Mitsui Fudosan Co., Ltd. · TSE:8801
Mitsui Fudosan — 2Q FY2025 Earnings Presentation
34 slides from Mitsui Fudosan's earnings presentation, Nov 11, 2025
Slide 1: Investors Meeting Presentation (Financial Results for 2Q, FY2025)
Investors Meeting Presentation (Financial Results for 2Q, FY2025) November 11, 2025 https://www.mitsuifudosan.co.jp/ 1
Slide 2: Full-year forecasts
Full-year 植田 forecasts Full-year forecasts for business income and net income* each revised up by ¥5.0 billion Increasing dividend by ¥1/share in line with payout ratio of approximately 35% stipulated in & INNOVATION 2030 * Profit attributable to owners of parent Business income ¥425.0 billion ¥430.
Slide 3: Shareholder returns
Shareholder 植田 returns Decided to repurchase shares (¥57 billion) shareholder returns Plan to acquire a total of ¥100 billion in treasury stock during the current fiscal year, including unexecuted returns from FY2024 Repurchase of ¥100 billion of (Billions of Yen) treasury stock during the current f
Slide 4: Progress toward FY2026 targets
Progress 植田 toward FY2026 targets Revise up end-FY2025 ROE forecast to mid-8% range Achieving the FY2026 target ROE of 8.5% or higher ahead of schedule is now coming into view Growth Indicator EPS growth rate 9.6%/year approx. + approx. + 10.3%/year ・CAGR ・CAGR (EPS: approx. ¥94) (EPS: approx. ¥96)
Slide 5: Paths to FY2030 targets
Paths 植田 to FY2030 targets Highly confident of achieving targets for around 2030: ROE 10% or higher, EPS growth rate* ＋8% or higher (CAGR) achieved as a matter of course Combining initiatives to achieve “continuous and stable profit growth” for the numerator and “controlling shareholders’ equity” fo
Slide 6: Office vacancy rate
1-1. 植田 Office vacancy rate Mitsui Fudosan’s Tokyo Metropolitan area office vacancy rate fell to 0.9% The vacancy rate in the central Tokyo 5 wards is also low at around 2%. Changes in office vacancy rate 10.0% 03/6 ー Central Tokyo 5 Wards 12/6 9.43% (Source: Miki Shoji) 9.0% 8.57% ー Mitsui Fudosan
Slide 7: New office buildings to be completed in FY2025–2026
1-2. 植田 New office buildings to be completed in FY2025–2026 All office buildings scheduled for completion in FY2025–2026 have been fully leased FY2025 FY2026 Completion in Completion in Completion in Completion in November 2025 (planned) April 2026 (planned) September 2026 (planned) January 2027 (pl
Slide 8: Yaesu 2-Chome Central District Project
1-3. 植田Yaesu 2-Chome Central District Project (completion in 2029 (planned) ) Reflecting our neighborhood creation efforts, achieving top rents reaching ¥100,000/month per tsubo Image of retail facility indoor plaza Image of the exterior of Tokyo Image of outdoor plaza Station Yaesu Exit 2Q, FY2025
Slide 9: Status of existing offices and CPI-linked clauses
1-4. 植田 Status of existing offices and CPI-linked clauses Increase in number of tenants agreeing to higher rents Introduction of CPI-linked clauses in principle (for both existing and new tenants) Mitsui Fudosan’s added value, such as creating “offices in cities people want to visit” is highly rated
Slide 10: Large-scale office pipeline toward FY2030
1-5. 植田 Large-scale office pipeline toward FY2030 Progress on new property construction starts FY2025 & FY2026 FY2028 After FY2030 Completion in Completion in Completion in Completion of 4 properties (planned) February 2028 January 2029 March 2029 (planned) (planned) (planned) New New Construction C
Slide 11: Acceleration of asset turnover
2-2. 植田 Acceleration of asset turnover Firm execution of “Sale of fixed assets and real property for sale without exception” Focus on balance sheet control and asset efficiency Sold partial stake in Yaesu 2-Chome Central District Project Otemachi Building & Nagoya Station Front captured business opp
Slide 12: Overview of overseas business
3-1. 植田 Overview of overseas business Comprehensive review of property portfolio holdings and recycling of inefficient assets to build a robust portfolio China US (Condominiums) Malaysia West Coast (Rental housing) (Retail facilities) APAC 2Q, FY2025 Investors Meeting Presentation 13
Slide 13: LaLaport BUKIT BINTANG CITY CENTRE
3-2. 植田 LaLaport BUKIT BINTANG CITY CENTRE Regional shopping center within a large-scale complex development in the central urban district of Kuala Lumpur Decided to restructure in light of the lower-than-expected footfall due to delays in other projects within the complex as well as impact of openi
Slide 14: LaLaport BUKIT BINTANG CITY CENTRE: revitalization measures
3-2. 植田 LaLaport BUKIT BINTANG CITY CENTRE Implementing various measures to revitalize the facility Opened a MITSUI OUTLET PARK within the facility Built a new ACG (Anime, Comics, and Games) Area Established a transportation hub 2Q, FY2025 Investors Meeting Presentation 14
Slide 15: Rental housing on the US West Coast and condominiums in China
3-3. 植田Rental housing on the US West Coast and condominiums in China Sale of rental housing on the US West Coast are proceeding as scheduled Expected losses on Chinese condominium sales are in line with initial forecasts China US (Condominiums) West Coast APAC (Rental housing) 2Q, FY2025 Investors M
Slide 16: US Sun Belt (1)
3-3. 植田 US Sun Belt (1) Good progress with leasing of properties completed in FY2024 Leasing progress of each property Completed Completed Completed in April 2024 in September 2024 in October 2024 Approx. 80% Approx. 60% Approx. 50% Approx. Approx. Approx. 1.5 years 1 year 1 year Dallas Denver Dalla
Slide 17: US Sun Belt (2)
3-4. 植田 US Sun Belt (2) Completion of 7 properties in 6 cities in FY2025 (planned) Nashville Phoenix Denver Modera SoBro Optima MMV Ten50 Centennial Houston Dallas The Avant Phoenix Modera Kierland Buffalo Bayou Parkview Turtle Creek 2Q, FY2025 Investors Meeting Presentation 17
Slide 18: US other (mixed use, rental lab and office)
3-4. 植田 US other (mixed use, rental lab and office) Mission Rock’s office space is almost fully leased 2 rental lab and office properties are fully leased Scheduled for completion in 2026 Completed in 2024 Rental lab and office Innovation Square Phase Ⅲ Mission Rock (Mixed-Use) Boston Completed in 2
Slide 19: UK existing assets
3-5. 植田 UK existing assets 3 office buildings: Television Centre development (completed in 2018), One Angel Court (2017), and Sancroft (2023) are fully leased One Angel Court Television Centre Sancroft City Television Centre redevelopment White City London area map Sancroft One Angel Court 2Q, FY202
Slide 20: Future projects in London, UK
3-5. 植田 Future projects in London, UK Progress is also being made on two properties in central London, in addition to the British Library redevelopment project, the UK’s first second path (rental labs and office business) initiative Central London map British Library Scheduled for completion Redevel
Slide 21: Bengaluru, India RMZ Ecoworld
3-6. 植田 Bengaluru, India RMZ Ecoworld 30 Phase 1 (approx. 50,000 tsubo) completed in 2024 is fully leased Leasing of Phase 2 (approx. 50,000 tsubo) to be completed in 2026 (planned) is going well Office space with a leasable floor space of approx. 100,000 tsubo in an IT Park in Bengaluru Completed a
Slide 22: Sydney, Australia Pitt Street
3-7. 植田 Sydney, Australia 55 Pitt Street Approx. 50% leased ahead of the 2027 completion date leasing promotion leveraging the advantage of a rare location in the Sydney CBD area 55 Pitt Street Mitsui Fudosan’s first office development in Australia 55 Pitt Street (Sydney CBD) Sydney 55 Pitt Street 2
Slide 23: Housing business in APAC countries such as Malaysia and Singapore
3-8. 植田Housing business in APAC countries such as Malaysia and Singapore Series of completions/handovers of condominiums planned in APAC countries Malaysia Singapore Large-scale condominium and Our first detached housing sales serviced apartment development project (683 units) in Malaysia in Singapo
Slide 24: Overseas business sales pipeline
3-9. 植田 Overseas business sales pipeline Steady increase in sales pipeline Mitsui Lab & Office Sun Belt Modera SoBro Buffalo Bayou Maple Terrace The Avant Ten50 Torrey Heights The Northern Modera Kierland Innovation Square Phase Ⅲ The Oliver Optima MMV Parkview Turtle Creek UK Sancroft South Molton
Slide 25: Outlook for overseas business
3-1. 植田 Outlook for overseas business Overseas business income is projected to reach the ¥100 billion scale by the late 2020s to 2030, driven by stable leasing income of ¥50 billion and asset turnover capitalizing on the recovery of the sales market (Billions of Yen) ¥100 billion scale Property Sale
Slide 26: New hotels & resorts
4.植田 New hotels & resorts Series of new hotel and resort facilities to open in FY2026 and beyond In October, the Company announced it began considering a development project in the Aburatsubo Area of the Miura Peninsula FY2026 FY2027 FY2028 and beyond ・HOTEL THE MITSUI HAKONE ・Waldorf Astoria Tokyo
Slide 27: New retail facilities
5.植田 New retail facilities 6 retail facilities were opened in Japan in the current fiscal year Spring 2025: 4 facilities opened LaLaport LaLa terrace MOP Kisarazu LaLa terrace ANJO Kawaguchi (4th Stage) KITAAYASE Several projects are Autumn 2025: 2 facilities opened also underway for FY2026 and beyo
Slide 28: Arena business (second path)
6.植田 Arena business (second path) Construction began on Nagoya Arena, the Company’s second arena facility in Japan Further expansion into other areas is also under consideration FY2024 FY2027 and beyond LaLa arena TOKYO-BAY Nagoya Arena (tentative name) Completed in April 2024 Completion in fall 202
Slide 29: Data centers (second path)
7.植田 Data centers (second path) Announced plans for a data center in Kansai, the 7th facility in Japan Expanding business to include urban data centers, total investment to reach approx. ¥600 billion Projects are underway Future for 4 properties* in Japan * Including plans not yet announced New Hino
Slide 30: Semiconductor community (third path)
8.植田 Semiconductor community (third path) As an industry developer, we have established RISE-A (semiconductors), our third industry support community following LINK-J (life sciences) and cross U (space) Established July 2025 Supporting research across diverse business domains including life sciences
Slide 31: Mixed-use properties opening soon
9.植田 Mixed-use properties opening soon Omotesando Grid Tower scheduled to open in phases from February 2026 Grand opening of BASEGATE YOKOHAMA KANNAI is scheduled for March 19, 2026 New Scheduled Scheduled to open from to open from February March 2026 2026 109 rental residences Membership club origi
Slide 32: Conclusion (1)
Conclusion 植田 (1) Profit growth through execution of the “three paths” growth strategy New business domains New asset classes ROE Profit attributable to owners of parent Core business growth = Shareholders’ Flexible equity Sale of investment Shareholder returns of more acquisition of securities than
Slide 33: Conclusion (2)
Conclusion 植田 (2) Highly confident of achieving targets for around FY2030 of “ROE 10% or higher”、“EPS growth rate ＋8% or higher (CAGR) “ through initiatives combining growth, efficiency, and shareholder returns Growth Achieve stable and continuous profit growth and enhance cash-generating capabiliti
Slide 34: Disclaimer
Disclaimer 植田 This presentation contains forward-looking statements including details regarding the Company’s business results forecasts, development plans, and targets. All forward-looking statements are based on judgments derived from the information available to the Company at the time this prese