ku, Tokyo 36 13 Trustgarden Ogikubo Suginami-ku, Tokyo 2019 51 14 Good care Nishi Tokyo Nishi Tokyo-shi, Tokyo 52 15 Medical Rehabilitation Madoka Omiya Saitama-shi, Saitama 58 16 Charm Premier Eifuku Suginami-ku, Tokyo 48 17 Charm Premier Meguro Kakinokizaka Meguro-ku, Tokyo 37 18 Charm Premier Grand Shoto Shibuya-ku, Tokyo 2020 36 19 Tsukui Sunshine Seijyo Setagaya-ku, Tokyo 121 20 Rehabilitation Home Granda Kugenuma Fujisawa (Land) Fujisawa-shi, Kanagawa 46 21 Charm Premier Grand Minami-Azabu Minato-ku, Tokyo 2021 32 22 Hospitalment Yotsuya Daikyocho Shinjuku-ku, Tokyo 61 23 Aria Tetsugakudo Nakano-ku, Tokyo 43 24 Good time Living Shin-Urayasu Urayasu-shi, Chiba 76 25 Hospitalment Aoyama Shibuya-ku, Tokyo 2022 53 26 Sonare Meguro Fudō-mae Meguro-ku, Tokyo 58 27 Plaisant Grand Kyoto Enmachi Kyoto-shi, Kyoto 80 28 Granda Tezukayama Osaka-shi, Osaka 45 29 Granda Tetsugakudo Koen Shinjuku-ku, Tokyo 57 30 Good Time Nursing Home Higashi Kojiya Ota-ku, Tokyo 2023 45 31 Charm Suite Yotsuya Shinjuku-ku, Tokyo 67 32 Asheim Mitaka Mitaka-shi, Tokyo 93 33 Charm Premier Gotenyama Sanbankan Shinagawa-ku, Tokyo 60 34 SOMPO Care La vie re Grand Syukugawa Nishinomiya-shi, Hyogo 62 35 Sawayaka Mejiro no sato Shinjuku-ku, Tokyo 56 36 Charm Premier Grand Ikedayama Shinagawa-ku, Tokyo 2024 30 37 Hospitalment Bunkyo Gran Bunkyo-ku, Tokyo 67 38 Bon Séjour Nishikokubunji Kokubunji-shi, Tokyo 55 39 L’Aubel Nakano Saginomiya Nakano-ku, Tokyo 79 40 Plaisant Grand Seijo Setagaya-ku, Tokyo 2025 79 Total Rooms 4,908 Under development Name Address Date Rooms 1 Senior living in Benten-cho Shinjuku-ku, Tokyo 2027 (plan) 47 (plan) 2 Azabu F Building Reconstruction ProjectMinato-ku, Tokyo 55 (plan) 3 Senior living in Sendagaya Shibuya-ku, Tokyo 2028 (plan) 45 (plan) To Hulic Group (REIT) Name Address Date Rooms 1 Aria Matsubara Setagaya-ku, Tokyo 2016 96 2 Trustgarden Sakurashinmachi Setagaya-ku, Tokyo 86 3 Trustgarden Yoga no mori Setagaya-ku, Tokyo 129 4 Trustgarden Suginami-miyamae Suginami-ku, Tokyo 100 5 Trustgarden Tokiwamatsu Shibuya-ku, Tokyo 50 6 SOMPO care Lavier Kita Kamakura Kamakura-shi, Kanagawa 2017 98 7 Sunnylife Tokyo Shinjuku Shinjuku-ku, Tokyo 2018 141 8 Hospitalment Itabashi Tokiwadai Itabashi-ku, Tokyo 92 9 Toyosu Senior Residence Koto-ku, Tokyo 2019 186 10 Charm Suite Shakujii Park Nerima-ku, Tokyo 105 11 Charm Suite Shinjuku Toyama Shinjuku-ku, Tokyo 90 12 Hospitalment Musashino Musashino-shi, Tokyo 2020 114 13 Charm Suite Chofu Chofu-shi, Tokyo 2021 84 14 Esperal Joto Osaka-shi, Osaka 286 15 Nichii Home Moto Sumiyoshi Kawasaki-shi, Kanagawa 52 16 Granda Omori Sanno Ota-ku, Tokyo 70 17 Asakusa Care Park Soyokaze Taito-ku, Tokyo 2022 41 18 Good time Home Tamagawa Ota-ku, Tokyo 41 19 Granda Gakugeidaigaku Meguro-ku, Tokyo 70 20 Hospitalment Hongo Bunkyo-ku, Tokyo 2023 46 21 Charm Premier Den-en-chofu Setagaya-ku, Tokyo 40 22 Sonare Shakujii Nerima-ku, Tokyo 52 23 Aria Yoyogi Uehara Shibuya-ku, Tokyo 2024 40 24 Kamakura Aoi tei Kamakura-shi, Kanagawa 26 25 Charm Premier Yamatecho Yokohama-shi, Kanagawa 36 *High-class Assisted Living type. Hulic (landowner) does NO operation. Properties scheduled to be acquired Name Address Date Rooms 1-3 3 senior living - 2025-27 (plan) 169 (plan) Note: Number of rooms are counted at the time of property acquisition or completion
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53 Corporate Profile Hulic’s Asset Information (Business for active seniors) Membership club for company executives, wealthy seniors ・Providing business support service through secretary and private room equipped with high-level security such as face, iris and vein recognition systems Library Lounge Audio Room Fitness Gym Golf Simulation ・Providing various services related business, relaxation, healthcare and leisure Great view of Nihombashi Entrance reception Secretary Service Private room Hulic Premium Club Nihonbashi (opened: Jan. 2019) Hulic Premium Board Room Nihonbashi (opened: May 2020)
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54 Corporate Profile Hulic’s Asset Information (Hotels and Japanese Ryokans) THE GATE HOTEL (operated by HULIC Group) Name Open Rooms 1 THE GATE HOTEL Kaminarimon*¹ 2012 134 2 THE GATE HOTEL Tokyo 2018 164 3 THE GATE HOTEL Kyoto Takasegawa 2020 184 4 THE GATE HOTEL Ryogoku 126 5 THE GATE HOTEL Yokohama*1 2025 111 6 THE GATE HOTEL Fukuoka 171 7 THE GATE HOTEL Sapporo 2025 (plan) 172 8 THE GATE HOTEL Osaka 2026 (plan) 223 9~ 6 projects (including new brands, plan) ~2033 (plan) - Total 1,285 Luxury inn Ryokan (managed by HULIC Group) Name Acquisition / Open Rooms 1 Hakone Suishoen 2015 23 2 FUFU ATAMI 26 3 ATAMI Kaihoro 2016 4 4 FUFU KAWAGUCHIKO (Mt.Fuji) 2018 32 5 FUFU NARA 2020 30 6 FUFU NIKKO 24 7 FUFU ATAMI Annex 2021 6 8 FUFU KYOTO 40 9 FUFU HAKONE 2022 39 10 FUFU Karuizawa 2023 24 11 FUFU Kyu-Karuizawa 20 12 Ginza 2025 (plan) 34 13 Jogashima 2026 (plan) 34 14~ 6-7 projects (plan) ~2033 (plan) - Total 336 View Hotel (operated by HULIC Group) Name Acquisition / Open Rooms 1 Asakusa View Hotel 2019 326 2 Ryogoku View Hotel 150 3 Osaka View Hotel Honcho 170 4 Sapporo View Hotel Odori Park 347 5 Asakusa View Hotel Annex Rokku 2023 199 Total 1,192 Hotel Investments （Master-leasing） Name Acquisition / Open Rooms 1 Sotetsu Fresa Inn Tokyo Roppongi (shared) 2016 201 2 Sotetsu Fresa Inn Ginza (to REIT) 286 3 New-Ohtani Inn Yokohama premium 2017 240 4 Ginza Capital Hotel Moegi (to REIT) 2018 136 5 The Royal Park Hotel Ginza 6-chome 2024 273 Total 1,136 Total 5,334 *1 Properties owned by Hulic’s REITs or funds *2 The management company of Tokyo Bay Maihama Hotel has become a subsidiary of Hulic Hotel Management Co. on Mar. 31, 2022 Other Hotels (operated by HULIC Group) Name Acquisition / Open Rooms 1 Grand Nikko Tokyo Bay Maihama (to REIT) 2014 703 2 Tokyo Bay Maihama Hotel*² 2015 428 3 Hotel Nikko Kanazawa 2018 254 Total 1,385
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55 Corporate Profile Hulic’s Asset Information (Major Hotels and Japanese Ryokans) THE GATE HOTEL Kyoto Takasegawa THE GATE HOTEL Ryogoku Major projects under development THE GATE HOTEL Kaminarimon THE GATE HOTEL Tokyo PPP project FUFU Karuizawa FUFU Kyu-Karuizawa PPP project Sapporo (Complete in 2025) Shinsaibashi, Osaka (Complete in 2026) *Owned by Hulic’s REITs or funds FUFU Hakone FUFU Nikko FUFU Nara FUFU KawaguchikoPPP project Ginza (Complete in 2025) Jogashima (Complete in 2025) Major projects under development FUFU Kyoto Seven FUFU facilities were selected as THE GATE HOTEL Yokohama THE GATE HOTEL Fukuoka Opens in 2025 Opens in 2025 *Owned by Hulic’s REITs or funds
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56 Corporate Profile Building Information (Major retail facilities) HULIC &New GINZA 8 (Chuo-ku, Tokyo) HULIC &New SHINJUKU (Shinjuku-ku, Tokyo) HULIC &New GINZA NAMIKI 6 (Chuo-ku, Tokyo) HULIC &New KICHIJOJI (Musashino-shi, Tokyo) HULIC &New Series • Series concept “Bringing new added value to daily living” • Developing “commercial buildings with a strong presence” under “＆New” series of medium-sized urban- style commercial facilities • 12 facilities at present, 2 more are under planning Tokyo Prime Area Value Added Projects LICOPA Tsurumi (Former Ito Yokado Tsurumi) Hulic Ginza World Town Building Tiffany Ginza Building Hulic Ginza Sukiyabashi Building • Invest in assets with added-value potential • Promote Ito Yokado store total renovation projects in Tokyo suburbs • Leasing to global luxury brand flagship stores in top commercial district: Ginza, Shibuya, Aoyama, Shinjuku, etc. LICOPA Kawasaki (Former Ito Yokado Kawasaki parking space) Hulic Minatomirai, YOKOHAMA HULIC &New GINZA 7 (Chuo-ku, Tokyo) Ginza 5-chome Development Plan Under demolition Under renovation
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57 Corporate Profile Building Information (Logistics Center / Hulic Logistics Series) Misato was completed in Jul. Halted new development due to rising construction costs Name Location Total floor (Approx.) Completion 1 Hulic Logistics Kasai <Leased up> Edogawa-ku, Tokyo 19,923㎡ May 2022 2 Hulic Logistics Noda I <Leased up> Noda-shi, Chiba 34,352㎡ Nov. 2023 3 Hulic Logistics Kashiwa <Leased up> Kashiwa-shi, Chiba 20,677㎡ Dec. 2023 4 Hulic Logistics Hashimoto Sagamihara-shi, Kanagawa 62,797㎡ Jul. 2024 5 Hulic Logistics Noda II <Leased up> Noda-shi, Chiba 16,694㎡ Feb. 2025 6 Hulic Logistics Misato Misato-shi, Saitama 56,884㎡ Jul. 2025 5 4 3 2 1Tokyo Kanagawa Chiba Saitama Route 16 6 3 4 5 6
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58 Corporate Profile Ginza & Yurakucho Area Town Map Hulic owns 37 properties in Ginza, Yurakucho area (top retails) 1. Hulic Ginza Building 2. Nishi Ginza Development Project 3. Ginza Nishi 2-chome Parking Development Project 4. Hulic Ginza 1-chome Gas Lamp St. Building 5. Hulic Ginza 1-chome Building (Reit) 6. Hulic Ginza 2-chome Building 7. Hulic Ginza Sukiyabashi Building 8. HULIC SQUARE TOKYO 9. Hulic Ginza World Town Building 10. Hulic Ginza Wall Building 11. Hulic Ginza 7-chome Building 12. Hulic Ginza 3-chome Building 13. Hulic Ginza 6-chome Building 14. Hulic Ginza Hanatsubaki St. Building (Reit) 15. HULIC &New GINZA NAMIKI 6 16. HULIC &New GINZA 8 17. Hulic Ginza 6-chome Showa St. Building 18. Hulic Ginza East Building (Reit) 19. Ginza 7-chome Showa St. Development Project 20. Hulic Ginza 5-chome Namiki St. 21. Ginza First Building (Unit ownership) 22. HULIC &New GINZA MIYUKI 5 23. Ginza 8-chome 9-11,12 Development Project 24. HULIC &New GINZA 7 25. Tiffany Ginza Building 26. G8 Development Project 27. Ginza 6-chome Miyuki St. Development Project 28. Ginza 5-chome Development Project 29. Kobiki-kan Ginza Building 30. ALBORE Ginza 31. Hulic Ginza 1-chome Showa St. Building 32. PUZZLE GINZA 33-37. Not disclosed
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59 Corporate Profile Shinjuku East Area Town Map Hulic owns 7 properties in Shinjuku East district (commercial zone) 1. Hulic Shinjuku Building 2. HULIC &New SHINJUKU 3. Hulic Shinjuku 3-chome Building 4. Hulic Shinjuku Gyoen Building 5. Shinjuku 318 Development Project 6. FORECAST Shinjuku SOUTH 7. Not disclosed *partial ownership through an SPC investment
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60 Hulic owns 7 properties in Asakusa district (Old Town/tourist spot) Corporate Profile Asakusa Town Map 1. Hulic Kaminarimon Building (Reit) 2. HULIC &New Kaminarimon (Reit) 3. WINS Asakusa Building 4. Asakusa Park Hall Building 5. Hulic Asakusa 1-chome 6. Asakusa View Hotel 7. Asakusa Care Park Soyokaze (Reit) Kappabashi Kappabashi Minami Kappabashi Minami
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61 Corporate Profile Shibuya & Aoyama Town Map Miyamasuzaka District Redevelopment Project Shibuya 1-chome Area Joint Development Project Hulic owns 27 properties in Shibuya, Aoyama area (commercial zone) 1. Hulic Shibuya Building 2. Hulic Shibuya Building #2 3. CR-Vite 4. Hulic Shibuya 2-chome Building 5. Hulic Shibuya Udagawacho Building* 6. HULIC &New SHIBUYA (Reit) 7. HULIC &New UDAGAWA II (Reit) 8. Shibuya Parco・Hulic Building (Office block) 9. Hulic Shibuya Park Avenue Building (Reit) 10. Hulic Shibuya Inokashira St. Building (Reit) 11. Aoyama Building Reconstruction Project 12. Hulic Jingumae Tower Building 13. Hospitalment Aoyama 14. Charm Premier Grand Shoto 15. Trustgarden Tokiwamatsu (Reit) 16. Hulic Shibuya 1-chome Building (Reit) 17. Shibuya 1-chome Development Project 18. Hulic Shibuya Mitake St. Building 19. YO Building (Reit) 20. Hulic Jingumae Building (Reit) 21. Harajuku Takeshita-dori Commercial Store (Land) 22. Omotesando Development Project I 23, 24. Not disclosed *Hulic owns 3 more neighboring buildings
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62 Corporate Profile Company Advertisement Wow! It’s Hulic again. Building close to the future and station. Hulic for real estate Wow! It’s Hulic again. Building close to the future and station. Hulic for real estate We support people who challenge the future Building close to the future and station. Hulic for real estate Official Gold Partner of the Japan Para-Badminton Federation Hulic develops new power plants and generates its own renewable energy. 1st case in Japan Hulic makes society clean, safe and secure by providing tenants with renewable energy and highly earthquake resistant buildings Hulic will continue to support the Kisei tournament Congratulations on achieving a six-time championship!
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63 Disclaimer on External Evaluations for Sustainability Initiatives. The inclusion of Hulic Co., Ltd. in any MSCI index, and the use of MSCI logos, trademarks, service marks or index names herein, do not constitute a sponsorship, endorsement or promotion of Hulic Co., Ltd. by MSCI or any of its affiliates. The MSCI indexes are the exclusive property of MSCI. MSCI and the MSCI index names and logos are trademarks or service marks of MSCI or its affiliates. FTSE Russell (the trading name of FTSE International Limited and Frank Russell Company) confirms that Hulic Co., Ltd. has been independently assessed according to the FTSE Blossom Japan Index, and has satisfied the requirements to become a constituent of the FTSE Blossom Japan Index. Created by the global index provider FTSE Russell, the FTSE Blossom Japan Index is designed to measure the performance of Japanese companies demonstrating strong Environmental, Social and Governance (ESG) practices. The FTSE Blossom Japan Index is used by a wide variety of market participants to create and assess responsible investment funds and other products. FTSE Russell (the trading name of FTSE International Limited and Frank Russell Company) confirms that Hulic Co., Ltd. has been independently assessed according to the FTSE Blossom Japan Index, and has satisfied the requirements to become a constituent of the FTSE Blossom Japan Sector Relative Index. The FTSE Blossom Japan Sector Relative Index is used by a wide variety of market participants to create and assess responsible investment funds and other products. Morningstar, Inc., and/or one of its affiliated companies (individually and collectively, “Morningstar”) has authorized Hulic Co., Ltd to use of the Morningstar Japan ex-REIT Gender Diversity Tilt Logo (“Logo”) to reflect the fact that, for the designated ranking year, Hulic Co., Ltd ranks in the top quintile of companies comprising the Morningstar® Japan ex-REIT Gender Diversity Tilt IndexSM (“Index”) on the issue of gender diversity in the workplace. Morningstar is making the Logo available for use by Hulic Co., Ltd solely for informational purposes. Hulic Co., Ltd use of the Logo should not be construed as an endorsement by Morningstar of Hulic Co., Ltd or as a recommendation, offer or solicitation to purchase, sell or underwrite any security associated with Hulic Co., Ltd. The Index is designed to reflect gender diversity in the workplace in Japan, but Morningstar does not guarantee the accuracy, completeness or timeliness of the Index or any data included in it. Morningstar makes no express or implied warranties regarding the Index or the Logo, and expressly disclaim all warranties of merchantability or fitness for a particular purpose or use with respect to the Index, any data included in it or the Logo. Without limiting any of the foregoing, in no event shall Morningstar or any of its third-party content providers have any liability for any damages (whether direct or indirect), arising from any party’s use or reliance on the Index or the Logo, even if Morningstar is notified of the possibility of such damages. The Morningstar name, Index name and the Logo are the trademarks or services marks of Morningstar, Inc. Past performance is no guarantee of future results. Disclaimer This document contains forward-looking statements about performance of Hulic Co., Ltd. and its group companies based on the management assumptions made in light of currently available information. We do not post information for the purpose of soliciting investment. We request that investment decision be made at your own discretion and not by depending solely on the information provided in this material.