Nippon Building Fund, Inc. · TSE:8951
Nippon Building Fund — H1 2026 Earnings Presentation
39 slides from Nippon Building Fund's earnings presentation, Aug 18, 2026
Slide 1: Investor Presentation
Nippon Building Fund Inc. TSE Code：8951 1H 2026 (50th Period) Investor Presentation August 18, 2026 Asset Management Company：Nippon Building Fund Management Ltd.
Slide 2: Contents
CONTENTS 1. Financial Highlights 2 2. Investment Results and Outlook 7 3. Future EPU & DPU Growth 11 4. Sustainability Initiatives 14 5. Appendix 18 Disclaimer ＊Sumitomo Densetsu Bldg., which was transferred on June 30, 2026, is included in the Total Rentable Area, Total Leased Area, Occupancy Rate
Slide 3: Financial Highlights
1. Financial Highlights 2
Slide 4: 1-1 Financial Highlights
1-1 Financial Highlights Key Points of Earnings Forecasts Occupancy rate Real estate rental revenues Internal Growth Maintain high occupancy of An increase of An increase of above 98% 2,207 million yen (4.9%) 1,957 million yen (4.3%) (50th period actual to 52nd period forecast) (50th period actual t
Slide 5: 1-2 1H/2026 (50th Period) Income Statement (P/L)
1-2 1H/2026 (50th Period) Income Statement (P/L) (millions of yen) Summary of PoP change 2H/2025 1H/2026 PoP Change （millions of yen) Course ( 49th Period ) ( 50th Period ) Amount Percentage Total operating revenues +5,311 Total operating revenues 48,547 53,858 5,311 10.9% Operating revenues 48,547
Slide 6: 1-3 1H/2026 (50th Period) Balance Sheet (B/S)
1-3 1H/2026 (50th Period) Balance Sheet（B/S） Assets (millions of yen) Summary of PoP change 2H/2025 1H/2026 PoP Change Course （millions of yen) ( 49th Period end ) ( 50th Period end ) Amount Percentage Current assets 29,690 17,320 -12,369 -41.7% Assets +26,899 Cash and cash equivalents 28,514 16,064
Slide 7: 1-4 2H/2026 (51st Period), 1H/2027 (52nd Period) Forecasts
1-4 2H/2026 (51st Period), 1H/2027 (52nd Period)Forecasts (millions of yen) (millions of yen) 1H/2026 2H/2026 1H/2027 Summary of PoP change 51st 50th 52nd 51st Annual PoP Change PoP Change increase Course (Actual) (Forecast) (Forecast) ( 50th Period ) ( 51st Period ) Amount Percentage ( 52nd Period
Slide 8: Investment Results and Outlook
2. Investment Results and Outlook 7
Slide 9: 2-1 Internal Growth
2-1 Internal Growth ●Percentage of Fixed-term Lease Contracts ●Breakdown of Rent Increases and Decreases (based on floor area) (based on number of cases) ✓ Contribution to Each Period ✓ Agreement in Each Period （％） （％） （％） ●Average Lease Term (based on floor area) （year） ＊Increased rent revision bas
Slide 10: 2-3 Financial Status (1/2)
2-3 Financial Status（1/2） Maintain solid financial strategy ● Financial Data ● Interest-bearing debt (millions of yen) 2H/2025 1H/2026 2H/2025 1H/2026 Item PoP Change Item (49th Period end) (50th Period end) PoP Change (49th Period end) (50th Period end) LTV 43.3% 42.6% -0.7pt Short-term debt - - -
Slide 11: 2-3 Financial Status (2/2)
2-3 Financial Status（2/2） ● Long-term borrowings in 1H/2026 (50th Period) (millions of yen) Date of Amount of Fixed/ Interest Lender Period borrowing money Floating rates 2026/1/14 MUFG Bank, Ltd. *2 2,700 1.0 years 0.956% 2026/1/27 MUFG Bank, Ltd. *2 5,400 Mizuho Trust & Banking Co., Ltd. *2 3,000
Slide 12: Future EPU & DPU Growth
Future EPU & DPU Growth NBF 11
Slide 13: 3-1 Sustainable Growth of EPU/DPU
3-1 Sustainable Growth of EPU/DPU NBF seeks to accelerate both internal and external growth, with target on further EPU and DPU growth Achieve sustainable growth of DPU, utilizing transfer gains from strategic asset replacements and retained earnings ●Changes in EPU and DPU ● Retained earnings Trans
Slide 14: 3-2 Future EPU and DPU Growth (Image)
3-2 Future EPU and DPU Growth (Image) ● NBF Target Growth (annual) Previous Rental revenues from EPU・DPU Internal External existing properties Growth Growth Total Increase of Increase of ＋ Increase of ＝ Increase of 2.0% above 2.0–2.5% 0.5–1.0% 3.0% above Increase in real estate rental revenues > Inc
Slide 15: Sustainability Initiatives
4. Sustainability Initiatives （Initiatives of NBF and NBFM） 14
Slide 16: 4-1 Sustainability Initiatives
4-1 Sustainability Initiatives ● External Evaluations and Certifications, and Endorsements in International Initiatives NBF has obtained the following external evaluations and certifications, and has endorsed and participated in international initiatives. GRESB Real Estate Principles for CDP SBT cer
Slide 17: 4-2 Environmental Performance
4-2 Environmental Performance ● GHG emissions ・Progress in reducing total greenhouse gas (GHG) emissions through renewable energy adoption and LED upgrades ・Scope 1 and 2 emissions remained below the near-term target level KPI Item Target GHG emissions （Scope 1＋2） 42% reduction by 2030 compared to 2
Slide 18: MEMO
| Nippon Buliding Fund (MEMO) 17
Slide 19: Appendix
5. Appendix 18
Slide 20: 5-1 Overview
5-1 Overview (as of June 30, 2026) Unrealized gains Occupancy rate Total assets on appraisal value Location (Average for the period)*1 Asset 23 Wards of Tokyo: 78.7% 1,560.8 billion yen 373.4 billion yen Central 5 Wards of Tokyo: 52.9% 98.2% Long-term fixed LTV interest rate ratio Average interest r
Slide 21: 5-2 External Growth
5-2 External Growth ●Properties acquired or disposed after January 2026 Acquired properties Disposed properties Nihonbashi Honcho Toyosu Bayside Cross Tower Nishi-Shinjuku Mitsui Bldg. (Additional Acquisition) Sumitomo Densetsu Bldg. NBF Sapporo Minami Nijo Bldg. M-SQUARE (Additional Acquisition) Ac
Slide 22: 5-3 Office Building Leasing Market Trends (1/2)
5-3 Office Building Leasing Market Trends (1/2) Vacancy rate in the Tokyo business district dropped to the 1% range. Asking rent is on an upward trend. ● Tokyo Business District* Office Market (Average Asking Rent and Average Vacancy Rate) （yen/tsubo） （％） 25,000 10.00 8.57％ 22,901yen 9.43％ 23,014yen
Slide 23: 5-3 Office Building Leasing Market Trends (2/2)
5-3 Office Building Leasing Market Trends (2/2) Average supply after 2026 will be lower than the historical average. ● Supply of Large Office Buildings* in 23 Wards of Tokyo (Source) Prepared by Asset Manager based on data from Mori Building Co., Ltd. as of May 29, 2026 * Large-scale office building
Slide 24: 5-4 Continuing Appraisal
5-4 Continuing Appraisal Continuing appraisal value has been flat ● Continuing appraisal value ● Changes in appraisal value and book value 2H/2025 1H/2026 Item PoP Change (49th Period end) (50th Period end) Number of 70 properties 70 properties ー properties Continuing 1,778.1 billion yen 1,824.0 bil
Slide 25: 5-5 Top Major Tenants / Tenant Industry
5-5 Top 10 Major Tenants (based on leased area) / Tenant Industry ● Top 10 Tenants (Leased Area Basis) ● Tenants by Industry*2 (As of June 30,2026) Leased Ratio of Total （As of June 30, 2026) Tenant Name Leased Property Areas Rentable (㎡) Area Banking 1.9% Other 9.2% Shinjuku Mitsui Bldg. 1．Mitsui F
Slide 26: 5-6 List of Occupied and Vacated Floor Area by Building
5-6 List of Occupied and Vacated Floor Area by Building* (January 1, 2026 - June 30, 2026) 25
Slide 27: 5-7 Investment ratio by region / Building Age
5-7 Investment ratio by region ・ Building Age ● Investment ratio by region (based on acquisition price) ● Building Age (as of June 30, 2026) (as of June 30, 2026) 11.5% Other Cities 209.1 billion yen (13.4%) 55.6% (18 Properties） 23 Wards of Tokyo 1,228.3 billion yen (78.7%) Other Greater Tokyo (44
Slide 28: 5-8 Use of Sponsor (Mitsui Fudosan Group) (1/2) Leasing
5-8 Use of Sponsor (Mitsui Fudosan Group) (1/2) Leasing ● Trends of average occupancy rate and total rentable area 0 *1 Occupancy rates are weighted averages of the occupancy rate at the end of each month on an area basis *2 Occupancy rates are calculated by averaging the occupancy rate at the end o
Slide 29: 5-8 Use of Sponsor (Mitsui Fudosan Group) (2/2) Property Management
5-8 Use of Sponsor (Mitsui Fudosan Group) (2/2) Property Management ● Nippon Building Fund Management and NBF Office Management support NBF as the two wheels of NBF Strengths and Features of NBFOM ● Strong relationships with existing tenants Nippon Building Fund Build relationships with existing ten
Slide 30: 5-9 Solid financial management
5-9 Solid financial management ● LTV and long-term fixed interest rate ratio ● Average remaining maturity of long-term interest-bearing debt ● Average interest rate Book value basis Market price basis（Appraisal LTV ） 29
Slide 31: 5-10 List of Borrowing Sources
5-10 List of Borrowing Sources （millions of yen） 2H/2025 1H/2026 Payment Lender Other 49th Period End 50th Period End Method Sumitomo Mitsui Banking Corporation 82,000 85,000 MUFG Bank, Ltd. 82,100 82,100 Development Bank of Japan Inc. 77,900 77,900 Sumitomo Mitsui Trust Bank, Limited 58,000 63,000
Slide 32: 5-11 Unitholders
5-11 Unitholders ● Ownership by Unitholder ● Number of Unitholders by Type Dec. 31, 2025 Jun. 30, 2026 Dec. 31, 2025 Jun. 30, 2026 PoP Change PoP Change Unitholder Category ( 49th Period end ) ( 50th Period end ) Unitholder Category ( 49th Period end ) ( 50th Period end ) Units % Units % Units Units
Slide 33: 5-12 Historical Key Management Indicators, etc.
5-12 Historical Key Management Indicators, etc. ( 46th Period ) ( 47th Period ) ( 48th Period ) ( 49th Period ) ( 50th Period ) Item Unit 1H/2024 2H/2024 1H/2025 2H/2025 1H/2026 Operating revenues (Millions of yen) 50,254 50,810 51,218 48,547 53,858 Note 1: NOI from property leasing activities does
Slide 34: 5-13 List of properties (1/2) (23 Wards of Tokyo)
5-13 List of properties (1/2) (23 Wards of Tokyo) ● 23 Wards of Tokyo Occupancy Occupancy Total Total Total Total Rentable Total Leased Rate at Total Leased Rate at Property Name Number PML (%) Property Name Rentable Number PML (%) Area (㎡) Area (㎡) End of Area (㎡) End of of Tenants Area (㎡) of Tena
Slide 35: 5-13 List of properties (2/2)
5-13 List of properties (2/2) (Other Greater Tokyo and Other Cities) ● Other Greater Tokyo ● Other Cities Occupancy Occupancy Total Total Total Total Total Leased Rate at Total Leased Rate at Property Name Rentable Number PML (%) Property Name Rentable Number PML (%) Area (㎡) End of Area (㎡) End of
Slide 36: 5-14 Property Price List (1/3) (23 Wards of Tokyo)
5-14 Property Price List (1/3) (23 Wards of Tokyo) ● 23 Wards of Tokyo 1H/2026 50th Period End 2H/2025 49th Period End Direct Direct Unrealized Gain PoP Change in (1) Acquisition Price Capitalizat Capitalizat (Loss) Appraisal Value Property Name Book Value (2) DCF Method (3) DCF Method （Millions of
Slide 37: 5-14 Property Price List (2/3) (23 Wards of Tokyo)
5-14 Property Price List (2/3) (23 Wards of Tokyo) 1H/2026 50th Period End 2H/2025 49th Period End Direct Direct Unrealized Gain PoP Change in Acquisition Price (1) Capitalizati Capitalizati (Loss) Appraisal Value Property Name (2) DCF Method (3) DCF Method （Millions of yen） Book Value on on (2) - (
Slide 38: 5-14 List of property prices (3/3)
5-14 List of property prices (3/3) (Other Greater Tokyo and other cities) ● Other Greater Tokyo and other cities 1H/2026 50th Period End 2H/2025 49th Period End PoP Change in (1) Direct Direct Unrealized Gain (Loss) Acquisition Price (2) Capitalization DCF Method (3) Capitalization DCF Method Apprai
Slide 39: Disclaimer
Disclaimer This English language notice is a translation of the Japanese language Investor Presentation dated August 18, 2026 and was prepared solely for the convenience of, and reference by, overseas investors. Neither NBF nor Nippon Building Fund Management Ltd. makes any warranties as to its accu