Slides
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Code 3003 July 28, 2026 FY2026 2Q (January - June) IR Presentation
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2 Table of Contents Page 03 Executive Summary 3 Financial Highlights (Consolidated) 4 FY2026 2Q Income Statement (Consolidated) 5 FY2026 2Q Segment Performance (Consolidated) 6 FY2025 2Q Balance Sheets (Consolidated) 7 Funding 8 Financial Discipline 9 Key Metrics / Shareholder Return 10 Page 11 Position of 2026 12 Outline of the Business Strategies 13 Evolving Business Model 14 Page 27 ① Real estate management Business 28 ② Tourism-related Business 29-30 ③ Child Education Business 31-33 ④ Environment & Infrastructure Business 34 ⑤ Senior & Healthcare Business 35 ⑥ Lifestyle Business 36-37 ⑦ Next-generation Industrial Asset Business 38 ⑧ Sports & Entertainment Business 39 ⑨ Corporate Investments, Business Collaboration Page 15 Real estate investment 16-17 Real estate development and reconstruction 18-22 Urban Data Centers 23 Domestic Real Estate Business Portfolio Distribution Pictures 24 International Business 25-26 Page 42 Environment 43 Social 44 Governance / External Evaluation 45 Business Strategies Business Overview Real Estate Business Business Overview New Businesses Sustainability Initiatives Consolidated Performance Summary Appendix Medium- and Long-term Mgmt. Plan (2026-2036) 47-54 Cash Flow Statements 55 Portfolio Distribution Pictures 56 Corporate Profile 57-63 40-41
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3 Executive Summary 1. Financial Results Underlying ordinary profit increased 14% YoY ⚫ Operating profit JPY80.3 bn, +JPY5.2 bn (+7.0%) YoY JPY85.4 bn, +JPY10.3 bn (+14%) YoY ⚫ Ordinary profit JPY70.8 bn, +JPY4.3 bn (+6.4%) YoY JPY75.9 bn, +JPY9.4 bn (+14%) YoY ⚫ Net income JPY49.9 bn, +JPY5.0 bn (+11.3%) YoY JPY55.1 bn, +JPY10.2 bn, (+23%) YoY 2. M&A 3 M&As and capital alliance transactions realized ✓ Made SALOWIN, No.1 share salon company, a wholly-owned subsidiary ✓ Make Tokyo Kyoikuken the operator of Tetsuryokukai (a leading preparatory school focused on preparing students for admission to the University of Tokyo) a wholly-owned subsidiary (scheduled for July 31, 2026) ✓ Capital and business alliance with Farmind, an integrated produce supply chain platformer (July 2026) 3. Secondary Offering of Shares in International Market Facilitated share sales by certain shareholders in an orderly manner (2.3% of total issued shares) ✓ Share price recovered after a temporary decline and has remained above pre-offering announcement level ✓ Foreign ownership increased to 20%, enhancing shareholder diversity and liquidity Additional goodwill amortization JPY5.1 bn Additional goodwill amortization of JPY5.1 bn was recorded in line with accounting standards based on Riso Kyoiku’s share price. The amount is reassessed quarterly and finalized at fiscal year-end. This is not goodwill impairment as there is no issue with the excess earnings power recognized as goodwill. ※Special item Excl. special item
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4 Progress towards the full-year guidance exceeded 40% (excl. special item) Steadily advancing toward an 18th consecutive year of record-high profit Financial Highlights (Consolidated) 69.5 79.1 94.6 102.3 0.0 20.0 40.0 60.0 80.0 100.0 120.0 21/12 22/12 23/12 24/12 25/12 26/12 (Billion yen) 447.0 523.4 446.3 591.6 0.0 200.0 400.0 600.0 800.0 21/12 22/12 23/12 24/12 25/12 26/12 (Billion yen) 75.0 80.3 114.5 126.1 146.1 163.3 186.8 0.0 50.0 100.0 150.0 200.0 21/12 22/12 23/12 24/12 25/12 26/12 (Billion yen) (Billion yen) 109.5 123.2 137.4 154.3 0.0 50.0 100.0 150.0 200.0 21/12 22/12 23/12 24/12 25/12 26/12 (TBA) (210.0) (121.0) 114.3172.9 (185.0) Operating Profit Ordinary Profit (Recurring Profit) Profit attributable to Owners of Parent Operating Revenue 727.4 416.5 300.0 70.8 66.5 49.9 44.8 (forecast) (forecast) (forecast) [85.4] [Progress: 40%] [Progress: 45%][Progress: 41%] *Figures in [ ] exclude special item. [75.9] [55.1]
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5 Underlying net income increased 23% Operating profit and ordinary profit increased approx. 14% FY2026 2Q Income Statement (Consolidated) (Million yen) FY25/12 2Q FY26/12 2Q Change (%) Operating Revenue 300,081 416,596 116,515 (+38.3%) Operating Gross Profit 120,141 140,983 20,842 SGA Expenses 45,086 60,670 15,583 Operating Profit 75,055 80,313 [85,442] 5,258 [10,387] (+7.0%) [+13.8%] Non-operating Income 4,434 7,439 3,005 Non-operating Expenses 12,942 16,891 3,949 Ordinary Profit (Recurring Profit) 66,547 70,861 [75,990] 4,314 [9,443] (+6.4%) [+14.1%] Extraordinary Income 4,120 5,547 1,427 Extraordinary Losses 2,019 4,480 2,460 Total Income Taxes 23,568 21,342 -2,226 Profit attributable to Owners of Parent 44,893 49,978 [55,108] 5,085 [10,214] (+11.3%) [+22.7%] Major factors for changes Loss related to reconstructions +1.1bn Special item +5.1 bn M&A etc. +4.9 bn Hotels/ Ryokans +4.0 bn Real estate leasing, etc. +6.1 bn 3 M&A companies*1 +1.9 bn Real estate sales profit +1.4 bn * 1 3 M&A companies refer to Riso Kyoiku, Koken Boring Machine and Cook Deli Lease termination income +2.3 bn Interest expenses +4.7 bn *Figures in [ ] exclude special item.
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6 Strong performance continued in the real estate business. The “Others” segment achieved significant underlying profit growth, driven by contributions fromM&A FY2026 2Q Segment Performance (Consolidated) 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, *3 3 M&A companies refer to Riso Kyoiku, Koken Boring Machine and Cook Deli. (Million yen) FY25/12 2Q FY26/12 2Q Change (%) Operating Revenue 300,081 416,596 116,515 Real estate 257,335 349,630 92,295 Insurance Agency (subsidiary) 1,966 2,058 92 Hotels / Ryokans (subsidiary) 27,943 31,579 3,635 Others 19,019 39,389 20,370 Elimination / Corporate -6,182 -6,061 121 Operating Profit 75,055 80,313 [85,442] 5,258 [10,387] Real estate 79,713 87,253 7,540 Insurance Agency (subsidiary) 557 662 105 Hotels / Ryokans (subsidiary) 2,652 2,700 47 Others -52 -2,459 [2,669] -2,407 [2,721] Elimination / Corporate -7,816 -7,843 -27 % Stable Core Profits＊1 41.5％ 43.2％ [46.3％] Segment profit and business profit ✓ Business profit figures include certain non-operating items related, including equity-method investment income/losses. ✓ “New businesses, etc.” also encompasses profits from real estate-related activities and is therefore not directly comparable to the Real Estate business segment above. *Figures in [ ] exclude special item. Leasing revenue, etc. +7.5 bn Acquired / completed / existing properties +9.8 bn Transfer to real estate for sale -6.0 bn Others +3.6 bn Sales revenue +84.7 bn 3 M&A companies*3 +1.9 bn Stable core profits +8.4 bn Real estate sales profit +1.9 bn Leasing profit, etc.*2 +6.1 bn Existing / acquired / completed properties +6.6 bn Transfer to real estate for sale -4.1 bn Others +3.6 bn Sales profit*2 +1.4 bn 3 M&A companies*3 +16.6 bn
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7 Non-current assets increased as development progressed. A portion of redemption proceeds from the Dentsu-related investment was redeployed in high-growth-potential companies FY2026 2Q Balance Sheets (Consolidated) Major factors for changes(Million yen) Construction in progress +25.2 bn Land, buildings -12.2 bn Acquisition and completion +88.9 bn Transfer intended for contributions to group REITs/funds -84.0 bn Others (transfer, depreciations, etc.) -17.1 bn AssetsLiabilities & Net Assets Corporate investments +22.2 bn MTM valuation +7.1 bn 25/12 26/6 Change Current Assets 686,528 743,139 56,610 Cash and deposits 131,083 156,197 25,113 Inventories 425,953 433,620 7,667 Operational investment securities 78,280 109,556 31,275 Non-current Assets 2,817,797 2,847,545 29,747 Property, Plant and Equipment 1,927,374 1,946,428 19,053 Intangible Assets 258,822 267,045 8,222 Investment Securities 499,499 495,637 -3,862 Marketable Securities 227,638 256,322 28,684 Shareholdings/Investments of Affiliated Companies, etc. 271,861 239,315 -32,546 Total 3,506,068 3,592,508 86,440 Liabilities 2,566,887 2,612,162 45,274 Borrowings 1,607,396 1,665,236 57,840 Corporate Bonds 603,856 610,071 6,215 Deferred Tax Liabilities 107,248 102,850 -4,397 Net Assets 939,180 980,346 41,166 Shareholders’ Equity 829,364 853,561 24,196 Valuation Difference on Available-for-sale Securities 85,176 90,347 5,170 Total 3,506,068 3,592,508 86,440 International investments +40.5 bn Front-loading of funding SPC (Dentsu) -53.9 bn Real estate investment through SPC, etc. +20.5 bn Quarterly net income +49.9bn Cash dividends paid -25.6 bn
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8 AA- long-term credit rating reaffirmed. Increased overdraft and CP issuance limits Funding JCR rating AA－ / Stable External Rating Corporate Bonds Short-term Borrowing Capacity Average Funding Cost & Long-term Borrowing Ratio 2021/12 2022/12 2023/12 2024/12 2025/12 2026/6 0.71% 0.77% 0.80% 0.84% 1.15% 1.43% (As of Jun. 2026） （Billion yen） OD limit (unused balance) 204.0 (204.0) CP issue limit (〃) 400.0 (299.0) Added SB limit (〃) 300.0 (300.0) (*) 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 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) 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 Mar. 12, 2026 16th Straight 2.177 85.0 5 Total (bn) 509.0 (*) Sustainability Linked Bonds 99.9 99.9 99.8 89.4 94.1 95.5 97.9 0.56 0.57 0.60 0.67 1.00 1.31 0.50 1.00 1.50 2.00 2.50 3.00 0 20 40 60 80 100 21/12 22/12 23/12 24/12 25/12 26/6 Long-term borrowing ratio Average interest rate （％） （％） Due to bridge loans related to the tender offer for Raysum (Raysumadjusted) (excluding hybrid finance)
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9 Proactive funding procurement ahead of expected rate hikes Net D/E ratio maintained within our target range Financial Discipline Safety and Efficiency Financial Discipline 637.7 686.7 765.6 832.9 913.2 947.4 36.8 37.1 37.9 33.0 31.0 31.2 12.3 11.9 13.0 12.8 13.0 0.0 20.0 40.0 60.0 0.0 100.0 200.0 300.0 400.0 500.0 600.0 700.0 800.0 900.0 21/12 22/12 23/12 24/12 25/12 26/6 Equity Equity ratio* ROE(Billion yen) （％） 1,394.4 1,440.9 1,445.0 1,870.9 2,211.2 2,275.3 1.3 1.3 1.3 1.6 1.8 1.8 9.0 8.5 7.6 9.1 9.2 0.0 2.5 5.0 7.5 10.0 0.0 500.0 1,000.0 1,500.0 2,000.0 21/12 22/12 23/12 24/12 25/12 26/6 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 ROENet D/E ratio*Debt/EBITDA ratio* ~10x High 1x range ~12% or moreTarget (2026-2036)
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10 Annual dividend of 67.0 yen planned (5.0 yen rise YoY), marking the 18th consecutive growth; payout ratio to be raised to 45% by 2029 in a phased manner Key Metrics / Shareholder Return 95.23 101.09 104.00 124.36 134.42 150.50 159.34 20/12 21/12 22/12 23/12 24/12 25/12 26/12 0.00 50.00 100.00 150.00 (Yen) 728.31 836.89 902.70 1,006.19 1,093.78 1,202.76 1,247.52 20/12 21/12 22/12 23/12 24/12 25/12 26/6 0.00 500.00 1,000.00 (Yen) (Yen per Share) 25.50 31.50 36.00 39.00 42.00 50.00 54.00 62.00 67.00 33.9% 35.4% 37.8% 38.5% 40.3% 40.2% 40.1% 41.1% 42.0% 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 70.00 80.00 18/12 19/12 20/12 21/12 22/12 23/12 24/12 25/12 26/12 Annual Dividend (Left axis) Payout ratio (Right axis) (forecast) (forecast) EPS (Net income per share) BPS (Book value per share) Dividend History 2029 target Payout ratio 45% 33.50
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11 Business Strategies
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12 Position of 2026 A corporate group that continues its Transformation, Evolution and Growth by creating diverse value based on the real estate business as the core Build a distinctive and resilient business portfolio by incorporating diversified growth businesses centered on the real estate in order to pursue and achieve stable and sustained growth and shareholder value enhancement Target Profile in 2036 Basic Policy Ordinary profit Operating profit FY2029 <Phase I final year> JPY220.0 bn JPY260.0 bn FY2036 <LTP final year> JPY300.0 bn JPY380.0 bn FY2025 Result JPY172.9 bn JPY186.8 bn FY2026 Plan JPY185.0 bn JPY210.0 bn Building on strong profit growth and capital efficiency in the real estate business, invest in and develop new businesses through M&As, etc. (Reference) Medium- term Plan (Phase I) 2026-2029 * Business profit figures include certain non-operating items related, including equity-method investment income/losses. Business profit JPY67.0 bn JPY227.0 bn New Businesses Real Estate Business JPY18.0 bn JPY215.0 bn
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13 The real estate business pursue maximizing profits through sophistication and overseas expansion, while driving profit growth and improving investment efficiency through M&As Outline of the Business Strategies Lifestyle Real Estate Business New Businesses Leverage M&As (Phase I budget : JPY300.0 bn) Generate business profits and leverage tangible and intangible assets Real estate managementTourism Child education Senior & Healthcare Next-generation industrial assets Leverage the investment know-how accumulated through real estate investments Environment & Infrastructure Corporate investments, business collaboration Existing real estate business ①Advance business domains • Investments in growth assets (highly marketable properties, inflation-resilient assets) • Expand high-return, capital efficient value- added business Flexibly optimize investment allocation depending on the macro trends, etc. ②Expand area International business (Focus on growing markets) Sports & entertainment etc. Cycle of Value Creation through Synergies Creation of Business Profit Portfolio Enhancement Improving Capital Efficiency and Growth Potential Lifestyle
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14 Building a resilient business portfolio by capturing operating income and business profit, with real estate at its core Evolving Business Model Operating Income Directly Operated Hotels and Ryokan, Kodomo Depart, and Other ＋ Gains on the Sale of Real Estate Sale to Hulic Group REIT Funds (Partial) ＋ Asset Management Fees Asset Management of Properties Sold to Hulic Group REIT Funds ＋ Consolidated Basis ＋ Additional Profits Asset Efficiency Profits from Related Businesses Cook Deli (Services for Elderly Care Facilities), Arena Business, etc. ＋ Group Real Estate Segment Approx. 80% Profit Share in 2029 Leasing Income from Real Estate Increase in Leasing Income through Rent Increases and Value Add Improve capital efficiency through off-balance sheet structuring
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15 Business Overview Real Estate Business
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16 2Q investment was JPY180 bn (gross amt.). Additional over JPY120 bn (gross) almost confirmed in/after 3Q* Real estate investment Real estate investment strategy Invest in highly marketable properties1 Invest in inflation-resilient assets with rent upside potential 2 Promote advanced value- added projects, etc. with high return and capital efficiency 3 Settlement Asset type Property summary 1Q Office Office in Shibuya■■ Office East Net Building Retail Ginza 6-chome 9 Chuo St. Development Project■ Retail・CRE Retail in Omotesando（land）■ Shopping mall Large-Scale Shopping mall CRE Ome Factory（land） CRE Proterial Sendai Factory（land） Senior living Bulk acquisition (4 Senior living) Senior living Lavire Residence Nijyojyo Network center 5 Network centers Major Investment・Planned Investment in 2026 ■ Assets in focus areas ■ HistoRy projects Settlement Asset type Property summary 2Q Office Ginza Sanou Building (Unit Ownership)■ Office Hulic Kamiyacho Building (9%) Office The Square Holel GINZA ■ Data center Data Center in the Kansai Region In/After 3Q Office Office in Ginza ■■ Office Office in Ginza ■ Office Office in Chiyoda-ku Office Ueno 1-chome Building Shopping mall Shopping Mall in Osaka（land） Retail Retail in Ginza ■ Hotel Hulic Ginza 6-chome Showa St. Building ■ Others *Domestic real estate investments (excl. Raysum)
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17 Real estate investment / Enhancement of value-added businesses 3.0 Over 10.0 0.0 5.0 10.0 2025 2026 2029 2036 Steady progress in Raysum’s acquisitions. 5% stake acquired in REALGATE High-complexity value-add Renovation in central Tokyo 23.0 25.0 27.0 29.0 0.0 10.0 20.0 30.0 2025 2026 2029 2036 Result Plan （billion yen） +2.5 ◼ Acquisition amount：approx. JPY173.5 bn ◼ Financial performance FY2025 OP target：JPY23.0 bn FY2025 OP result：JPY25.5 bn (+JPY2.5 bn) • Through the joint acquisition with Hulic, Raysum generated profits exceeding JPY2.0 bn (synergy) • Pipeline of properties held for sale: approx. JPY170.0 bn over (as of Jun.2026) • Profit contribution weighted toward H2, as in the previous fiscal year ◼ Operating profit (pre-goodwill amortization) （billion yen） ◼ Operating profit New Business Investment phase Exit (sale) and reinvestment • REALGATE has strengths in the renovation and operation of aged properties • Aim to expand the renovation business by leveraging Hulic’s financial strength and information network together with REALGATE’s planning expertise through the establishment of JV company (HistoRy) • Build up an investment balance exceeding JPY100bn at an early stage and target operating profit of more than JPY10 bn within 10 years • Four projects already in sight（over JPY20 bn） • Strategic 5% investment in REALGATE to accelerate renovation business growth (June 2026) JV with REALGATE
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18 8 assets / JPY130 bn (completion book value) will be completed in 2026 World Town Building renovation completed. Omotesando I construction began Real estate development Real estate development strategy Build a quality fixed-asset portfolio1 Boost growth in the group’s REITs and funds2 Develop new business domains3 Property Name Area Asset type Total Floor Space (approx.) Completion 1 QUARTZ SHINSAIBASHI Osaka Retail, office, hotel 46,200㎡ 2026 1Q 2 ■World Town Building Renovation Project Focus area / Ginza Retail 4,100㎡ 2026 2Q 3 One’s Mall Renovation Project Greater Tokyo Retail 83,800㎡ 2026 2Q 4 JIYUGAOKA MUSE SQUARE Tokyo 23 wards Retail, Kodomo Depart, office, etc. 46,000㎡ 2026 3Q 5 ■Hulic Nishi Ginza Building 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 Property in Kichijoji Greater Tokyo Retail 1,000㎡ 2026 4Q 8 ■Ginza 8-chome 9-11, 12 Development Project Focus area / Ginza Retail 5,500㎡ 2026 4Q Projects to be Completed in 2026 1 2 4 5 3 6 8 Completed Assets in focus areas 40 assets / JPY850 bn (completion book value) are scheduled to come on stream during Phase I
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19 THE GATE HOTEL opened at QUARTZ SHINSAIBASHI in June JIYUGAOKA MUSE SQUARE is scheduled to open on September 17 Real estate development —QUARTZ SHINSAIBASHI and JIYUGAOKA MUSE SQUARE— JIYUGAOKA MUSE SQUAREQUARTZ SHINSAIBASHI Address 3-12-14 Minamisemba, Chuo-ku, Osaka-shi, Osaka Access Direct to Shinsaibashi station, Osaka Metro Floor area 46,227㎡ Completion Mar. 2026 Address In the 1-29 Jiyugaoka area, Meguro-ku, Tokyo Access 1 min walk from Jiyugaoka station, Tokyu Lines Floor area Approx. 46,000㎡ Completion 3Q 2026 6F Office • Approx. 132m tall, serving as a new Shinsaibashi landmark that enhances the area’s vibrancy • Aprox. 40 tenants opened on Apr. 25 • THE GATE HOTEL Osaka opened on Jun. 15 B1-4F Retail 16-28F Hotel 8-14F Office THE GATE HOTEL Osaka by HULIC (Opened in Jun. 2026) Details: page 30 B2-6F Retail, clinics 7-14F Rental housing (Approx. 170 units) 5F Kodomo Depart (Child education facility) 1-3F Street level stores Luxury brands (Bulgari, Cartier, Fendi, Chaumet, Diesel, etc.) Anchor tenants MEIDI-YA (Supermarket) SHARE LOUNGE Diverse food, trend, fashion, and lifestyle stores to open under the ‘FINE QUALITY LIFE’ concept • Commercial areas open on Sept.17, 2026 • North-south shopping passage and pedestrian paths around the building on the first floor to improve convenience Leasing completed with diverse tenants Childcare, early learning classes, pediatric clinic, cooking schools, Kodomo Depart Studio, etc. All Tenants Secured
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20 No Image 8 A 1 2 4 3 6 7 42 properties held and 2 more secured. 8 development projects are currently underway Renovation of World Town Building completed 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 5-chome 3-9 Development Project Complete in 2027 (plan) 3 G8 Development Project Complete in 2028 (plan) 4 Ginza 6-chome Miyuki St. Development Project Complete in 2028 (plan) 5 Ginza 7-chome Showa St. Development Project Complete in 2029 (plan) 6 Under construction Ginza 5-chome Development Project Complete in 2028 (plan) 7 Ginza 8-chome 9-11, 12 Development Project Complete in 2026 4Q (plan) 2 5 Complete in 2026 3Q (plan) Nishi Ginza Development Project Complete in 2026 2Q World Town Building Renovation Project 1 A After the renovation, NOI (forecast):×1.4times Under demolition 解体中 Complete in 2029 (plan) Ginza 6-chome 9 Chuo St. Development Project 8 Under demolition
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21 Hulic Nishi Ginza Building 3 properties will be completed in 2026 in Ginza. Hulic Nishi Ginza Building leased up Projects in Ginza Area Projects scheduled for completion or commencement in 2026 ◼ Complete in 2Q 2026 ◼ Seismic reinforcement and full façade renovation are planned ◼ Profitability greatly enhanced by expanding street-level retail space and increasing rent ◼ street-level retail space is planned to be re-leased to PRADA After the renovation NOI：×1.4times（forecast） ◼ Complete in 3Q 2026 ◼ Reconstruction project of three adjoining buildings ◼ Leased up ◼ A fashion-related tenant is scheduled to occupy the street- level retail space ◼ Complete in 4Q 2026 ◼ Reconstruction project of two adjoining buildings ◼ Utilizing the district planning framework, an increased floor area ratio was secured (from 800% to 1,100%) ◼ A popular foreign brand is scheduled to occupy the street-level retail space Retail RetailOffice Retail Under construction ◼ Construction began in 1Q 2026 ◼ Complete in 2028 ◼ Located near Ginza 4-chome intersection, offering an exceptionally high-traffic and highly scarce location ◼ A luxury brand is scheduled to occupy the street-level retail space Retail World Town Building Renovation Project Ginza 8-chome 9-11, 12 Development Project Ginza 5-chome Development Project (Ginza Core)
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22 Omotesando I: Construction began in July (tenant secured) Projects in Other Focus Areas Shibuya / Aoyama area Shinjuku east-exit area No Image Shinjuku 318 Development Project ◼ 1 min walk from Shinjuku station, Tokyo Metro Line ◼ Underground demolition began in Dec. 2025 ◼ Asset Type: THE GATE HOTEL 1 min walk from station ◼ Complete in 2028 ◼ Asset type: retail, office ◼ 1 min walk from Omotesando station ◼ Construction began in Nov. 2025 1 min walk from station By increasing rent revenue, NOI：×4.0times (forecast) ◼ Complete in 2027 ◼ Asset type: office, rental housing, Kodomo Depart, retail, multi- purpose hall, etc. ◼ 1 min walk from Shibuya station ◼ Construction began in Jul. 2024 1 min walk from station ◼ Complete in 2028 ◼ Asset type: retail ◼ 2 min walk from Omotesando station, Tokyo Metro Lines ◼ Construction began in Jul. 2026 ◼ Single-tenant lease Under construction 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. Aoyama Building Reconstruction Project Shibuya 1-chome Area Joint Development Project Omotesando Development Project I
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23 Shiohama 2-chome Development Project I is scheduled for completion next year, with strong leasing demand Focused Asset Class: Urban Data Centers 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 five 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 3 II : 2030 24MW 4 (Undisclosed) Koto-ku, Tokyo 2031 33MW (Plan) 5 (Undisclosed) Chiyoda-ku, Tokyo 2031 16MW (Plan) 6-10 (Undisclosed) Mainly within a 7km radius from Otemachi by 2036 Over 50MW (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 Project Plan Address Shiohama 2-chome, Koto- ku, Tokyo Access 10 min walk from Toyo-cho Station (Tokyo Metro) Completion I : 2027, II : 2030 (Plan) 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. • Our first data center project: close to Otemachi'sinterconnection hubs, ensuring high connectivity Project Plan Address Nihonbashi, Chuo-ku, Tokyo Land Approx. 967㎡ # of floors 8F - B1 Completion Sep. 2025 • Co-established an operating company for the Kobuna-cho data center with an experienced data center operator “Digital Edge DC” completed
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24 Domestic Real Estate Business Portfolio Distribution Pictures Office 45％ ※excluding real estate for sale, including Otemachi Place ※ Jun. 2026 (Monthly breakdown) Office 43% ◼ In response to decrease in office demand due to population decline, keeping office ratio at 50% or less. Although, focusing on offices with features suited to their location ◼ 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 6% ◼ Owning approx. 5,000 rms, contributing to stable earnings ◼ Halted new development Hotel, Ryokans 15% ◼ 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 21% ◼ Expanding in prime areas such as Ginza where high demand from luxury brands continues ◼ Achieving high rent mainly in street-level shops Data Center 6% ◼ Actively investing as an asset resilient to inflation ◼ Opting for urban data center developments Others 6% R&D facilities、logistics、Kodomo Depart, etc. ■Vacancy Rate (As of Jun. 2026) Hulic （Tokyo 23 wards） Market Ave. （Tokyo 5 wards） 0.6% 1.9% ■Sources of Rent Revenue ・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
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25 Basic Strategy 11 investments exceeding JPY50 bn confirmed/committed by 1H FY profit expected to outperform plan International Business • Risk-mitigating strategy: allocating JPY1.0-7.0 bn per case, partnering with Japanese companies with rich track records in international investments, etc. • Strengthening human resources and organizational capabilities to enhance the sourcing of new projects and reinforce in-period management Investment Strategies Areas Population / Economic growing countries Asset Class Asset class with solid demand Balanced investments with a focus on operational properties Scheme Small- to medium-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 International Business Profit Plan FY2025 Result FY2026 Plan FY2029 Plan FY2036 Plan 1.2 bn 3.0 bn 14.0 bn 50.0 bn+ Ex. U.S. Rental Housing Ex. U.S. Industrial Real Estate “Caraway" (U.S., New York) “Las Vegas Industrial” (U.S., Nevada) • Jointly invested with Kennedy Wilson and Kenedix in a multifamily residential property located in Westchester County, NY • Affluent suburban market with convenient access to Manhattan and major corporate compuses, including IBM and PepsiCO • Strong demographic outlook supported by continued population growth • Invested in logistics center located in Nevada, U.S. in 1Q • The first joint investment in a logistics center with MITSUI & CO., LTD group subsidiary, with a strong joint investment track record with Hulic in U.S. senior housing • Located in Las Vegas, from which access to approx. 20% of the U.S. population is possible within one day
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26 The portfolio is 82% weighted toward developed markets, with a focus on residential assets including senior housing International Business Major investments Area Asset Type Property overview U.S. Senior living Savanna House / Arizona Senior living McDowell Village / Arizona Senior living The Bellettini / Washington Senior living Estancia Del Sol / California Active Adult Overture Hamlin / Florida Rental housing Turing / California Rental housing The Danforth / Washington Rental housing Peregrine / Texas Rental housing Uptown Post Oak / Texas Rental housing Amara Las Colinas / Texas Rental housing Caraway / New York Student housing Kinetic / Georgia Logistics center Las Vegas Industrial / Nevada Singapore Logistics center Sunview Logistics (BTS development project) Logistics center 20TSA Vietnam Rental factory Core5 / near Hanoi and Hai Phong India Houses built for sale Debt fund for development projects Rental factories /logistics warehouses Ranjangaon PJ and Sri City PJ Investment Breakdown ■Breakdown by country ■ Breakdown by asset type ※As of the end of Jun. 2026 ※based on confirmed / committed projects, investment amount Developed Markets 82% U.S. 69% India 12% Vietnam 6％ Singapore 13％ Senior living 20% Active Adult 4％ Rental housing 38%Student housing 3％ Industrial 24％ Multi-asset Funds 1％ Others 11％
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27 Business Overview New Businesses Business domains Sports & Entertainment Next-generation industrial assets Corporate Investments, Business Collaboration Child education Senior & Healthcare Environment & Infrastructure TourismReal estate management Lifestyle
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28 Capital raise completed for private REIT. Asset swaps executed with listed REIT Real estate management Business Tourism Child education Senior & Healthcare Next-generation industrial assets Sports & entertainment Environment & infrastructure Corporate Investments, Business Collaboration 2036: Group REITs and fund AUM: JPY2 trn+ Related profit: JPY10.0 bn+ • Expand AM fees through entrusted management of sold properties Real estate management Real estate management Profit Plan FY2025 Result FY2026 Plan FY2029 Plan FY2036 Plan 5.2 bn 5.2 bn 6.0 bn 10.0 bn+ • The private REIT offering book was well covered, attracting demand significantly above the offering size • Executed asset swaps with the listed REIT, contributed Hulic-developed properties and facilitated portfolio rebalancing 2026 2Q TOPICS JPY870 bn JPY990 bn JPY1.4 trn JPY2.0 trn + 2025 2026 2029 2036 Driven by Hulic Minatomirai in Q1 AUM (As of 2Q) Structure Developed / completed project Acquire from external sources Investment project sell swap invest support Ongoing project Private REIT Private funds Public REIT Group Policy Lifestyle
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29 2026 underlying earnings excluding opening costs are planned to grow YoY FUFU Jogashima and THE GATE HOTEL Osaka off to a strong start Tourism-related Business Policy 2036: Tourism-related profit: JPY10.0 bn+ • THE GATE HOTEL Osaka, the flagship property in Kansai, opened in June and has enjoyed a strong start in both lodging and dining operations • Operating profit: rose approx. 20% YoY excluding opening costs • Strong demand from Europe and North America more than offset fewer Chinese customers, while the impact of Middle East tensions remained contained Tourism-related Profit Plan (leasing income + operating income) FY2025 Result FY2026 Plan FY2029 Plan FY2036 Plan 6.1 bn 5.6 bn 9.0 bn 10.0 bn+ (7.1 bn) (8.5 bn) (9.5 bn) (10.0 bn+) 2026 2Q TOPICS 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), 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 *MICHELIN Key: A MICHELIN Guide’s selection for hospitality venues, comparable to the 'Star' for restaurants Awarded at 7facilities for two consecutive years ※() adjusted for opening costs Tourism Child education Senior & Healthcare Next-generation industrial assets Sports & entertainment Environment & infrastructure Corporate Investments, Business Collaboration Real estate management Lifestyle
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30 Tourism-related Business Development pipeline As of the end of 2025 Opening year 2033年頃想定 2026 2027 2028 2029 2030 onward # of facilities # of rooms # of facilities # of facilities # of facilities # of facilities # of facilities # of facilities # of rooms High-end Ryokan (FUFU)） 12 302 1 Jogashima ー 1 Kyu-Karuizawa ー 3 Kawaguchiko etc. ※land acquired 17 Approx. 400 THE GATE HOTEL 7 1,062 1 Osaka ー ー 1 Ginza 2 Shinjuku etc. ※land acquired 11 Approx. 1,700 Operating income* （excluding opening costs） JPY2.6 bn JPY3.0 bn JPY4.5 bn Post opening of The GATE HOTEL Osaka, enter the operational phase through 2028 to drive profit growth *Total profit of tourism subsidiaries Address 693 Jogashima, Misaki-machi, Miura- shi, Kanagawa # of floors 4F Open Feb. 27, 2026 FUFU Jogashima Melody of the Sea Breeze Address 3-12-14 Minamisemba, Chuo-ku, Osaka-shi, Osaka # of floors 28F / B2 (Hotel: 16F-28F) Open Jun. 15, 2026 • Direct access to Shinsaibashi Station; about 15 minutes from Shin-Osaka Station • 223 rooms across 6 types — the largest count in the brand THE GATE HOTEL Osaka by HULIC • About 2 hours from central Tokyo by train/bus, or 90 minutes by car • All 34 rooms (58–140㎡, 7 types) feature natural hot-spring baths with ocean views
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31 Expanding Hulic’s child education economy Make Tetsuryokukai a wholly-owned subsidiary (plan) in addition to Kodomo Department and Riso Kyoiku Child Education Business Policy 2036: Child education related profit: JPY10.0 bn+ • Expand “Kodomo Depart” facilities and promote growth of Riso Kyoiku to gain leasing income and business profits • Widen the child education economy based on M&As and alliances with new partners • All tenant spaces committed at Motoyawata and Kojimachi; Jiyugaoka opening scheduled for September • Kodomo Department pipeline expanded to nine projects Child Education Profit Plan FY2025 Result FY2026 Plan FY2029 Plan FY2036 Plan 1.3 bn 1.7 bn 4.0 bn 10.0 bn+ 2026 2Q TOPICS Child education economy Exercise Learning Apparel Transpor tation Outdoor Remote education After-school childcare Kodomo Depart expansion Riso Kyoiku growth Leasing income Operation business profits • Support openings in prime locations • Shifted to holding company system for more efficient operation, etc Aim developing approx. 20 facilities by 2029 Growth of Tetsuryokukai ロウィン New • Leveraging top student and alumni networks to expand into education and talent services, etc. Tourism Child education Senior & Healthcare Next-generation industrial assets Sports & entertainment Environment & infrastructure Corporate Investments, Business Collaboration Real estate management Lifestyle
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32 Kodomo Depart Nakano 1F Cafe 2F 3F 4F 9F 7-8F ◼ 2 min walk from JR Nakano station, 9-story building Women-only Pilates Sports classes Tutoring, English classes, Preschool for infants Offering a wide-range of extra- curricular & family programs Pediatrics & sick-child care After-school care with tutoring Project Pipeline Open（plan） opened 1 Kodomo Depart Nakano 2025 2 Kodomo Depart Tama Plaza 2025 3 Kodomo Depart Jiyugaoka 2026 4 Kodomo Depart Motoyawata 2027 5 Kodomo Depart Kojimachi 2027 6 Kodomo Depart A 2027 7 Kodomo Depart Shibuya 2027 8 Kodomo Depart Azabu 2028 9 New Kodomo Depart B 2028 Child Education Business（Kodomo Depart）*Kodomo = Children Kodomo Depart Jiyugaoka Store Type Store Name Preschool classes Shingakai Cram school Tankyu Gakusha (Jiyugaoka) Children’s hair salon KID'S HAIR DESIGN CHOKKIN'S After-school care with tutoring Shinga’s Club Afterschool Abacus classes Ishido Shuzan Gakuen Services / Others Concierge / Kodomo Depart Studio Pediatrics Kids Clinic Marumaru Childcare & educational play Shinga’s Club Cooking classes ABC Cooking Studio Kodomo Department on a full floor (5F) coming soon 5-6F Exam prep tutoring All tenant secured at Motoyawata and Kojimachi; pipeline expanding toward the 20- property target All tenant secured All tenant secured All tenant secured
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33 100% acquisition of Tokyo Kyoikuken the operator of Tetsuryokukai* Expand the group’s child education business while preserving the Tetsuryokukai brand New Child Education Business (Consolidation of Tokyo Kyoiku Ken Co., Ltd.) Consolidation of Tokyo Kyoiku Ken Co., Ltd. ◼ *Tetsuryokukai is a leading provider of advanced academic preparation programs for junior and senior high school students aspiring to gain admission to Japan’s top universities ◼ Tetsuryokukai has established an outstanding track record through its unique six-year integrated curriculum. In 2026, its students accounted for 584 successful admissions to the University of Tokyo (representing approximately 20% of all admitted students), including 57 admissions to the highly competitive Sciences III (approximately 59% of all admitted students) ◼ Business collaboration opportunities with child education-related companies, including Riso Kyoiku Group Business Model University of Tokyo Admission Results (FY2026) A Strong Alumni Recruitment Pipeline Outstanding University Admission Results Proprietary Know-how for Consistent Results Attraction of Top-Tier Students Strong Brand Recognition Built on Consistent Admissions Success at Top Universities Virtuous-cycle Business Model Number of Successful Applicants Share of Successful Applicants Humanities I 96 24% Humanities II 60 17% Humanities III 28 6% Sciences I 248 22% Sciences II 95 18% Sciences III 57 59% Total 584 20%
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34 Investments progressing toward battery storage business monetization Advancing large-scale (extra-high-voltage) battery projects to enhance economics Environment & Infrastructure Business Policy 2036: Environment & infrastructure profit: JPY10.0 bn+ • Turn over RE / storage battery assets and realize related earnings • Acquire platforms through M&As and fund investments Environment & Infrastructure Profit Plan FY2025 Result FY2026 Plan FY2029 Plan FY2036 Plan 0.8 bn 2.1 bn 4.0 bn 10.0 bn+ • Three operating grid-scale battery storage (high-voltage class) performing well; pipeline expanded to 22 projects • Development of large-scale battery storage underway • Solar power and battery storage supporting stable power retail business 2026 2Q TOPICS ◼ Aim to capture new earnings sources by trading electricity in the electricity market and with retail electricity providers ◼ Invest JPY100.0 bn in grid-scale battery storage (2025–2034) grid-scale storage battery Investment/ development in renewable power plant Grid-scale battery storage ◼ Building a portfolio focused on solar power, storage battery, and small hydroelectric plant Hatashuku Municipal Land Utilization Project Public Proposal (image) As of Jun. 2026 solar power plant：115 sites（133MW） small hydroelectric plant：4 sites （1MW） wind power plant：1 site（9MW） As of Jun. 2026 JPY10.9 bn invested 3 in operation; 22 under development Tourism Child education Senior & Healthcare Next-generation industrial assets Sports & entertainment Environment & infrastructure Corporate Investments, Business Collaboration Real estate management Lifestyle
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35 Cook Deli continues to significantly outperform its plan Senior & Healthcare Business Policy 2036: Senior & Healthcare related profit: JPY10.0 bn+ • Develop and operate luxury senior residences in Ginza • Maximize profits by utilizing our facilities and network Senior & Healthcare Profit Plan FY2025 Result FY2026 Plan FY2029 Plan FY2036 Plan － 0.6 bn 3.5 bn 10.0 bn+ Initiatives of Cook Deli • Cook Deli maintains strong momentum, with meal shipments and client facilities continuing to grow • Ginza luxury senior residence project to begin demolition in August 2026 2Q TOPICS ◼ Develop & operate active senior residence to serve the expanding affluent market Luxury senior residence in Ginza ◼ Consolidated Cook Deli, a provider of ready-to- eat frozen meal catering to senior living ◼ Focus on solutions-driven business for social issues, complementing labor shortage ◼ Utilize Hulic’s senior living facilities with 5,000 units and extensive operator network Extensive operator network Industry-leading senior living portfolio Approx. 5,000 units # of client facilitiesMeals provided (per day) 220K 7,100 25/12 230K250K 26/3 26/6 25/12 26/3 26/6 7,000 7,400 Tourism Child education Senior & Healthcare Next-generation industrial assets Sports & entertainment Environment & infrastructure Corporate Investments, Business Collaboration Real estate management Lifestyle Conventional Model: A place to spend one's later years in quiet comfort A place to keep creating new chapters in life Hulic’s Model:
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36 Acquired SALOWIN, Japan's No.1 share salon platform, as a wholly owned subsidiary Accelerating SALOWIN’s further growth through real estate synergies New Lifestyle Business (Consolidation of SALOWIN Co., Ltd.) Tourism Child education Senior & Healthcare Next-generation industrial assets Sports & entertainment Environment & infrastructure Corporate Investments, Business Collaboration Real estate management Lifestyle Consolidation of SALOWIN Co., Ltd. Support growth ◼ The beauty industry is experiencing structural changes, driven by diversifying consumer preferences and evolving workstyles and independent business models for hairstylists ◼ SALOWIN has established a unique business model in which it leases properties, develops and fits out salon spaces, and equips them, providing these spaces to freelance hair stylists and others in exchange for usage fees ◼ Enhancing consolidated profits and ROA through real estate synergies and SALOWIN’s operating profit (Operating in 4 Hulic-owned buildings） ◼ Accelerate SALOWIN’s growth by leveraging Hulic’s strong presence in the real estate market Property owner Hairstylist Building lease Integrated support covering space, equipment, marketing, and back-office functions ●No upfront costs ●High flexibility etc. # of salons 64 1,000 2023 Now Operating profit (SALOWIN) Fit-outs and equipment setup 286 0.02bn 4.0bn0.4bn 2031 SALOWIN’s Business Model Growth First M&A from Our CVC Portfolio
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37 Capital and business alliance with Farmind, an integrated produce production and distribution company New Lifestyle Business (Capital and Business Alliance with Farmind) Tourism Child education Senior & Healthcare Next-generation industrial assets Sports & entertainment Environment & infrastructure Corporate Investments, Business Collaboration Real estate management Lifestyle Capital and Business Alliance with Farmind Farmind Business Overview Business Alliance Initiatives ◼ Entered into a capital and business alliance with Farmind Corporation, a company expected to generate considerable synergies with Hulic’s real estate and agricultural businesses. Acquired approximately 20% of Farmind’s shares ◼ Hulic entered the agricultural business in 2016 and currently produces and sells tomatoes and strawberries in Japan as well as flowers in Vietnam ✓ Strengthen the fresh produce distribution platform to enhance food security ✓ Support the growth of the Farmind Group and expand Hulic’s real estate business by leveraging its real estate expertise and network, including the joint development of logistics facilities such as temperature-controlled (“cold chain”) distribution and processing centers ✓ Leverage agricultural production networks and expertise to establish large-scale farming models in Japan and overseas, supporting a sustainable food supply Strength Operates an integrated fresh produce platform covering the entire value chain, from production and procurement to marine transportation, ripening and processing, storage, inland logistics, and sales Japan's Largest Banana Processing Share Approx. 30% Share of Kiwifruit Ocean Freight Imports 85%+ Nationwide Distribution Network Approx. 1,600 Channels Produce Items Handled 150+ varieties One of Japan's Largest Broccoli Cultivation Areas (Approx. 690ha) Company-owned Banana Plantation (Philippines) 300ha Connecting producers and consumers through a nationwide cold chain network and advanced IT systems Share of Banana Ocean Freight Imports 50%+ ・Domestic & Overseas Production Production & Sourcing Marine Transportation Processing & Storage Land Transportation Sales ・Ocean Freight to Japan ・Ripening, Repacking, etc. ・Domestic Distribution to Retailers ・Sales & Marketing
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38 Promoting the development of “WING NRT,” Japan’s first integrated bonded warehouse and logistics facility, and R&D facilities that promote open innovation Next-generation Industrial Asset Business Policy 2036: Next generation asset-related profit: JPY8.5 bn+ Next-generation Industrial Asset Profit Plan FY2025 Result FY2026 Plan FY2029 Plan FY2036 Plan ー － 1.5 bn 8.5 bn+ • Minami-Watarida North Side of the Northern District Development: Joint project launched with Institute of Science Tokyo and Kawasaki City to create an innovation ecosystem Robust demand confirmed for multi-tenant lab space • WING NRT: Strong tenant interest continues following March briefing session 2026 2Q TOPICS R&D facility (Minami-watarida North Side of the Northern District Project) WING NRT (Narita Logistics Development Project) Promote open innovation Develop a community in 56,000㎡ area close to Haneda Airport Multi-tenant R&D facilities Growing demand for cargo handling at Narita Airport Japan’s first integrated bonded warehouse and logistics facility Joint project with Japan Airlines Tourism Child education Senior & Healthcare Next-generation industrial assets Sports & entertainment Environment & infrastructure Corporate Investments, Business Collaboration Real estate management Lifestyle
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39 Plans for an arena development at Makuhari Kaihin Park in Chiba Prefecture are underway, with an opening targeted for 2030 Sports & Entertainment Business 2036: Sports & entertainment-related profit: JPY7.5 bn+ • Plan to build an arena in Makuhari, Chiba Pref. to create business profits by engaging in operations and services • Seek to maximize profits by investing in other arenas and related businesses Sports & Entertainment Profit Plan FY2025 Result FY2026 Plan FY2029 Plan FY2036 Plan ー ー ー 7.5 bn+ • The basic design of the arena has been completed, and development is progressing as planned. Park demolition to begin in August • Strong interest from entertainment companies and other potential partners in discussions to establish the arena operating company 2026 2Q TOPICS Makuhari Arena Development Project 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 Professional basketball club “Altiri Chiba” • Set to join the new B. Premier (current B1) launching in 2026 • #8 in B1 attendance • High-profile player acquisitions completed 20,000-seat arena Global standards arena 3-minute walk from Kaihin Makuhari Station Opens in 2030 Policy *The image is based on current plan and is subject to change Tourism Child education Senior & Healthcare Next-generation industrial assets Sports & entertainment Environment & infrastructure Corporate Investments, Business Collaboration Real estate management Lifestyle
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40 Capitalizing on the high-growth satellite sector by increasing ownership stakes Corporate Investments and Business Collaboration Policy 2036: Corporate investments / new businesses: JPY10.0 bn+ Discover next-generation growth businesses and companies to expand Hulic’s profit base FY2025 Result FY2026 Plan FY2029 Plan FY2036 Plan ー ー 6.0 bn 10.0 bn+ • Made an additional investment in Astroscale Holdings, a company with significant long-term growth potential (fourth investment in the company) • Astroscale's order pipeline continues to expand steadily 2026 2Q TOPICS ❸ Enjoy profits ❷ Hulic’s value co-creation ➊ Discover growing businesses / companies Corporate Investments Discover next-generation growth businesses and companies, aiming to expand profit through value co-creation Investment example: satellite-related companies Hold stakes in four satellite- related companies selected for their business focus, technology and growth potential • Provides one-stop services ranging from the development and operation of SAR satellites to solution services utilizing satellite observation data • Ownership 12.17％ Top shareholder • Investment：approx. JPY13.2 bn • An advanced company engaged in the removal of space debris which is a global challenge • Ownership 8.73％ Top among corporate shareholders Investment：approx. JPY22.0 bn (incl. CB) ※Calculated assuming the third-party allotment completed on June 5, 2026 and the full conversion of all convertible bonds and other convertible securities. Corporate Investments, Business Collaboration Profit Plan Tourism Child education Senior & Healthcare Next-generation industrial assets Sports & entertainment Environment & infrastructure Corporate Investments, Business Collaboration Real estate management Lifestyle
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41 Investment in hotels with strong market demand (inflation resilience), located in the Ginza area — one of Hulic’s focus areas Strong momentum in HistoRy acquisitions, over JPY20.0 bn built up Corporate Investments and Business Collaboration JV with REALGATE INC. – Renovation Business Expansion Business Collaboration：JV with REALGATE INC. – Renovation Business Expansion Project① Project② • Office building in Shibuya was acquired in 2026 Q1 • Office building in Ginza will be acquired in 2026 Q3 • A conversion from office to a hotel is planned • Planned conversion into an apartment hotel targeting robust inbound demand • Complete in 2028 (plan) JV company 95% investment 5% investmet Project owner Planning, design, construction leasing and operations Joint investments with an optimal ownership ratio for each property Property sale Capital GainRenovation Structure ◼ Agreed to a strategic business alliance with REALGATE INC. and established JV “HistoRy” in Feb. 2026 ◼ Made a full-scale entry into the renovation business, targeting existing aging properties primarily in central urban areas, covering property acquisition through renovation and change of use to eventual sale Ongoing Projects REALGATE’s planning and operational capabilities HULIC’s investment expertise and capital strength Renovation Parking Office Hotel Retail Retail
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42 Sustainability Initiatives
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43 Visibility established in developing power generation facilities for achieving 100% renewable energy buildings by 2029 Sustainability: Environment ～2022 2023 2025 2026 ～2029 2030 ～2050 Recycling- oriented Society & Decarbon -ization GHG Reduction Targets*² Scope1+2 ●Reduce by 70%*3 Scope3 ●Reduce by 30%*3 Achieve by 2029 Plan to achieve 1 year ahead of ongoing plan RE100RE100 Achieved in 2023 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 buildings Investment in renewable power plant Small hydroelectric plant [FIT] (Shiga Pref.) Solar power plant equipped with batterystorage [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 Promoting use of wood Use of eco-friendly materials *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.) Stricter in-house standards than the Building Standard Act and our buildings can withstand a seismic intensity of 7 level ✓ Achieved 100% highly quake-resistant buildings (excl. those to be reconstructed or sold, etc.) as of the end of 2025 ✓ Active use of Earthquake-Absorbing / Damping Structure Measures against huge earthquakes Measures against Mt. Fuji volcanic ashes Flood control measures Safe and Secure Buildings ✓ Measures against flooding of electrical equipment in owned buildings Installation of tide barriers and simple water stop boards Roof drain cap ✓ 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 Vertical damp proof barrier
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44 Develop a talent portfolio and encourage diversification to support a Group-wide growth, and further contribute to social value creation Sustainability: Social Human Capital Initiatives ✓ 11.2% salary increase for 2026 (base salary and regular pay raises) ✓ Starting salaries have also been increased to the highest among peers: JPY350,000 (BA), JPY390,000 (MA) *Salary increase rates are calculated excluding managing officers and fixed-term employees ✓ Introduction of Employee Share-Based Benefit Trust (J-ESOP-RS) As part of investment in human capital to align share price and business performance with employee engagement, a stock-based incentive compensation program was adopted ✓ Ratio of female among directors and auditors: 35％*¹ ✓ Female employee birth rate 1.94*² (Japan average: 1.20*²) ✓ Rate of female employee returning to work following child leave: 100% ✓ Usage rate of parental leave: male 100%, female 100% ✓ Introduced selective four-day workweek system ✓ Eligibility for family leave and shortened work hours are extended to grade 6 ✓ New Increase in the maximum subsidy amount under the Housing Loan Interest Subsidy Program ✓ Paid leave usage rate: 81.2％ ✓ 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 ✓ Awarded “Medal with Dark Blue Ribbon” Other social contributions ✓ Supporting Japan Service Dog Association ✓ Hosting summer festivals and donating of a portable shrine, operating the “Hulic Odenma Summer Festival” at our head office building since 2013 Support Shogi Culture (Female Competition) Unless otherwise noted, all figures on this page are based on 2025 results *1: As of Mar. 2026 *2 Total fertility rates (Recent 3-year average) Hulic Shogi-Kaikan Sendagaya Building ► Highly productive organization Ordinary profit per employee: JPY660 mil “Hulic Odenma Summer Festival”
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45 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 (5 out of 9) 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: 35％*1 ✓ Appointing 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” Selected for the 2025 Climate Change “A” List by CDP Rated 4.5 stars in Nikkei SDGs Management Survey
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46 Appendix
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47 Medium- and Long-term Mgmt. Plan (2026-2036) Background of the formulation and Target Hulic has formulated a new Medium- and Long-term Management Plan (LTP), aiming to achieve profit growth by expanding the business domains Macro environment Rapid changes and uncertainty in the business environment Japanese and global economies are amidst intense environmental changes. Japan is experiencing the drastic shift from prolonged world of deflation and zero interest rates to one with inflation and interest rates. Key issues Growth and stability cannot be achieved through a single-focus business or by extending past approaches A corporate group that continues its Transformation, Evolution and Growth by creating diverse value based on the real estate business as the core Build a distinctive and resilient business portfolio by incorporating diversified growth businesses centered on the real estate in order to pursue and achieve stable and sustained growth and shareholder value enhancement Target Profile in 2036 Basic Policy Basic Strategy Drive further innovation and improve efficiency in the real estate business Develop diversified earning strategies and build a resilient business portfolio Maintain/enhance financial discipline and strengthen the capital policy Evolve the sustainability management, where value creation for society aligns with corporate growth 1 2 3 4 Evolve the business model by leveraging M&As in growth fields to realize profit growth and enhance corporate value through transforming the real estate business into a multi-business growth platform that drives conglomerate premiums
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48 Formulated the long-term plan for 11 years ending in 2036 (2026-2036) A new medium-term plan (MTP) (2026-2029) has started as Phase I Medium- and Long-term Mgmt. Plan (2026-2036) Profit Target 88.3 100.5 114.5 126.1 146.1 163.3 186.8 210.0 260.0 380.0 83.8 95.6 109.5 123.2 137.4 154.3 172.9 185.0 220.0 300.0 2019 2020 2021 2022 2023 2024 2025 2026 2029 2036 Operating Profit (JPY bn) Ordinary Profit (JPY bn) New Medium- and Long-term Mgmt. Plan (2026-2036) Previous Medium-and Long-term Management Plan (LTP) (2020-2025) Mid-term Mgmt. Plan Phase I (2026-2029) Phase I Invest in/develop new businesses through M&As by leveraging the high profit growth and capital efficiency in the real estate business Phase II/III Build a resilient and efficient business portfolio to ensure stable and sustained growth Expected to achieve 3 years ahead of schedule
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49 Aim to achieve ordinary profit of JPY220.0 bn in FY2029 and JPY300.0 bn in FY2036 Planning to raise payout ratio in a phased manner to 45% by FY2029 (from the current 40%) Medium- and Long-term Mgmt. Plan (2026-2036) Quantitative Targets (2029, 2036) FY2029 FY2036 <Phase I final year> <LTP final year> Operating profit JPY186.8 bn JPY260.0 bn JPY380.0 bn Ordinary profit JPY172.9 bn JPY220.0 bn JPY300.0 bn Debt/EBITDA 9.2 times Net D/E ratio 1.8 times Efficiency ROE 13.0% Shareholder returns Dividend payout ratio 41.1% 45% Aiming at: around 12% or higher Aiming at: high 1x range Aiming at: around 10 times Financial Soundness Growth FY2025 Result JPY12.0 bn growth pa JPY18.0 bn growth pa Plan to increase in a phased manner toward FY2029 +5% increase Further review
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50 Expand business portfolio in the growth domains while pursuing further growth in Real Estate Business Medium- and Long-term Mgmt. Plan (2026-2036) Profit Composition Diagram (Image) 2029 Ordinary profit JPY300.0 bn 20362025 New Businesses Real Estate Business (International) Ordinary profit JPY220.0 bn Real Estate Business (Domestic) Ordinary profit JPY172.9 bn New Businesses 30 to 40% Real Estate Business 60 to 70% Profit Composition in 2036 etc. Child education Sports & entertainment Senior & Healthcare Next-generation industrial assets Environment & infrastructure Corporate investments, business collaboration Tourism Real estate management Utilize assets, information and know - how International business Urban data centers Raysum Real estate investment, development & VA business Lifestyle
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51 Utilizing M&As and business partnerships as effective means to create a "conglomerate premium" through business diversification. Setting up framework of JPY750.0 bn until 2036 Medium- and Long-term Mgmt. Plan (2026-2036) Utilization of M&A and business partnerships Leverage M&As and corporate investments to accelerate growth and business expansion Sports & entertainment International real estate Child education Environment & infrastructure Next-generation industrial assets Real estate management Senior & Healthcare Tourism Real Estate Business Lifestyle Characteristics of the target business Value creation through real estate and new businesses Growth potential despite declining population Compensating for the decline in the working population High value-added, stability （Uniqueness）
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52 Medium- and Long-term Mgmt. Plan (2026-2036) Phase I (2026-2029) : Quantitative Plan FY2025 Change FY2025 Change 営業利益Operating profit 186.8 210.0 +23.2 260.0 +73.2 経常利益Ordinary profit 172.9 185.0 +12.1 220.0 +47.1 当期純利益Profit attributable to Owners of Parent 114.3 121.0 +6.7 145.0 +30.7 安定基盤利益*¹比率% Stable Core Profits*1 36.5% 36% 45% 不動産事業Real Estate Business 189.4 215.0 +25.6 227.0 +37.6 Domestic 188.2 212.0 +23.8 213.0 +24.8 International 1.2 3.0 +1.8 14.0 +12.8 新規事業等New Businesses 17.5 18.0 +0.5 67.0 +49.5 *1: Deducting real estate sales profit from consolidated operating profit. Elimination and corporate were allocated to reportable segments and Others. *2: Operating profit + certain non-operating items such as equity-method gains/losses FY2025 Change Annual average ネット投資額Net investments 370.0 250.0 -120.0 980.0 245.0 Real Estate 300.0 100.0 -200.0 280.0 70.0 New Businesses 70.0 150.0 +80.0 700.0 175.0 <For Reference> Total assets JPY3.5 trn JPY3.8 trn +0.3 trn JPY4.4 trn +0.9 trn Interest-bearing debt JPY2.2 trn JPY2.4 trn +0.2 trn JPY2.8 trn +0.6 trn Equity JPY0.8 trn JPY0.9 trn +0.1 trn JPY1.1 trn +0.3 trn Debt/EBITDA 9.2 times Net D/E ratio 1.8 times ROE 13.0% Aiming at: high 1x range Aiming at: around 12％ or higher FY2026 FY2029 <Phase I final year> Aiming at: around10 times FY2026 FY2029 <Phase I total> FY2025 Result Investment Plan Profit Plan Estimated B/S KPI FY2025 Result Business Profit*² (JPY bn) Profit Plan (JPY bn) Investment Plan (JPY bn)
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53 Medium- and Long-term Mgmt. Plan (2026-2036) Phase I (2026-2029) : Capital Allocation Aim to achieve efficient corporate management through “Hulic’s unique” well-balanced strategies Pursue profit growth with high capital efficiency Maintain/enhance financial discipline Enhance shareholder returns× × Incorporate diversified businesses centered on the real estate business to increase ROA and generate cash flows efficiently Operating CF JPY670.0 bn* Financing CF JPY530.0 bn Net investments JPY980.0 bn Shareholder returns JPY220.0 bn Cash in Cash out Maintain the “AA-” rating. Control interest-bearing debts by conducting efficient business operations considering the impact of interest rate hikes Investment Strategy during the MTP, focus on the following initiatives in response to the inflationary environment and increasingly active real estate trading market <1> Improve the capital efficiency through portfolio reshuffling <2> Investments in new businesses toward 2036 Raise the dividend payout ratio from 40% to 45% in a phased manner Medium-term 4-year plan (2026-2029) Business Strategy Financial Strategy Shareholder Return Strategy Investment Strategy *Excludes change in inventories
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54 In response to demographic trends, keep office exposure below 50% and maintain a 50% focus-area ratio. Optimize the portfolio by increasing new business assets amid changing market and macro trends Existing real estate business Portfolio Strategy Policy Targets 2025 2029 2036 Office Share Less than 50% ✓ Cap the office share at 50% or less to Hulic portfolio, in view of the declining office demand due to decrease in working population Maintain New business asset ratio 30% ✓ Increase the ratio of assets in the growth domains to 30%, including assets related to tourism, child education, next-generation industries (air logistics, R&D facilities, etc.) and environment, etc. Assets in Focus Areas 50% ✓ Focus areas: Ginza, Shinjuku east, Shibuya/Aoyama, Asakusa Maintain 100% highly earthquake resistant buildings ✓ Response to tenant’s BCP needs for future disasters (earthquakes, Mt. Fuji eruption) ✓ Set the new target to achieve 100% by 2029 (including those subject to reconstruction, sale, etc.) Continue commitment after achievement 100% renewable energy buildings ✓ 100% renewable energy for our business operations and all company-owned buildings ✓ Plan to invest a total of JPY70.0 bn in environmental measures aiming to achieve the target by 2029 through investing and developing renewable energy facilities in-house Continue commitment after achievement 46% 50%50% 91% 100% 100% 19% 30% Less than 50%
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55 Financial Summary FY2026 2Q Consolidated Cash Flow Statements (Million yen) FY2025 2Q FY2026 2Q Change Cash flows from operating activities 47,195 155,752 108,556 Cash flows from investing activities -220,580 -200,165 20,414 Free cash flow -173,384 -44,413 128,971 Cash flows from financing activities 208,721 69,509 -139,212 Cash and cash equivalents at end of period 169,585 155,867 -13,717 Major factors for changes Real estate investment +28.9 bn (incl. investments in M&A/SPCs, etc.) Redemption proceeds of equity investment (Dentsu) +53.9 bn Decrease in real estate for sale, etc. +31.8 bn Commercial paper -149.0 bn Decrease in bond redemptions and repayments of long-term borrowings +12.7 bn
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56 Portfolio Distribution Pictures 5 min or less 71% 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, 2026 Less than 10 years 48% Over 40 years 12%30-40 years 12% 20-30 years 12% 10-20 years 16% 250 properties Number of Properties Net Leasable Area Greater Osaka 6% 1,150 K㎡ Tokyo 5 wards 45% Other Tokyo 23 wards 20% Tokyo 5 wards 32% Other 8%Other 9% Other Tokyo 23 wards 18% Tokyo suburbs 36% Tokyo suburbs 21% 207 properties Greater Osaka 5% 1min or less 31% 2-3 minutes 27% 4-5minutes 13% 5 minutes or more 29% 207 properties 293.3 323.2 370.0 353.0 364.6 375.8 384.9 402.9 409.9 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 25/12 Unrealized gains (= NAV - book value) （Billion yen） 1,075 1,198 1,382 1,351 1,323 1,362 1,387 1,279 1,316 1,266 12 21 21 159 180 180 197 858 787 797 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 25/12 26/6 Leased land area Net leasable area Net leasable area (Including leased land area) （1,000㎡ ） Note: excluding non-consolidated SPCs such as the Otemachi Place 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 period
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57 0 300 600 900 1,200 1,500 1,800 2,100 2,400 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 時価総額 旧ヒューリック終値（右目盛） 新ヒューリック終値（右目盛） 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 24/1208/12 25/12 Corporate Profile Market Capitalization, Stock Price Market Capitalization & Stock Price (weekly) History （Nov.14, 2008～Jun. 30, 2026） 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_end 2026_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 1,316.6 bn1,303.1 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 1,715 Yen 1,697 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 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. 200 400 600 800 1,000 1,200 1,400 1,600
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58 Corporate Profile Major Shareholders (Top 10) Company name As of the end of Jun. 2026* 1. The Master Trust Bank of Japan, Ltd. (Trust account) 10.57% 2. Meiji Yasuda Life Insurance Company 6.21% 3. Fuyo General Lease Co., Ltd 5.30% 4. Custody Bank of Japan, Ltd. (Trust account) 4.75% 5. Yasuda Real Estate Co., Ltd 4.01% 6. Mizuho Capital Co., Ltd 3.33% 7. Yasuda Logistics Corporation 3.17% 8. Tokyo Tatemono Co., Ltd 2.65% 9. TEIKOKU SEN-I Co., Ltd 2.21% 10. Oki Electric Industry Company 1.64% Total 43.84% Non-Japanese ownership 19.89% Individual ownership 16.51% *Shareholding ratios for Major Shareholders are calculated by excluding treasury stocks
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59 Hulic owns 42 properties in Ginza, Yurakucho area (top retails) Corporate Profile Ginza & Yurakucho Area Town Map 1. Hulic Ginza Building 2. Hulic Nishi Ginza Building 3. Ginza West Parking 4. Hulic Ginza 1-chome Gas Lamp St. Building 5. Hulic Ginza 1-chome Building (Reit etc.) 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 etc.) 15. HULIC &New GINZA NAMIKI 6 16. HULIC &New GINZA 8 17. HulicGinza 6-chome Showa St. Building 18. HulicGinza East Building (Reit etc.) 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 MiyukiSt. 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. Hulic Ginza 2-chome Yanagi St. Building 33. Ginza 5-chome 3-9 Development Project 34. NREG Ginza Building 35. Ginza 6-chome 9 Chuo St. Development Project 36. The Square Hotel GINZA 37. Ginza Sanou Building 38-42. Not disclosed (Unit ownership)
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60 Hulic owns 7 properties in Shinjuku East district (commercial zone) Corporate Profile Shinjuku East Area Town Map 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. Hulic Shinjuku 4-chome Building 7. Not disclosed *partial ownership through an SPC investment
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61 Hulic owns 7 properties in Asakusa district (Old Town/tourist spot) Corporate Profile Asakusa Town Map 1. Hulic Kaminarimon Building (Reit etc.) 2. HULIC &New Kaminarimon (Reit etc.) 3. WINS Asakusa Building 4. Asakusa Park Hall Building 5. Hulic Asakusa 1-chome 6. Asakusa View Hotel (Reit etc.) 7. Asakusa Care Park Soyokaze (Reit etc.) Kappabashi Kappabashi Minami Kappabashi Minami
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62 Hulic owns 29 properties in Shibuya, Aoyama area (commercial zone) Corporate Profile Shibuya & Aoyama Town Map Miyamasuzaka District Redevelopment Project Shibuya 1-chome Area Joint Development Project 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 etc.) 7. HULIC &New UDAGAWA II (Reit etc.) 8. Shibuya Parco・HulicBuilding (Office block) 9. HulicShibuya Park Avenue Building (Reit etc.) 10. HulicShibuya InokashiraSt. Building (Reit etc.) 11. Aoyama Building Reconstruction Project 12. Hulic Jingumae Tower Building 13. Hospitalment Aoyama 14. Charm Premier Grand Shoto 15. Trustgarden Tokiwamatsu (Reit etc.) 16. Hulic Shibuya 1-chome Building (Reit etc.) 17. Shibuya 1-chome 15 Development Project 18. Hulic Shibuya Mitake St. Building 19. YO Building (Reit etc.) 20. Hulic Jingumae Building (Reit etc.) 21. Harajuku Takeshita-dori Commercial Store (Land) 22. Omotesando Development Project I 23. Hulic Shibuya Miyamasuzaka Building 24, 25, 26. Not disclosed *Hulic owns 3 more neighboring buildings
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63 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 Cup Hakurei Championships Shogi Competition for women Advertisement for WING NRT (Narita Logistics Development Project) Narita’s New Era Sparks a Logistics Revolution
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64 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 confirms that Hulic Co., Ltd. has been independently assessed according to the index criteria, and has satisfied the requirements to become a constituent of the FTSE JPX Blossom Japan Index. Created by the global index and data provider FTSE Russell, the FTSE JPX Blossom Japan Index is designed to measure the performance of companies demonstrating specific Environmental, Social and Governance (ESG) practices. The FTSE JPX Blossom Japan Index is used by a wide variety of market participants to create and assess responsible investment funds and other products. FTSE Russell confirms that Hulic Co., Ltd. has been independently assessed according to the index criteria, and has satisfied the requirements to become a constituent of the FTSE JPX Blossom Japan Sector Relative Index. The FTSE JPX 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.