Slides
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October 28, 2025 (Updated: November 14, 2025) FY2025 3Q (January - September) IR Presentation Code 3003
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2 Table of Contents Page 03 Executive Summary 3 Revision of FY2025 Annual Guidance 4 Financial Highlights (Consolidated) 5 FY2025 3Q Income Statement (Consolidated) 6 FY2025 3Q Segment Performance (Consolidated) 7 FY2025 3Q Balance Sheets (Consolidated) 8 Funding 9 Financial Discipline 10 Key Metrics / Shareholder Return 11 TrackRecord/ Evolutionrespondingto environmentalchanges 12 Page 13 Portfolio Restructuring 14 Vacancy Rate & Rent History 15 Portfolio Distribution Pictures 16-17 Page 29 Stable Core Profits ~Expanding profits on a consolidated basis~ 30 <Expanding profits on a consolidated basis> ① Raysum 31 ② Riso Kyoiku (Kodomo Depart) 32 ③ M&A 33 ④ Consolidation of “Cook Deli” 34 ⑤ Tourism-related Business 35-37 <Initiatives for “Hulic in the next 10 years”> ① Narita Logistics Development Project 38 ② Sports and Entertainment Business 39 ③ Others 40 Page 18 Ongoing Projects 19-22, 24 Recent Openings in Ginza Area 23 Urban Data Centers 25 R&D Facilities 26 Value-added Business 27 International Business 28 Page 41 Environment 42 Social 43 Governance / External Evaluation 44 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 46-48 MT Management Plan (2025-2027) 49-51 Corporate Value Improvement / Financial Strategy 52 Corporate Profile 53-65
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3 Executive Summary ⚫ Operating profit (“OP”) : JPY106.3 bn, increased JPY17.5 bn (19.7%) QoQ ⚫ Ordinary profit : JPY91.5 bn, increased JPY9.9 bn (12.1%) QoQ ⚫ Quarterly net income : JPY60.6 bn, increased JPY6.0 bn (11.0%) QoQ ⚫ Cumulative gross invested amount in 3Q exceeded JPY540.0 bn Additional over JPY70.0 bn (gross amount) are almost confirmed for 4Q FY2025 ⚫ International Business: JPY53.0 bn of investments were confirmed/committed in cumulative 3Q ⚫ Development / Reconstruction: Hulic Ginza Building, Hulic Nihonbashi Center (urban data center), HULIC SQUARE SAPPORO II, etc. were completed ⚫ Hotels/Ryokans: OP JPY3.0 bn, increased JPY1.0 bn (54%) QoQ Seven FUFU facilities were selected as MICHELIN Keys for 2 consecutive years (Highest count for a single Japanese brand) ⚫ Child Education Business : Kodomo Depart received Kids Design Award ⚫ M&A: Closed tender offer for Canadian Solar Infrastructure Fund, Inc. Plan to acquire additional investment units to make it an equity-method affiliate All profit items were at record-highs for 3Q. Revised up FY2025 guidance
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4 Revision of FY2025 Annual Guidance ・ Expect to book record-high results for each profit item ・ Annual dividend per share was revised upward to 60.0 yen, +3.0 yen initial forecast change, +6.0 yen YoY Lifted annual guidance and year-end dividend plan FY2027 ordinary profit target :JPY 180.0 bn is within sight FY2024 Result FY2025 Initial Forecast FY2025 Revised Forecast FY2024 Change Initial Forecast Change Amount % Amount % Operating Revenue （bn yen） 591.6 － 710.0 ＋118.3 +20.0% － － Operating Profit （bn yen） 163.3 178.0 183.0 +19.6 +12.0% +5.0 +2.8% Ordinary Profit （bn yen） 154.3 164.0 170.0 +15.6 +10.1% +6.0 +3.6% Profit attributable to Owners of Parent （bn yen） 102.3 108.0 112.0 +9.6 +9.4% +4.0 +3.7% EPS （yen） 134.42 142.16 147.43 +13.01 +9.6% +5.27 +3.7% Annual Dividend （yen） 54.0 57.0 60.0 ＋6.0 +11.1% +3.0 +5.2%
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5 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) Revised up FY2025 guidance. Plan to achieve 17th consecutive year of profit growth Financial Highlights (Consolidated) 339.6 447.0 523.4 446.3 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 20/12 21/12 22/12 23/12 24/12 25/12 (Billion yen) 88.8 106.3 100.5 114.5 126.1 146.1 163.3 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 (710.0) (183.0) (112.0) 102.3154.3 (170.0) Operating Profit Ordinary Profit (Recurring Profit) Profit attributable to Owners of Parent Operating Revenue 591.6 314.9 424.2 91.5 81.6 60.6 54.5 Forecast Revised: 112.0 bn Initial: 108.0 bn Up: 4.0 bn Forecast Revised: 183.0 bn Initial: 178.0 bn Up: 5.0 bn Forecast Revised: 170.0 bn Initial: 164.0 bn Up: 6.0 bn
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6 Ordinary profit and quarterly net income increased by over 10.0% OP increased significantly by approx. 20.0% FY2025 3Q Income Statement (Consolidated) (Million yen) FY24/12 3Q FY25/12 3Q Change (%) Operating Revenue 314,985 424,218 109,232 (+34.6%) Operating Gross Profit 134,150 173,210 39,060 SGA Expenses 45,339 66,838 21,498 Operating Profit 88,810 106,371 17,561 (+19.7%) Non-operating Income 4,322 5,205 883 Non-operating Expenses 11,491 20,024 8,533 Ordinary Profit (Recurring Profit) 81,641 91,553 9,911 (+12.1%) Extraordinary Income 5,545 4,193 -1,351 Extraordinary Losses 5,932 2,646 -3,286 Total Income Taxes 25,904 31,834 5,929 Profit attributable to Owners of Parent 54,596 60,624 6,027 (+11.0%) Major factors for changes Gain on sale of investment securities -1.5 bn Real Estate Business +11.8 bn Hotels / Ryokans +3.3 bn Loss on step acquisitions incurred in FY2024 -2.7 bn Real Estate Business +88.1 bn Hotels / Ryokans +4.6 bn Interest expenses +5.7 bn Raysum M&A fees +1.4 bn
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7 Real Estate OP increased JPY20.9 bn (22%) Hotels/Ryokans OP increased JPY1.0 bn (54%) FY2025 3Q Segment Performance (Consolidated) (Million yen) FY24/12 3Q FY25/12 3Q Change Operating Revenue 314,985 424,218 109,232 Real Estate 269,387 357,525 88,138 Raysum - 47,178 47,178 Insurance Agency (subsidiary) 2,938 3,044 105 Hotels / Ryokans (subsidiaries) 36,912 41,537 4,624 Others 15,501 31,539 16,038 Riso Kyoiku 9,686 25,427 15,740 Elimination / Corporate -9,754 -9,429 325 Operating Profit 88,810 106,371 17,561 Real Estate 93,287 114,224 20,937 Raysum *Pre-goodwill amortization - 6,496 6,496 Insurance Agency (subsidiary) 953 940 -12 Hotels / Ryokans (subsidiaries) 1,988 3,070 1,081 Others 1,619 1,210 -408 Riso Kyoiku *Pre-goodwill amortization 1,648 1,581 -67 Elimination / Corporate -9,038 -13,074 -4,036 % Stable Core Profits*1 48.3％ 43.6％ Leasing revenue, etc. +13.3 bn Acquired / completed / existing properties +11.7 bn Transfer to real estate for sale -6.9 bn Others +8.5 bn Sales revenue +74.7 bn Increase in occupancy rate / ADR +1.0 bn Leasing profit, etc.*2 +4.0 bn Existing / acquired / completed properties +7.4 bn Transfer to real estate for sale -4.4 bn Others +1.0 bn Sales profit*2 +16.8 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 +14.1 bn
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8 Non-current Assets and Investment Securities increased reflecting steady investments FY2025 3Q Balance Sheets (Consolidated) 24/12 25/9 Change Current Assets 583,864 646,225 62,361 Cash and deposits 134,462 83,892 -50,569 Inventories 405,111 454,253 49,141 Operational investment securities 9,740 61,330 51,590 Non-current Assets 2,463,680 2,763,595 299,915 Property, Plant and Equipment 1,723,825 1,931,958 208,132 Intangible Assets 216,886 233,960 17,074 Investment Securities 420,487 474,371 53,884 Marketable Securities 174,593 212,667 38,074 Shareholdings/Investments of Affiliated Companies, etc. 245,894 261,694 15,800 Total 3,048,935 3,411,686 362,750 Liabilities 2,192,591 2,539,149 346,557 Borrowings 1,397,089 1,596,986 199,897 Corporate Bonds 473,909 613,773 139,864 Deferred Tax Liabilities 89,978 94,332 4,354 Net Assets 856,344 872,536 16,192 Shareholders’ Equity 769,176 775,797 6,620 Valuation Difference on Available-for-sale Securities 65,506 78,490 12,984 Total 3,048,935 3,411,686 362,750 Major factors for changes (Million yen) Quarterly net income +60.6 bn Cash dividends paid -43.3 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. +42.2 bn MTM valuation +20.4 bn CP issuance based on midterm CF +100.0 bn Advance fund procurement+199.8 bn Land・Buildings +198.5 bn Acquisitions, completions +300.3 bn Transfer -101.2 bn Others (Depreciation, etc.) -0.6 bn
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9 Proactively secured long-term funding considering interest rate environment Issued JPY100.0 bn SB in 3Q 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 2025/9 0.72% 0.71% 0.77% 0.80% 0.84% 1.09% (As of Sep. 30, 2025） （Billion yen） OD limit (unused balance) 154.0 (154.0) CP issue limit (〃) 200.0 (70.0) Added SB limit (〃) 300.0 (140.0) (*) 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 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 94.1 97.9 0.56 0.56 0.57 0.60 0.67 0.92 0.50 1.00 1.50 2.00 0 20 40 60 80 100 20/12 21/12 22/12 23/12 24/12 25/9 Long-term borrowing ratio Average interest rate (*) （％） （％） Due to bridge loans related to the tender offer for Raysum (Raysum adjusted)
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10 Net D/E ratio expected to end within our target range (high 1x range) despite temporary rise Financial Discipline Safety and Efficiency Financial Discipline 486.4 637.7 686.7 765.6 832.9 851.7 32.7 36.8 37.1 37.9 33.0 30.0 13.4 12.3 11.9 13.0 12.8 0.0 20.0 40.0 60.0 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 25/9 Equity Equity ratio* ROE (Billion yen) （％） 1,360.1 1,394.4 1,440.9 1,445.0 1,870.9 2,210.7 1.7 1.3 1.3 1.3 1.6 2.0 9.9 9.0 8.5 7.6 9.1 0.0 2.5 5.0 7.5 10.0 0.0 500.0 1,000.0 1,500.0 2,000.0 20/12 21/12 22/12 23/12 24/12 25/9 Total interest-bearing debt Net debt to equity ratio* Net debt to EBITDA ratio*(Billion yen) (times) *50% of hybrid finance (175.0 bn=JPY350.0 bn x 50%) was calculated as nominal equity
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11 Dividends per share are planned to increase for 17 consecutive years since the listing Annual dividend revised to 60.0 yen (+3.0 yen from initial plan, +6.0 yen YoY) Key Metrics / Shareholder Return 88.93 95.23 101.09 104.00 124.36 134.42 147.43 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 1,121.76 20/12 21/12 22/12 23/12 24/12 25/9 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 32.6% 33.9% 35.4% 37.8% 38.5% 40.3% 40.2% 40.1% 40.6% 0.0% 25.0% 50.0% 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 (60.00)Revised up +3.0 yen Revised up +5.27 yen
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12 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: equity credits of 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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13 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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14 3Q cumulative investment over JPY540.0 bn. Additional over JPY70.0 bn (gross) almost confirmed. Acquired Ginza development land. 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) Major properties sold Reasons to sell Property name Asset type Sold date Portfolio reshuffling (reasons to divest: earthquake resistance, value added, etc.) 4 office buildings Office Mar.-May 2025 Tsukiji Yasuda No.2 Building Office Sep. 2025 Hotel Resol Yokohama Sakuragicho Hotel Sep. 2025 Sponsorship to Hulic J-Reit, Hulic Private Reit / Funds, etc. Hulic Shinjuku Building (41%) Office Jun. 2025 Asakusa View Hotel Hotel Sep. 2025 Review of development plans 2 development land Development land Mar. 2025 Settlement Asset type Property summary 3Q Office ■FORECAST Shinjuku SOUTH [2nd settlement of two installments] Office FUJI SOFT Akihabara Building Office Hulic Kamiyacho Building (56%) Retail ■Ginza 5-chome 3-9 Development Project Hotel Hotel in Roppongi (land) Senior living Plaisant Grand Senzoku Network Center Ikebukuro / Nagano Network Center 4Q Office ■Office in Ginza Office ■Office in Shibuya Development land Office development land in Tokyo 5 wards Retail ■Retail building in Shibuya Shopping mall Luz Musashi-kosugi Shopping mall Shopping mall in Greater Tokyo Data center Data center in Greater Tokyo Others
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15 HULIC vacancy rates continued to stay below 1% Average rents also remained high, despite a decline due to reconstruction progress, 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 2.6 0.7 0.9 0.3 0.4 0.4 0.2 0.6 0.5 0.6 0.4 0.2 0.3 0.6 1.3 0.4 0.6 0.4 0.1 0.8 0.7 0.9 0.7 0.3 0.5 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 2025/9 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 26,627 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 21,092 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 12,549 23,207 23,691 22,933（The average of all Hulic buildings) Average office rent (yen/tsubo) （Average rent: yen per tsubo=3.3㎡） (Vacancy rate:％） ・Market average data: MIKI SHOJI “Office Data by regions” (Tokyo Business District building with more than 100 tsubo as a base f loor 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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16 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 Sep. 30, 2025 Less than 10 years 49% Over 40 years 12%30-40 years 12% 20-30 years 11% 10-20 years 16% To be reconstructed in near future 248 properties Number of Properties Net Leasable Area Greater Osaka 4% 1,231 K㎡ Tokyo 5 wards 46% Other Tokyo 23 wards 21% Tokyo 5 wards 30% Other 5% Other 8% Other Tokyo 23 wards 21% Tokyo suburbs 40% Tokyo suburbs 21% 204 properties Greater Osaka 4% 1min or less 32% 2-3 minutes 27% 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 0.0 100.0 200.0 300.0 400.0 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 1,347 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 25/9 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 Headquarters 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 as 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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17 Portfolio Distribution Pictures (Sources of Rent Revenue) Office 43％ ※excluding real estate for sale, including Otemachi Place and Dentsu Headquarters Building ※ Sep. 2025 (Monthly breakdown) Office 41% ◼ 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) 2% Rental apartments 1% Senior living 5% ◼ Owning over 4,900 rooms, contributing to stable earnings ◼ Halted new development Hotel, Ryokans 10% ◼ 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 30% ◼ Expanding in prime areas such as Ginza where high demand from luxury brands continues ◼ Achieving high rent mainly in street-level shops Data Center 5% ◼ Actively investing as an asset resilient to inflation ◼ Opting for urban data center developments Others 6% R&D facilities、logistics、Kodomo Depart, etc.
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18 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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19 Reconstructions in Ginza & Sapporo and Hulic Nihonbashi Center (urban data center) completed 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 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 1 8 4 5 Credit: LAND ART LABO INC. Terrace building image (Opened in Sep. 2025) 2 3 6 7
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20 Construction works are scheduled to begin at G8, Aoyama Building, Ginza 7-chome Showa St., etc. 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 Greater Tokyo 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 2029 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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21 Large projects such as Shinsaibashi and Jiyugaoka 1-29, etc. will be completed in 2026 Other Upcoming Completions during MTP (2026-2027) Property Name Area Asset type Total Floor Space (Approx.) Completion 1 Yaesu 1-chome Higashi Redevelopment Tokyo 5 wards Office 225,000㎡ 2026 1Q 2 Shinsaibashi Project Osaka Retail, office, hotel 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 12 Senior living in Sendagaya Tokyo 5 wards Senior living 2,400㎡ 2027 13 ■Ginza 5-chome 3-9 Development Project New Focus area / Ginza Retail 350㎡ 2027 ■ Assets in focus areas 2 4 5 6 7 8
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22 No Image 1 2 3 4 6 7 8 9 Strategically important area for both stable leasing income and unrealized gains Owning 38 properties, with 8 projects 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. New Ginza 5-chome 3-9 Development Project Complete in 2027 (plan) 5 G8 Development Project Complete in 2028 (plan) 6 Completed in Aug. 2025 Hulic Ginza Building Complete in 2026 (plan) World Town Building Renovation Project 2 Under renovation Ginza 6-chome Miyuki St. Development Project Complete in 2028 (plan) 7 Ginza 7-chome Showa St. Development Project Complete in 2029 (plan) 8 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 9 1 Floor-area ratio : +300％ NOI :×1.6times Complete in 2026 (plan) 3 Nishi Ginza Development Project After the renovation, NOI (forecast): ×1.4times Ginza 8-chome 9-11, 12 Development Project Complete in 2026 (plan) 4 5
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23 Japan’s top commercial area, attracting global visitors. Luxury brands continue to show strong demand for opening stores. “FUFU” is set to open in Nov. Recent Openings in Ginza Area Hulic Ginza Sukiyabashi BuildingHulic Ginza Building 7-12F High-end Ryokan 3-6F Office B1-2F Retail Address 1-7-10 Ginza, Chuo-ku, Tokyo Access Direct to “Ginza 1-chome” Station, Tokyo Metro Line Total floor area 12,840.43㎡ Completion Aug. 2025 Address 4-2-11 Ginza, Chuo-ku, Tokyo Access 1 min walk from “Ginza” Station, Tokyo Metro Line Total floor area 11,569.86㎡ Completion Mar. 2011 34 rooms in 6 types, each with natural hot spring from Atami FUFU Tokyo Ginza (Open on Nov. 16, 2025) B1-B3 / 5-11F Office 1-4F Retail Mizuho Bank, etc. Cartier (Open in Sep. 2025) One of the largest flagship stores in AsiaHarry Winston (Open in Aug. 2025) • Located near Sukiyabashi Crossing, 1-min walk from "Ginza" Station and 4 min from JR "Yurakucho" Station, offering excellent convenience and visibility • Cartier opened Asia's largest flagship store after approx. 20 months of interior and exterior renovations upon eviction of the prev. tenant • Located at a corner facing three major streets (Chuo St./YanagiSt./Gaslamp St.) with excellent visibility • Opening 'FUFU' in Tokyo Ginza, aiming to further boost brand recognition among inbound visitors Van Cleef & Arpels (Open in Oct. 2025)
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24 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 ◼ Construction work will begin in Nov. 2025 ◼ Phase II completed in Sep. 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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25 Focused Asset Class: Urban Data Centers Hulic Nihonbashi Center began operations in Oct. Total pipeline capacity will exceed 80MW. Actively pursuing further expansion opportunities 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 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 • Our first data center project: close to Otemachi'sinterconnection hubs, ensuring high connectivity. Strong demand confirmed in leasing Project Plan Address Nihonbashi, Chuo-ku, Tokyo Land Approx. 967㎡ # of floors 8F - B1 Completion Sep. 2025 1 • Co-established an operating company for the Kobuna-cho data center with an experienced data center operator “Digital Edge DC”
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26 Focused Asset Class: R&D Facilities New construction to begin at the end of 2025, city opening planned for Spring 2028 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 Airport 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. To Hama-Kawasaki Station Layout plan R&D zone Supportive zone R&D center (image) Community center (image)
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27 Initiated renovation work at World Town Building in Jul. Openings of 11 units in fully occupied LICOPA Higashi Yamato Terrace Building started from Sep. 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 Maison building (Opened in Nov. 2024) 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) 3 Credit: LAND ART LABO INC. Terrace building image (Opened in Sep. 2025)
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28 International Business 13 deals (JPY53.0 bn) were confirmed/committed under risk-controlled schemes in cumulative 3Q 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. JPY79.0 bn already confirmed/ committed) 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 Example Senior living in U.S. Investment track record Senior living McDowell Village (Arizona) • Invested in a stable, operational senior living located in Scottsdale, Arizona, a popular area among seniors in 3Q 2025 • This marked our 4th investment in U.S. senior living, partnering with MITSUI & CO., LTD. group • US senior living is in short supply, and the demand is expected to remain stable. Shortage concern on caregivers is also limited U.S. Senior living Hillcrest of Loveland / Colorado 1902 Park Avenue / California Savanna House / Arizona McDowell Village / Arizona Rental housing Turing / California The Danforth / Washington Project A / Texas Singapore Logistics center Sunview Logistics (BTS development project) Vietnam Rental factory Core5 / near Hanoi and Hai Phong India Houses built for saleDebt fund for development projects
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29 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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30 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. 38 ■Sports & Entertainment Business Page. 39 ■Other initiatives Page. 40 Grid-scale battery storage / Luxury senior residence / Capital and business alliance with ASTMAX ■Raysum Page. 31 ■Riso Kyoiku Page. 32 ■M&A Page. 33 ■Consolidation of “Cook Deli” Page. 34 ■Tourism-related business Page. 35-37 Increase “stable core profits” Expanding profits on a consolidated basis Initiatives for “Hulicin the next 10 years”
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31 FY2025 results are expected to exceed our initial plan Multiple joint investments materialized. Shift to parent-subsidy loans also progressed 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) Approx. 60% has been switched as of the end of Sep. 2025 Funding • FY2025 results expected to exceed our initial plan • The pipeline of properties held for sale stood at approx. JPY150.0 bn
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32 Kodomo Depart received Kids Design Award 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 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 Group (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 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 Received Kids Design Award Chairman's Award for its novelty, support for dual-income families, and contribution to enhancing the appeal of the area KodomoDepart Won the 19th Kids Design Award 2 min walk from MotoyawataSta. Kodomo Depart Motoyawata (Opening in limited floors)
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33 Aiming to strengthen our consolidated earnings through M&As 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 Group (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 Mar 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. 5.5 bn acquisition size) Real estate Child education Industrial Infrastructure Tender offer for Canadian Solar Infrastructure Fund, Inc. [TSE9284] (Jul. 1ーSep. 18, 2025 / Approx. 5.4 bn* acquisition size)Environment ◼ Acquired 84.69% of voting rights through a tender offer, making the company a consolidated subsidiary on Aug. 5 ◼ Plan to make the company a wholly owned subsidiary on Nov. 19, following required procedures ◼ Sponsored by one of the world's leading solar panel manufacturers. Listed in 2017. Holds a top-level asset scale among Japanese infrastructure funds. ◼ Entered into a support agreement, etc. with Canadian Solar Group and initiated business collaboration in solar power plants and grid-scale battery storage * Plan to acquire additional 25,804 units (6.01%) to make the company an equity- method affiliate, with total holdings of 20.0% Food & AgricultureTourism Sports ＆ Entertainment Elderly Care (Healthcare) Other example target areas
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34 オペレーター Entering high-demand ready-to-eat meal business, leveraging our network with senior living operators to support and accelerate further growth of Cook Deli Expanding profits on a consolidated basis④ Consolidation of “Cook Deli” (Announced on Oct. 31, 2025） Company Overview Growth Support Strategy Company name Cook Deli, Inc. Founded in September 2016 Status Private Business outline Provider of ready-to-eat meal catering to senior living throughout Japan Number of employees 150 Support further growth Elderly Care / Healthcare related Business An industry-leading portfolio of approx. 5,000 senior living units leased to top-tier operators Our extensive operator network Real Estate Business Intangible Assets ◼ Cook Deli specializes in production and sale of “ready-to-eat meals" that only require plating and defrosting, and provides approx. 200,000 meals daily to approx. 7,000 facilities nationwide ※As of Nov. 2025 Achieving high profit margins with an asset-light business model through a fabless production system ◼ We will acquire 51% ownership from existing shareholders and support their business growth by leveraging our network with senior living operators as we own approx. 70 such facilities (5,000 units) ◼ A labor shortage in the nursing care industry in Japan is driving demand for ready-to-eat meals, and the market size is growing at 17% p.a.
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35 Achieved JPY3.0 bn OP , increased by JPY1.0 bn, or 54%, offsetting higher opening costs Seven “FUFU” won the most MICHELIN Keys among Japanese brands for two straight years Expanding profits on a consolidated basis⑤ 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 for two consecutive years 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 4 lands 19-20 Approx. 470 THE GATE HOTEL 4 608 3 Yokohama, Fukuoka, Sapporo 1 Osaka 6 Ginza 7-chome, etc. 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 on Nov. 16, 2025) FUFU Jogashima (Open in early 2026) Plan to open two new facilities
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36 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 basis⑤ 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 5 types, overlooking Yokohama Bay and Yamashita Park • Art Deco-inspired interiors with modern art accents, evoking Yokohama’s heritage • Domestic demand is stronger compared to other GATE HOTEL locations. ADR has been exceeding our initial plans 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 • The guest-exclusive lounge is especially well-received by guests. ADR has been exceeding our initial plans
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37 Bookings have been strong for the Sapporo opening in Dec. Construction will begin for Ginza 7-chome Showa St. in Nov. Expanding profits on a consolidated basis⑤ Tourism-related Business (Newly Opening Hotels) • Direct to “Sapporo” subway station. Located on 11th to 20th floors of HULIC SQUARE SAPPORO II • 172 rooms in 6 types, covering various needs from business to family stays • Facilities include all-day dining on the 10th floor, an exclusive guest lounge on the top floor, and a large public bath Open on Dec. 20, 2025 Guest room “Luxe”Large public bath Guest room “THE GATE” Guest-exclusive lounge Address 7-13-10 Ginza, Chuo-ku, Tokyo # of floors 15F / B1 Completion 2029 Complete in 2029 • Targeting inbound families and group travelers • Planning connecting rooms and rooms for multiple guests to support diverse stay styles • Top-floor guest-exclusive lounge and restaurant offer an open space with large windows and terraces overlooking Ginza Guest room (image) Guest-exclusive lounge and restaurant (image) Entrance (image) Ginza 7-chome Showa St. Development Project THE GATE HOTEL Sapporo by HULIC Address 3-1-44 Kitasanjo Nishi, Chuo-ku, Sapporo-shi, Hokkaido # of floors 20F / B1 (Hotel: 11-20F) Completion Sep. 2025
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38 Jointly develop and operate "WING NRT," Japan's first integrated bonded warehouse and logistics facility with Japan Airlines 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㎡ *Acquisition completed 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 Runway C 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 shed and logistics facilities ✓ Customs and quarantine services will be stationed (plan), provides extra efficiency and convenience ✓ 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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39 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 arena, meeting global standards ◼ The arena will serve as Altiri Chiba’s home arena, and it is planned to 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 club] *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 club "Altiri Chiba,” based in Chiba City
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40 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 Sep. 30, 2025, two sites have been completed and become operational in 2025 (in Shizuoka and Chiba Pref.)
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41 Sustainability Initiatives
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42 Progressing steadily towards achieving 100% renewable energy buildings by 2029 RE100 achievement in 2023 officially certified. Japan’s first case under new criteria 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 Plan to achieve 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 Powering all company-owned buildings*1 with 100% in-house renewable electricity Achieved 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 equipped with battery storage [non-FIT] (Tochigi 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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43 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.) ✓ Promote introduction of “Sokushin Navi”, a new damage assessment system, to non-current assets ✓ Active use of Earthquake-Absorbing / Damping Structure ✓ Confirmed all properties located in Nankai Trough Earthquake Disaster Prevention Promotion Area have seismic performance that can withstand intensity level 7 earthquakes (Japanese scale) (as of Aug. 2024) ✓ Measures against flooding of electrical equipment in owned buildings 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 Service Dog Association 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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44 Transparent governance framework established; Majority of BOD are independent external directors. Rated highest for MSCI ESG ratings and CDP Climate Change 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 AAA 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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45 Appendix
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46 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 2025 is based on Population figure (As of Apr. 1, 2025) “Population Census of the Ministry of Internal Affairs and Communications (Sep. 19, 2025) 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 .1million (29.3%) 39.2million (34.8%) 36.4million (37.9%) 73.5million (59.6%) 62.1million (55.1%) 50.7million (52.8%) 13.6million (11.1%) 11.4million (10.1%) 8.9million (9.3%) 0.0 25.0 50.0 75.0 100.0 125.0 2025 2040 2060 Age Under 15 Over 15 to Under 65 Over 65 123.3million 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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47 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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48 -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* 1.645% Source: Nikkei Quick (Apr. 1, 2003 – Oct. 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 Oct. 22, 2025 (Source: Bloomberg) 3.965% 3.341% 4.108% 3.078％ 2.550% 2.888% 4.476％ 0.067% 1.744%
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49 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 u se 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 prop erties, 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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50 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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51 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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52 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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53 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 1,400 08/11 10/03 11/07 12/11 14/03 15/07 16/11 18/03 19/07 20/11 22/03 23/07 24/11 Market Cap 3625 Former HULIC (Right axis) 3003 New HULIC (Right axis) Corporate Profile Market Capitalization, Stock Price Market Capitalization & Stock Price (weekly) History （Nov.14, 2008～Sep. 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_Sep. 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 1,244.0 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 1,620 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. Great East Earthquake Shoeimerger 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. 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
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54 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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55 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 41 Plaisant Grand Senzoku Shinagawa-ku, Tokyo 49 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 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 1-2 2 senior living - 2026-27 (plan) 120 (plan) Note: Number of rooms are counted at the time of property acquisition or completion
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56 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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57 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 Ginza 7-chome Showa St. Development Project New 2029 (plan) - 10~ 5 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*1 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 6 Maihama View Hotel 2025 428 Total 1,620 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 Other Hotels (operated by HULIC Group) Name Acquisition / Open Rooms 1 Grand Nikko Tokyo Bay Maihama (to REIT) 2014 703 2 Hotel Nikko Kanazawa 2018 254 Total 957 *1: Properties owned by Hulic’s REITs or funds *2: Tokyo Bay Maihama Hotel has been rebranded as Maihama View Hotel on Oct. 1, 2025
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58 Corporate Profile Hulic’s Asset Information (Major Hotels and Japanese Ryokans) THE GATE HOTEL Kyoto Takasegawa THE GATE HOTEL Ryogoku Major projects to be opened THE GATE HOTEL Kaminarimon THE GATE HOTEL Tokyo PPP project FUFU Karuizawa FUFU Kyu-Karuizawa PPP project *Owned by Hulic’s REITs or funds FUFU Hakone FUFU Nikko FUFU Nara FUFU KawaguchikoPPP project Jogashima (Open in early 2026) Major projects to be opened FUFU Kyoto Seven FUFU facilities were selected as for two consecutive years THE GATE HOTEL Yokohama THE GATE HOTEL Fukuoka Opened in 2025 Opened in 2025 *Owned by Hulic’s REITs or funds Ginza (Open in Nov. 2025) Sapporo (Open in Dec.2025) Shinsaibashi, Osaka (Open in Jun. 2026)
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59 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 &New GINZA 7 (Chuo-ku, Tokyo) Ginza 5-chome Development Plan Under demolition Under renovation One’s Mall (Chiba-shi, Chiba) Renovated and reopened in Sep. 2025
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60 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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61 Corporate Profile Ginza & Yurakucho Area Town Map Hulic owns 38 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. HulicGinza 6-chome Showa St. Building 18. HulicGinza 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. Ginza 5-chome 3-9 Development Project 34-38. Not disclosed
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62 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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63 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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64 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・HulicBuilding (Office block) 9. HulicShibuya Park Avenue Building (Reit) 10. HulicShibuya InokashiraSt. 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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65 Corporate Profile 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 Cup Hakurei Championships Shogi Competition for women
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66 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.