Slide 1: IR Presentation
April 27, 2026 FY2026 1Q (January - March) 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 1Q Income Statement (Consolidated) 5 ② Tourism-related Business 29-30 FY2026 1Q Segment Performa
Slide 3: Executive Summary
3 Executive Summary On an underlying basis excluding special item, profits grew over 20% YoY Excl. special item ⚫ Operating profit JPY31.1 bn, -JPY0.6 bn (-2.0%) YoY JPY38.1 bn, +JPY6.3 bn (+20%) YoY ⚫ Ordinary profit JPY26.9 bn, -JPY1.0 bn (-3.6%) YoY JPY33.9 bn, +JPY5.9 bn (+21%) YoY ⚫ Net income
Slide 4: Financial Highlights (Consolidated)
4 Financial Highlights (Consolidated) FY2026 is expected to mark our 18th consecutive year of record-high profit Progress towards the full-year guidance exceeded 18% (excl. special item) Operating Revenue Operating Profit [Progress: 18%] (Billion yen) (Billion yen) (TBA) (210.0) 800.0 727.4 200.0 18
Slide 5: FY2026 1Q Income Statement (Consolidated)
5 FY2026 1Q Income Statement (Consolidated) Underlying operating and ordinary profits posted a strong growth of approx. 20% Net income achieved a 6% YoY increase despite special item *Figures in [ ] exclude special item. FY25/12 FY26/12 Major factors for changes Change (%) (Million yen) 1Q 1Q Specia
Slide 6: FY2026 1Q Segment Performance (Consolidated)
6 FY2026 1Q Segment Performance (Consolidated) Strong performance continued in the real estate business. The “Others” segment achieved solid underlying profit growth, driven by three M&A companies *Figures in [ ] exclude special item. (Million yen) FY25/12 FY26/12 Change (%) Major factors for change
Slide 7: FY2026 1Q Balance Sheets (Consolidated)
7 FY2026 1Q Balance Sheets (Consolidated) Non-current assets decreased due to contributions to group REITs/funds and an SPC’s sale of Dentsu, while the portfolio expanded including international and SPC investments (Million yen) 25/12 26/3 Change Major factors for changes Current Assets 686,528 801,
Slide 8: Funding
8 Funding Issued JPY85.0 bn in corporate bonds, front-loading long-term funding External Rating Short-term Borrowing Capacity (As of Mar., 2026） （Billion yen） JCR rating AA－ / Stable OD limit (unused balance) 154.0 (154.0) CP issue limit (〃) 200.0 (60.0) Corporate Bonds (*) Sustainability Linked Bon
Slide 9: Financial Discipline
9 Financial Discipline While flexibly securing funding, net D/E ratio was kept within our aimed 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 to equity ratio* (Billion yen
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 Payout ratio 45% (Yen) 150.50 159.41 (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 Against the planned net investment of JPY100 bn, 1Q investment was JPY190 bn (gross amount). Additional over JPY140 bn (gross) almost confirmed Real estate Invest in inflation-resilient Promote advanced value- Invest in highly marketable investment 1 2 assets with rent upsi
Slide 17: Real estate investment / Enhancement of value-added businesses
17 Real estate investment / Enhancement of value-added businesses A JV with REALGATE was established to expand renovation business New Business High-complexity value-add Renovation in central Tokyo JV with REALGATE ◼ Acquisition amount：approx. JPY173.5 bn ◼ Financial performance • REALGATE has stren
Slide 18: Real estate development
18 Real estate development Development properties will fully contribute in Phase I (2026–2029) 40 assets / JPY850 bn (at completion book value) are scheduled to come on stream during Phase I, including 8 assets / JPY130 bn in 2026 Real estate Build a quality fixed-asset Boost growth in the group’s D
Slide 19: Real estate development — Quartz Shinsaibashi and Jiyugaoka
19 Real estate development —Quartz Shinsaibashi and Jiyugaoka— In Shinsaibashi, street-front luxury brands and THE GATE HOTEL are set to open, while Jiyugaoka will feature a full-floor “Kodomo Depart” Quartz Shinsaibashi JIYUGAOKA MUSE SQUARE 7-14F Rental housing 16-28F Hotel (Approx. 170 units) THE
Slide 20: Projects in Ginza Area
20 Projects in Ginza Area Strategically important area for stable leasing income and unrealized gains, with 40 properties held and 3 more secured. 9 development projects are currently underway Acquired through external sources Development projects (completed) Development projects (progressing) 1 2 3
Slide 21: Projects in Ginza Area: 2026 completions and starts
21 Projects in Ginza Area Projects scheduled for completion or commencement in 2026 3 properties will be completed in 2026 in Ginza. Started construction of Ginza Core 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 Development is also progressing in Shibuya / Aoyama, and Shinjuku east-exit area A new THE GATE HOTEL is planned to open at Shinjuku east-exit area Shibuya / Aoyama area Aoyama Building Omotesando 1 min walk Reconstruction Project 2 min walk from station from station
Slide 23: Focused Asset Class: Urban Data Centers
23 Focused Asset Class: Urban Data Centers Launch of Hulic Nihonbashi Center is off to a solid start in Oct. 2025 Building pipeline with the aim of supplying over 100MW IT load capacity by 2036 Project Pipeline completed Location Completion IT load capacity Initiatives for Urban Data Centers (plan)
Slide 24: Domestic Real Estate Business Portfolio Distribution Pictures
24 Domestic Real Estate Business Portfolio Distribution Pictures ■Sources of Rent Revenue Others 6% Office 46％ Office 44% 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 To date, 29 deals (approx. JPY120 bn) were invested under risk-controlled schemes 5 new deals (over JPY25 bn) were confirmed/committed in 1Q International Business Profit Plan • Risk-mitigating strategy: allocating JPY1.0-7.0 bn per case, partnering with Basic Japanese comp
Slide 26: International Business: Investment Breakdown
26 International Business The portfolio is 81% weighted toward developed markets, with a focus on residential assets such as senior housing Major investments Investment Breakdown Area Asset Type Property overview ■Breakdown by country Senior living Savanna House / Arizona Developed India Vietnam mar
Slide 27: New Businesses
27 Business Overview New Businesses Business domains Real estate Environment, Tourism Child education management infrastructure Senior, Next-generation Sports & Corporate Investments, healthcare industrial assets entertainment Business Collaboration
Slide 28: Real estate management Business
28 Real estate management Business AUM growth driven by Hulic Minatomirai’s incorporation into a private fund 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+ 5.2 b
Slide 29: Tourism-related Business
29 Tourism-related Business Underlying earnings excluding opening costs are planned to grow YoY in 2026 Tourism-related Profit Plan (leasing income + operating income) Real estate FY2025 FY2026 FY2029 FY2036 Result Plan Plan Plan management Policy 2036: Tourism-related profit: JPY10.0 bn+ 6.1 bn 5.6
Slide 30: Tourism-related Business: development pipeline
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 Kodomo Department Jiyugaoka opens in September. New M&A under consideration Child Education Profit Plan Real estate 2036: Child education related profit: JPY10.0 bn+ FY2025 FY2026 FY2029 FY2036 Result Plan Plan Plan management Policy • Expand “Kodomo Depart” facilities an
Slide 32: Child Education Business (Kodomo Depart)
32 Child Education Business（Kodomo Depart）*Kodomo = Children Kodomo Depart Jiyugaoka Kodomo Depart Nakano ◼ 2 min walk from JR Nakano station, Kodomo Department 9-story building on a full floor (5F) Offering a wide-range of extra- 9F curricular & family programs 7-8F Tutoring, English classes, Presc
Slide 33: Child Education Business (Riso Kyoiku Group: New Medium-Term Management Plan)
33 Child Education Business (Riso Kyoiku Group: New Medium-Term Management Plan) Additional goodwill amortization due to share price fluctuations (not goodwill impairment). Earnings power is solid with profit growth expected Riso Kyoiku Group: New Medium-Term Management Plan Consolidated Performance
Slide 34: Environment & Infrastructure Business
34 Environment & Infrastructure Business Investments progressing toward battery business monetization ; pipeline building steadily Environment & Infrastructure Profit Plan Real estate FY2025 FY2026 FY2029 FY2036 2036: Environment & infrastructure profit: JPY10.0 bn+ Result Plan Plan Plan management
Slide 35: Senior / Healthcare Business
35 Senior / Healthcare Business Accelerating Cook Deli’s growth through Hulic’s senior living operator network Operating profit increased by over 70% YoY, tracking ahead of plan Senior / Healthcare Profit Plan Real estate 2036: Senior / healthcare related profit: JPY10.0 bn+ FY2025 FY2026 FY2029 FY2
Slide 36: Next-generation Industrial Asset Business
36 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 37: Sports & Entertainment Business
37 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 38: Corporate Investments and Business Collaboration
38 Corporate Investments and Business Collaboration Capitalizing on the high-growth satellite sector by increasing ownership stakes, with unrealized gains of over JPY100 bn Corporate Investments, Business Collaboration Profit Plan Real estate 2036: Corporate investments / new businesses: FY2025 FY20
Slide 39: JV with REALGATE INC. – Renovation Business Expansion
Corporate Investments and Business Collaboration 39 JV with REALGATE INC. – Renovation Business Expansion Strong momentum in HistoRy acquisitions Over JPY20.0 bn built up against the early-stage JPY100 bn investment target Business Collaboration：JV with REALGATE INC. – Renovation Business Expansion
Slide 40: Sustainability Initiatives
40 Sustainability Initiatives
Slide 41: Sustainability: Environment
41 Sustainability: Environment Steady progress in initiatives towards realization of decarbonization and a disaster-resilient society ～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 by 2029 Society
Slide 42: Sustainability: Social
42 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 ✓ 6% base salary increase for 2026 (ex
Slide 43: Sustainability: Governance / External Evaluation
43 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 44: Appendix
r HULIC Appendix
Slide 45: Background of the formulation and Target
Medium- and Long-term Mgmt. Plan (2026-2036) 45 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 46: Profit Target
Medium- and Long-term Mgmt. Plan (2026-2036) 46 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 47: Quantitative Targets (2029, 2036)
Medium- and Long-term Mgmt. Plan (2026-2036) 47 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 48: Profit Composition Diagram (Image)
Medium- and Long-term Mgmt. Plan (2026-2036) 48 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 Ordi
Slide 49: Utilization of M&A and business partnerships
Medium- and Long-term Mgmt. Plan (2026-2036) 49 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 50: Phase I (2026-2029): Quantitative Plan
Medium- and Long-term Mgmt. Plan (2026-2036) 50 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 51: Phase I (2026-2029): Capital Allocation
Medium- and Long-term Mgmt. Plan (2026-2036) 51 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 52: Portfolio Strategy
Existing real estate business 52 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 53: Portfolio Distribution Pictures
53 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% 10% 5% 5% Over 40 Tokyo 5 minutes
Slide 54: Market Capitalization, Stock Price
Corporate Profile 54 Market Capitalization, Stock Price Market Capitalization & Stock Price (weekly) History （Nov.14, 2008～Mar. 31, 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 2,500 2,250 14,000 1,400 Shoei merger announcement (merger ratio 3:1) JPX Nikkei Index 300（A
Slide 55: Major Shareholders (Top 10)
Corporate Profile 55 Major Shareholders (Top 10) Company name As of the end of Dec. 2025* 1. The Master Trust Bank of Japan, Ltd. (Trust account) 10.85% 2. Meiji Yasuda Life Insurance Company 6.21% 3. Fuyo General Lease Co., Ltd 5.30% 4. Yasuda Real Estate Co., Ltd 4.01% 5. Custody Bank of Japan, Lt
Slide 56: Ginza & Yurakucho Area Town Map
Corporate Profile 56 Ginza & Yurakucho Area Town Map 1. Hulic Ginza Building Hulic owns 40 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) 6. Hulic Ginza 2-chome
Slide 57: Shinjuku East Area Town Map
Corporate Profile 57 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 58: Asakusa Town Map
Corporate Profile 58 Asakusa Town Map Hulic owns 7 properties in Asakusa district (Old Town/tourist spot) Kappabashi Minami 1. Hulic Kaminarimon Building (Reit) 2. HULIC &New Kaminarimon (Reit) 3. WINS Asakusa Building 4. Asakusa Park Hall Building 5. Hulic Asakusa 1-chome Kappabashi 6. Asakusa View
Slide 59: Shibuya & Aoyama Town Map
Corporate Profile 59 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) 7. HULIC &New UDAGA
Slide 60: Advertisement
Corporate Profile 60 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 61: Disclaimer
61 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