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& MITSUI FUDOSAN Investors Guide Financial Results for 1Q FY2026 Financial Results and New Group Long - Term Vision , Business Highlights & Innovation 2030 For more details CD 室町 2 COREDO 室町 2
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Growth Indicator Efficiency Indicator Shareholder Returns (FY2024-FY2026) Business Overview Year ended March 31, 2026 (FY2025) 8.7% 4.5% ROE ROA 6.2% 4.1% ¥39.7 Management Goals Performance Trends ʙFY2023: ROA = (Operating income + non-operating income)/average total assets over period FY2024ʙ: ROA = Business income/average total assets over period ROE = Profit Attributable to Owners of Parent/Average shareholders‘ equity over the period FY2025 FY2026 (Forecast) Profit Attributable to Owners of Parent ¥278.6B EPS ¥101 FY2015 FY2025 T otal payout return ratio Stable dividend increases linked to sustainable profit growth (continuous and progressive dividends) Flexible and continuous repurchase of own shares 50% Dividend payout ratio 35% or higher each period Around each period EPS*¹ growth rate +8% or higher each year*² Around FY2030 EPS growth rate +8% ¥440 Business income ¥270 or higher each year*³ billion or higher*⁴ billion or higher Net income*⁵ FY2026 ROE 10% or higher Around FY2030 ROE 8.5% 5% ROA 1.2-1.5 or higher or higher*6 D/E Ratio FY2026 Around times Maintain financial soundness while conscious of ratings * 1: Earnings Per Share * 2: FY2023 (forecast as of February 9, 2024) – FY2030 (forecast) CAGR * 3: FY2023 (forecast as of February 9, 2024) – FY2026 (forecast) CAGR * 4: Operating income +Equity in earnings/losses of affiliates (including Gain/loss on sales of shares of subsidiaries and affiliates for the purpose of real estate sales)+Gain/loss on sales of fixed assets * 5: Profit attributable to owners of parent * 6: Business income / Average total assets over period * 7: In light of the stock split undertaken on April 1, 2024 at a ratio of three shares to one share, FY2001-FY2023 data is adjusted on a post-stock split basis and rounded to the nearest whole number. FY2015 FY2026 (Forecast) FY2020 ¥117.7B ¥285B Profit Attributable to Owners of Parent Total Assets Approx. ¥10.1 trillion OthersOthers Approx. ¥2.8 trillion Approx. ¥2.8 trillion 28%28% Real Property for Sale Approx. ¥2.6 trillion 26% Tangible and Intangible Fixed Assets Approx. ¥4.6 trillion 46%46% Revenue Structure Office Leasing 18% Retail Leasing 12% Other Leasing 4% Property Sales to Individuals 16% Property Sales to Investors,etc. 11% PM 14% AM, Brokerage 5% Hotels & Resorts 7% Sportsˍ Entertainments 2% Others 2% New Construction under Consignment 9% ¥2.7 trillion Revenue from Operations Approx. Leasing 34% Property Sales 27% Management 19% Facility Operations 9% Other 11% FY2015 FY2026 (Forecast) ¥2.8 trillion Approx. ¥1.5 trillion Trend in Revenue from Operations ¥285B Profit Attributable to Owners of Parent EPS Approx. ¥105 FY2026 (Forecast) FY2001 ¥29.8B ¥2 ¥37 Annual Dividend per Share* 7 54.9% Total Payout Ratio ¥ 5 7. 0 B Share Repurchase ¥96.0B Total Dividends 34.6% Dividend payout Ratio 25.2% ¥29.6B FY2025FY2015 25.2% +13.4% yearɾCAGR *Starting from the FY2023 forecasted EPS: ¥78.5 EPS Growth Rate*
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Source of Our Profit (FY2025) Real estate other than rental properties 6OSFBMJ[FE1SPpU ʢ" # $ʣ ¥5.3USJMMJPO C Year-end Book Value ¥0.5trillion Year-end Market Price ¥1 .1trillion Unrealized Profit ¥0.6trillion FY2025 Change in Gains on Sales Business Income ¥ 17 7. 0B Real Property for Sale Real estate other than rental properties (to Investors) B Operating Assets 65%35% Under Development Overseas 22% Domestic 43% Operating Assets 7.0% Expected NOI yield 5.8%Overseas7. 6%Domestic Rental PropertiesA Book value at the end of March 2026 Approx. ¥3.7 trillion Operating Assets 91% Overseas 28% Domestic 63% 9% Under Development Operating Assets 8.1% Expected NOI yield 7. 9%Overseas8.3%Domestic Asset Sales and Replacement according to Portfolio Strategies FY2025 Year-end Book Value ¥3.7trillion Unrealized Profit ¥3.9trillion Year-end Market Price ¥ 7.7trillion FY2025ʢOperationalʣ Year-end Book Value ¥1.0trillion Unrealized Profit ¥0.7trillion Year-end Market Price ¥1.7trillion Book value at the end of March 2026 Approx. ¥1.8 trillion Total Assets Approx. ¥3.7 trillion Approx. ¥1.8 trillion Approx. ¥0.5 trillion Approx.¥10.1 trillion Approx.¥5.3 trillion Tangible/Intangible Fixed Assets 37% Rental Properties 28% OthersTo Individuals 8% Real Property for Sale Others Assets Under Management 18% To Investors Approx. 50% Approx. 50% Tokyo Dome, hotels Other Leasing ¥180B Property Sales ¥210B Facility Operations ¥45B Management* ¥75B *Includes other non-asset (brokerage, sales contract, etc.) profits *Operating income +Equity in earnings/losses of affiliates (including Gain/loss on sales of shares of subsidiaries and affiliates for the purpose of real estate sales)+Gain/loss on sales of fixed assets Other ¥10B Elimination or Corporate ¥70B Total ¥450B Business Income* (FY2026 Forecast) FY2015 FY2025 * Operating income is disclosed for FY2023 and prior. ¥124.1B FY2015 FY2025 ¥20.5B ¥82.4B (Exduding Residential use for Individuals) Gains on Sales of Fixed Assets Residential Property Sales to Individuals (Domestic) Operating income Gains on Sales of Real Property for Sale C Other Fixed Assets 9%
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Market Potential As of March 31, 2026, except as stated Vacancy Rate Office Logistics Operating Income Hotels and Resorts Tokyo Dome Approx. 330,000 members Approx. 22 times vs. FY2018 (As of June, 2026) Approx. 1.29 million Mitsui Garden Hotel members Triple membersas many as 2018 year-end Approx. 13,100 rooms52 facilities Vacancyrate (Tokyo metropolitan area, over 1 years old) Development properties 1.7% 7. 8% vacancy rate (Market) Tokyo Metropolitan Area National Commercial Sales Ranking Facilities under development or operation in Japan and overseas Operating Income/ Operating Income Margin 4 out of Top 10 Facilities Owned by Mitsui Fudosan FY2015 FY2025 ¥112.0B Operating Income 25.5% Operating Income Margin *Including a redevelopment project in the planning phase FY2026-2028 FY2029-2031 FY2032 or later 9,000 units 6,800 units 8,800 units Approx. 24,600 units* FY2015 FY2025 ¥36.5B Brokerage/Asset Management, etc. ¥44.3B Property Management Trends in Occupancy Rates/ADR (Lodging-focused hotels) Facilities Directly Operated by the Company (Domestic and overseas) Approx. 40M people/year Visitors (FY2019) Expansion of Overseas Projects Breakdown of Group Assets by Area Trend of Overseas Assets *Plans for the next phase and expansion of existing properties are counted Europe and America APAC Overseas 32% Domestic 68% As of the end of FY2025 FY2017 FY2025 Retail Number of Domestic Facilities 22 14 ¥3,180B ¥1,003B Approx. 2,500 tenants Approx. 11,600 stores Corporate Shared Office An Abundant Land Bank Store sales Rankings, FY2024 3nd 5th 8th 9th Mitsui Outlet Park JAZZ DREAM NAGASHIMA Mitsui Outlet Park KISARAZU Lalaport TOKYO-BAY LAZONA Kawasaki Plaza Property Management Rental Parking (Repark) Approx. 250K units* Condominiums Managed Approx. 300K units* Contracted Operation and Management (e.g., Office, Retail, Housing) Rental Housing Units Managed Approx. 160K units* Hotel/SA/ Logistics Office Retail Facilities Rental Housing Total Number of properties in operation as of end of Mar., 2026. 17 11 16 14 (1) (11) (1) (10) (16) (-) (15) (4) Europe and America APAC Total Number in future development pipeline* +10 +2 +18 +14 (+2) (+2) (-) (+9) (+8) (-) (+18) (+5) U.K. 14% Brokerage Asset Management Brokerage for Individuals (Rehouse) Approx. 36,200 units* handled for individuals No. 1 for 39consecutive years (FY1986-FY2024) Overseas Management Leasing Property Sales to Individuals Facility Operation Facility Operation 8.1% ¥23.9B 0.9% (As of June, 2026) Mitsui Fudosan (Tokyo metropolitan area; non-consolidated) 1.99% Central Tokyo 5 Wards Source: Miki Shoji (As of June, 2026) ¥61.0B ¥62.7B ¥69.0B ¥94.4B ¥29.9B ¥22.4B ¥640B ¥208B ¥153B Source: SENKEN SHIMBUN, August 13, 2025 Edition *Excerpt from our facilities only In central Tokyo A spacious site covering Approx. 13 hectares Adjacent to 3 stations on 4 lines, for convenience of transportation Plentiful Facilities That Meet the Needs of Diverse Visitors Facility Overview Approx. 45 minutes Haneda Airport Approx. 6 minutes Tokyo Station Approx. 50 minutes Narita Airport Tokyo Dome All-weather stadium LaQua Retail facilities, amusement park, spa Tokyo Dome Hotel Large-scale city hotel ADR (Right) Average Occupancy Rate (Left) Average Occupancy Rate (1Q FY2026 average) 85% *FY2025*FY2025 Source: CBRE Sales to various investors Management of assets from property owners Private fund,etc. 29% Originator 18% 11% 7% 6% 29% AUM Approx. ¥5.3 trillion /VNCFSPG$POEPNJOJVN$POUSBDUT1PTUFE 2,350 VOJUT $POUSBDU1SPHSFTT3BUF 83ˋ *OUIFDBTFPG+7QSPQFSUJFT VOJUTBSFDPVOUFECZUIFMFBEDPNQBOZ 5PUBMOVNCFSPGVOJUTIBOEMFEJO5PLZP`TTJYDFOUSBMXBSET "QQSPY40PGUIF(SPVQ Total Assets Approx. ¥10.1 trillion U.S. 62% APAC 24% $PNQMFUFEJO"QS #BTLFUCBMMHBNF JNBHF .VTJD$PODFSUT JNBHF -B-BBSFOB50,:0#": ˔ 'VSUIFSQSPNPUFOFJHICPSIPPE DSFBUJPOXJUIlFYDJUFNFOUzCZ MFWFSBHJOHUIFQPXFSPGTQPSUTBOE FOUFSUBJONBOU ˔ -BSHFNVMUJQVSQPTFBSFOBXJUIB TFBUJOHDBQBDJUZPG U.S. ¥1,980B U.K. ¥420B APAC ¥760B (As of June, 2026) (As of June, 2026) 2003 (As of June, 2026) 2026.2Q Approx. 6.5 million m2 total floor space ¥1.45 trillion cumulative investment Total 89 properties (As of June, 2026) ': 'VMMZFBS'PSFDBTU 2026 (%) (Yen) FY2025FY2015 20 40 60 80 100 5,000 11,250 17,500 23,750 30,000 8.57% 5.8%
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London Bengaluru Honolulu New York Dallas San Francisco Los Angeles Bangkok Sydney Kuala Lumpur Shanghai Singapore Taipei U.S. ˇ1.9 trillion UK ˇ0.4 trillion APAC ˇ0.7 trillion Our Global Network (Local Offices) At a Glance of our overseas business Office Office Office Mission Rock / San Francisco 50&55Hudson Y ards / New Y ork T elevision Centre/ London MITSUI OUTLET PARK LINKOU / T aipei LaLaport T AIPEI NANGANG/ T aipei Halekulani / Honolulu 55 Pitt Street / SydneySomerset Rama 9 /BangkokRMZ Ecoworld 30 /Bengaluru Maple T errace / Dallas Hotel and Resort Retail RetailOfficeHousing OfficeHousing OfficeHousing Overseas Assets by Area Total Assets ˇ10,103 billion Overseas 32% Domestic 68% ˇ3.1trillion Number of properties in operation as of end of Mar., 2026. Europe and the U.S. APAC Hotel/SA/Logistics Office Retail Facilities Rental Housing 1 11 1 10 16 - 15 4 1251 Avenue of Americas / New Y ork ʢ"TPGUIFFOEPG':ʣ SAOffice