Hulic Co., Ltd. · TSE:3003
Hulic — Q2 FY2026 Earnings Presentation
64 slides from Hulic's earnings presentation, Jul 28, 2026
Slide 1: IR Presentation
July 28, 2026 FY2026 2Q (January - June) IR Presentation Code 3003
Slide 2: Table of Contents
2 Table of Contents Page Consolidated Performance Summary Page Business Overview 03 Executive Summary 3 27 New Businesses Financial Highlights (Consolidated) 4 ① Real estate management Business 28 FY2026 2Q Income Statement (Consolidated) 5 ② Tourism-related Business 29-30 FY2026 2Q Segment Performa
Slide 3: Executive Summary
3 Executive Summary 1. Financial Results Underlying ordinary profit increased 14% YoY Excl. special item ⚫ 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.
Slide 4: Financial Highlights (Consolidated)
4 Financial Highlights (Consolidated) Progress towards the full-year guidance exceeded 40% (excl. special item) Steadily advancing toward an 18th consecutive year of record-high profit Operating Revenue Operating Profit [Progress: 40%] (Billion yen) (Billion yen) (TBA) (210.0) 800.0 727.4 186.8 200.
Slide 5: FY2026 2Q Income Statement (Consolidated)
5 FY2026 2Q Income Statement (Consolidated) Underlying net income increased 23% Operating profit and ordinary profit increased approx. 14% *Figures in [ ] exclude special item. FY25/12 FY26/12 Major factors for changes Change (%) (Million yen) 2Q 2Q Special item +5.1 bn Operating Revenue 300,081 416
Slide 6: FY2026 2Q Segment Performance (Consolidated)
6 FY2026 2Q Segment Performance (Consolidated) Strong performance continued in the real estate business. The “Others” segment achieved significant underlying profit growth, driven by contributions from M&A *Figures in [ ] exclude special item. (Million yen) FY25/12 FY26/12 Change (%) Major factors f
Slide 7: FY2026 2Q Balance Sheets (Consolidated)
7 FY2026 2Q Balance Sheets (Consolidated) Non-current assets increased as development progressed. A portion of redemption proceeds from the Dentsu-related investment was redeployed in high-growth-potential companies (Million yen) 25/12 26/6 Change Major factors for changes Current Assets 686,528 743
Slide 8: Funding
8 Funding AA- long-term credit rating reaffirmed. Increased overdraft and CP issuance limits External Rating Short-term Borrowing Capacity (As of Jun. 2026） （Billion yen） JCR rating AA－ / Stable OD limit (unused balance) 204.0 (204.0) CP issue limit (〃) 400.0 (299.0) Corporate Bonds (*) Sustainabili
Slide 9: Financial Discipline
9 Financial Discipline Proactive funding procurement ahead of expected rate hikes Net D/E ratio maintained within our target range Debt/EBITDA ratio* Net D/E ratio* ROE Target (2026-2036) ~10x High 1x range ~12% or more Safety and Efficiency Financial Discipline Total interest-bearing debt Net debt
Slide 10: Key Metrics / Shareholder Return
10 Key Metrics / Shareholder Return 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 2029 target EPS (Net income per share) Dividend History (Yen) 159.34 Payout ratio 45% 150.50 (Yen per Share) 15
Slide 11: Business Strategies
r HULIC Business Strategies
Slide 12: Position of 2026
12 Position of 2026 Target A corporate group that continues its Transformation, Evolution and Growth Profile in by creating diverse value based on the real estate business as the core 2036 Build a distinctive and resilient business portfolio by incorporating Basic diversified growth businesses cente
Slide 13: Outline of the Business Strategies
13 Outline of the Business Strategies The real estate business pursue maximizing profits through sophistication and overseas expansion, while driving profit growth and improving investment efficiency through M&As Real Estate Business New Businesses Generate business profits and Flexibly optimize lev
Slide 14: Evolving Business Model
14 Evolving Business Model Building a resilient business portfolio by capturing operating income and business profit, with real estate at its core Consolidated Basis Profits from Related ＋ Additional Profits ＋ Businesses Cook Deli (Services for Elderly Care Facilities), Arena Business, etc. Asset Ef
Slide 15: Real Estate Business
15 Business Overview Real Estate Business
Slide 16: Real estate investment
16 Real estate investment 2Q investment was JPY180 bn (gross amt.). Additional over JPY120 bn (gross) almost confirmed in/after 3Q* *Domestic real estate investments (excl. Raysum) Real estate Invest in inflation-resilient Promote advanced value- Invest in highly marketable investment 1 2 assets wit
Slide 17: Real estate investment / Enhancement of value-added businesses
17 Real estate investment / Enhancement of value-added businesses Steady progress in Raysum’s acquisitions. 5% stake acquired in REALGATE New High-complexity value-add Renovation in central Tokyo Business JV with REALGATE ◼ Acquisition amount：approx. JPY173.5 bn • REALGATE has strengths in the renov
Slide 18: Real estate development
18 Real estate development 8 assets / JPY130 bn (completion book value) will be completed in 2026 World Town Building renovation completed. Omotesando I construction began Real estate Build a quality fixed-asset Boost growth in the group’s Develop new business 1 2 3 development portfolio REITs and f
Slide 19: Real estate development —QUARTZ SHINSAIBASHI and JIYUGAOKA MUSE SQUARE—
19 Real estate development —QUARTZ SHINSAIBASHI and JIYUGAOKA MUSE SQUARE— THE GATE HOTEL opened at QUARTZ SHINSAIBASHI in June JIYUGAOKA MUSE SQUARE is scheduled to open on September 17 QUARTZ SHINSAIBASHI JIYUGAOKA MUSE SQUARE 7-14F Rental housing 16-28F Hotel (Approx. 170 units) THE GATE HOTEL Os
Slide 20: Projects in Ginza Area
20 Projects in Ginza Area 42 properties held and 2 more secured. 8 development projects are currently underway Renovation of World Town Building completed Acquired through external sources Development projects (completed) Development projects (progressing) A 1 2 1 After the renovation, NOI (forecast
Slide 21: Projects in Ginza Area
21 Projects in Ginza Area Projects scheduled for completion or commencement in 2026 3 properties will be completed in 2026 in Ginza. Hulic Nishi Ginza Building leased up Retail World Town Building Retail Office Hulic Nishi Ginza Building Renovation Project ◼ Complete in 2Q 2026 ◼ Complete in 3Q 2026
Slide 22: Projects in Other Focus Areas
22 Projects in Other Focus Areas Omotesando I: Construction began in July (tenant secured) Shibuya / Aoyama area Aoyama Building Omotesando 1 min walk Reconstruction Project 2 min walk from station from station Development Project I ◼ Complete in 2028 ◼ Complete in 2028 ◼ Asset type: retail, office
Slide 23: Focused Asset Class: Urban Data Centers
23 Focused Asset Class: Urban Data Centers Shiohama 2-chome Development Project I is scheduled for completion next year, with strong leasing demand Project Pipeline completed Location Completion IT load capacity Initiatives for Urban Data Centers (plan) 1 Hulic Nihonbashi Center Chuo-ku, Tokyo 2025
Slide 24: Domestic Real Estate Business Portfolio Distribution Pictures
24 Domestic Real Estate Business Portfolio Distribution Pictures ■Sources of Rent Revenue Others 6% Office 45％ Office 43% R&D facilities、logistics、Kodomo Depart, etc. ◼ In response to decrease in office demand due to population decline, keeping office Data Center 6% ratio at 50% or less. Although, f
Slide 25: International Business
25 International Business 11 investments exceeding JPY50 bn confirmed/committed by 1H FY profit expected to outperform plan International Business Profit Plan • Risk-mitigating strategy: allocating JPY1.0-7.0 bn per case, partnering with Basic Japanese companies with rich track records in internatio
Slide 26: International Business
26 International Business The portfolio is 82% weighted toward developed markets, with a focus on residential assets including senior housing Major investments Investment Breakdown Area Asset Type Property overview Senior living Savanna House / Arizona ■Breakdown by country Vietnam Developed Senior
Slide 27: New Businesses
27 Business Overview New Businesses Business domains Real estate Tourism Child education management Environment & Senior & Lifestyle Infrastructure Healthcare Next-generation Sports & Corporate Investments, industrial assets Entertainment Business Collaboration
Slide 28: Real estate management Business
28 Real estate management Business Capital raise completed for private REIT. Asset swaps executed with listed REIT Real estate management Profit Plan Real estate FY2025 FY2026 FY2029 FY2036 2036: Group REITs and fund AUM: JPY2 trn+ Result Plan Plan Plan management Policy Related profit: JPY10.0 bn+
Slide 29: Tourism-related Business
29 Tourism-related Business 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 Profit Plan (leasing income + operating income) Real estate FY2025 FY2026 FY2029 FY2036 management Result Plan Plan Plan
Slide 30: Tourism-related Business
30 Tourism-related Business Post opening of The GATE HOTEL Osaka, enter the operational phase through 2028 to drive profit growth As of Opening year Development 2033年頃想定 the end of 2025 2026 2027 2028 2029 2030 onward pipeline # of # of # of # of # of # of # of # of # of facilities rooms facilities
Slide 31: Child Education Business
31 Child Education Business Make Tetsuryokukai a wholly-owned subsidiary (plan) in addition to Kodomo Department and Riso Kyoiku Child Education Profit Plan Real estate 2036: Child education related profit: JPY10.0 bn+ FY2025 FY2026 FY2029 FY2036 Result Plan Plan Plan management • Expand “Kodomo Dep
Slide 32: Child Education Business（Kodomo Depart）
32 Child Education Business（Kodomo Depart）*Kodomo = Children All tenant secured at Motoyawata and Kojimachi; pipeline expanding toward the 20- property target Kodomo Depart Jiyugaoka Kodomo Depart Nakano ◼ 2 min walk from JR Nakano station, Kodomo Department 9-story building on a full floor (5F) 9F
Slide 33: New Child Education Business (Consolidation of Tokyo Kyoiku Ken Co., Ltd.)
33 New Child Education Business (Consolidation of Tokyo Kyoiku Ken Co., Ltd.) 100% acquisition of Tokyo Kyoikuken the operator of Tetsuryokukai* Expand the group’s child education business while preserving the Tetsuryokukai brand Consolidation of Tokyo Kyoiku Ken Co., Ltd. ◼ *Tetsuryokukai is a lead
Slide 34: Environment & Infrastructure Business
34 Environment & Infrastructure Business Investments progressing toward battery storage business monetization Advancing large-scale (extra-high-voltage) battery projects to enhance economics Environment & Infrastructure Profit Plan Real estate FY2025 FY2026 FY2029 FY2036 2036: Environment & infrastr
Slide 35: Senior & Healthcare Business
35 Senior & Healthcare Business Cook Deli continues to significantly outperform its plan Senior & Healthcare Profit Plan Real estate 2036: Senior & Healthcare related profit: JPY10.0 bn+ FY2025 FY2026 FY2029 FY2036 Result Plan Plan Plan management Policy • Develop and operate luxury senior residence
Slide 36: New Lifestyle Business (Consolidation of SALOWIN Co., Ltd.)
36 New Lifestyle Business (Consolidation of SALOWIN Co., Ltd.) Acquired SALOWIN, Japan's No.1 share salon platform, as a wholly owned subsidiary Accelerating SALOWIN’s further growth through real estate synergies First M&A from Our CVC Portfolio Real estate Consolidation of SALOWIN Co., Ltd. managem
Slide 37: New Lifestyle Business (Capital and Business Alliance with Farmind)
37 New Lifestyle Business (Capital and Business Alliance with Farmind) Capital and business alliance with Farmind, an integrated produce production and distribution company Real estate Capital and Business Alliance with Farmind Business Alliance Initiatives management ◼ Entered into a capital and bu
Slide 38: Next-generation Industrial Asset Business
38 Next-generation Industrial Asset Business 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 Profit Plan Real estate FY2025 FY2026 FY2029 FY2036 Result Plan Pla
Slide 39: Sports & Entertainment Business
39 Sports & Entertainment Business Plans for an arena development at Makuhari Kaihin Park in Chiba Prefecture are underway, with an opening targeted for 2030 Sports & Entertainment Profit Plan Real estate FY2025 FY2026 FY2029 FY2036 2036: Sports & entertainment-related profit: JPY7.5 bn+ Result Plan
Slide 40: Corporate Investments and Business Collaboration
40 Corporate Investments and Business Collaboration Capitalizing on the high-growth satellite sector by increasing ownership stakes Corporate Investments, Business Collaboration Profit Plan Real estate 2036: Corporate investments / new businesses: FY2025 FY2026 FY2029 FY2036 Result Plan Plan Plan ma
Slide 41: JV with REALGATE INC. – Renovation Business Expansion
Corporate Investments and Business Collaboration 41 JV with REALGATE INC. – Renovation Business Expansion Strong momentum in HistoRy acquisitions, over JPY20.0 bn built up Business Collaboration：JV with REALGATE INC. – Renovation Business Expansion ◼ Agreed to a strategic business alliance with REAL
Slide 42: Sustainability Initiatives
42 Sustainability Initiatives
Slide 43: Sustainability: Environment
43 Sustainability: Environment Visibility established in developing power generation facilities for achieving 100% renewable energy buildings by 2029 ～2022 2023 2025 2026 ～2029 2030 ～2050 Recycling- Plan to achieve 1 year ahead Powering all company-owned buildings*1 Achieve of ongoing plan oriented
Slide 44: Sustainability: Social
44 Sustainability: Social Develop a talent portfolio and encourage diversification to support a Group-wide growth, and further contribute to social value creation Human Capital Initiatives Social Contributions Improving work motivation Support for Shogi culture ✓ 11.2% salary increase for 2026 (base
Slide 45: Sustainability: Governance / External Evaluation
45 Sustainability: Governance / External Evaluation Transparent governance framework established; Majority of BOD are independent external directors Rated highest for MSCI ESG ratings and CDP Climate Change Corporate Governance External Evaluation Board of Directors ESG investment HULIC is a constit
Slide 46: Appendix
r HULIC Appendix
Slide 47: Medium- and Long-term Mgmt. Plan: Background of the formulation and Target
Medium- and Long-term Mgmt. Plan (2026-2036) 47 Background of the formulation and Target Rapid changes and uncertainty in the business environment Macro Japanese and global economies are amidst intense environmental changes. environment Japan is experiencing the drastic shift from prolonged world of
Slide 48: Profit Target
Medium- and Long-term Mgmt. Plan (2026-2036) 48 Profit Target 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 380.0 Mid-term Mgmt. Plan Phase I Operating Profit (JPY bn) (2026-2029) 300.0 Ordinary Profit (JPY bn) 2
Slide 49: Quantitative Targets (2029, 2036)
Medium- and Long-term Mgmt. Plan (2026-2036) 49 Quantitative Targets (2029, 2036) 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%) FY2029 FY2036 FY2025 Result <Phase I final yea
Slide 50: Profit Composition Diagram (Image)
Medium- and Long-term Mgmt. Plan (2026-2036) 50 Profit Composition Diagram (Image) Expand business portfolio in the growth domains while pursuing further growth in Real Estate Business Profit Composition in 2036 Ordinary profit JPY300.0 bn New Businesses 30 to 40% Real estate Tourism management Spor
Slide 51: Utilization of M&A and business partnerships
Medium- and Long-term Mgmt. Plan (2026-2036) 51 Utilization of M&A and business partnerships 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 Characteristics of the target b
Slide 52: Phase I (2026-2029): Quantitative Plan
Medium- and Long-term Mgmt. Plan (2026-2036) 52 Phase I (2026-2029) : Quantitative Plan FY2029 Profit Plan FY2025 Result FY2026 FY2025 Change <Phase I final year> FY2025 Change 営業利益 profit Operating 186.8 210.0 +23.2 260.0 +73.2 経常利益profit Ordinary 172.9 185.0 +12.1 220.0 +47.1 Profit Plan Profit at
Slide 53: Phase I (2026-2029): Capital Allocation
Medium- and Long-term Mgmt. Plan (2026-2036) 53 Phase I (2026-2029) : Capital Allocation Aim to achieve efficient corporate management through “Hulic’s unique” well-balanced strategies Pursue profit growth with Maintain/enhance high capital efficiency × financial discipline × Enhance shareholder ret
Slide 54: Portfolio Strategy
Existing real estate business 54 Portfolio Strategy 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 Targets Policy 2025 2029 2036 ✓ Cap the office sha
Slide 55: FY2026 2Q Consolidated Cash Flow Statements
Financial Summary 55 FY2026 2Q Consolidated Cash Flow Statements FY2025 FY2026 Change Major factors for changes (Million yen) 2Q 2Q Redemption proceeds of equity investment Cash flows from (Dentsu) 47,195 155,752 108,556 +53.9 bn operating activities Decrease in real estate for sale, etc. +31.8 bn C
Slide 56: Portfolio Distribution Pictures
56 Portfolio Distribution Pictures Distribution of Portfolio (for office building, etc.) Walking Distance from Train Stations (for office building, etc.) Number of Properties Net Leasable Area Greater Property Age (for all assets) Greater Other Other Osaka Osaka 8% 9% 6% 5% Over 40 Tokyo 5 minutes o
Slide 57: Market Capitalization, Stock Price
Corporate Profile 57 Market Capitalization, Stock Price Market Capitalization & Stock Price (weekly) History （Nov.14, 2008～Jun. 30, 2026） （ Billion yen ） （yen） 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） 16,000 1,600 2,400 14,000 1,400 Shoei merger announcement 2,100 (merger ratio 3:1) JPX Nikkei Index 300（A
Slide 58: Major Shareholders (Top 10)
Corporate Profile 58 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 Re
Slide 59: Ginza & Yurakucho Area Town Map
Corporate Profile 59 Ginza & Yurakucho Area Town Map 1. Hulic Ginza Building Hulic owns 42 properties in Ginza, Yurakucho area (top retails) 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-c
Slide 60: Shinjuku East Area Town Map
Corporate Profile 60 Shinjuku East Area Town Map Hulic owns 7 properties in Shinjuku East district (commercial zone) 1. Hulic Shinjuku Building 2. HULIC &New SHINJUKU 3. Hulic Shinjuku 3-chome Building 4. Hulic Shinjuku Gyoen Building 5. Shinjuku 318 Development Project 6. Hulic Shinjuku 4-chome Bui
Slide 61: Asakusa Town Map
Corporate Profile 61 Asakusa Town Map Hulic owns 7 properties in Asakusa district (Old Town/tourist spot) Kappabashi Minami 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 Kappabashi 6. As
Slide 62: Shibuya & Aoyama Town Map
Corporate Profile 62 Shibuya & Aoyama Town Map Hulic owns 29 properties in Shibuya, Aoyama area (commercial zone) 1. Hulic Shibuya Building 2. Hulic Shibuya Building #2 3. CR-Vite 4. Hulic Shibuya 2-chome Building 5. Hulic Shibuya Udagawacho Building* 6. HULIC &New SHIBUYA (Reit etc.) 7. HULIC &New
Slide 63: Advertisement
Corporate Profile 63 Advertisement Wow! It’s Hulic again. Wow! It’s Hulic again. Building close to the Building close to the future and station. future and station. Hulic for real estate Hulic for real estate We support people who challenge the future Narita’s New Era Sparks a Logistics Revolution A
Slide 64: Disclaimer
64 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 inve