26th Fiscal Period(Ended Jan. 2026) Presentation Material

AEON REIT Investment Corporation

26th FP( J an. 2 0 2 6 )

Financial Results

Presentation Material

(the Asset Manager)

AEON Reit Management Co., Ltd.

Stock code : 3292 https://www.aeon-jreit.co.jp/en/index.html

AEON MALL Yamatokoriyama

Ⅰ. 26th FP Financial Result / Forecast for 27th FP and 28th FP

Ⅱ. AEON REIT’s Strengths

1. 26th FP（Jan.2026）financial summary...........................................

2. 26th FP（Jan.2026）DPU ~ Actual vs Forecast analysis ~ .................

3. Topics for this FP ~ Internal growth ~ ..........................................

4. Topics for this FP ~ Finance and sustainability ~ ........................

5. Summary as of 26th FP（Jan.2026）.............................................

6. Progress towards Mid-term target(Reference material）...........

7. 27th FP(Jul. 2026), 28th FP (Jan. 2027) forecast................................

8. Towards achieving our mid-term target ...................................

9. Distribution policy during the period to strengthen our platform for sustainable growth ......................................................

10. Status of investments (capital investments) and distribution in excess of earnings .............................................................................

11. External environment: Inflation and interest rates .................

12. Changes in cost structure ..........................................................

    P.5

    P.6

    P.7

    P.8

    P.9 P.10 P.12 P.13

    P.14

    P.15 P.16 P.17

    1. AEON REIT’s Strengths ............................................................

    2. “Community Infrastructure Asset” localized successfully ...........

    3. Points of the “Community Infrastructure Asset” .....................

    4. Stability of “Community Infrastructure Asset” and their rent

    5. External growth ~ Diversification of acquisition methods ~ ............

    6. External growth ~ Selective investments backed by Pipeline Support ~ ...

    7. External growth ~ Further growth backed by Pipeline Support ~ ....

    8. Internal growth ~ Enhancing values of properties ~ ......................

    9. Financial policy ~ Stable funding ~ ...............................................

    10. Financial policy ~ Trends of index ~ ............................................

    11. Details of Distribution in excess of earnings (Reference material)

    12. Risk management ~ Resilient to natural disasters ~ .....................

    13. High ability of generating cash-on-hand ..................................

        P.22 P.23 P.24 P.25 P.26 P.27 P.28 P.29 P.30 P.31 P.32 P.33 P.34

13. Initiatives during the period of strengthening our platform for sustainable growth ............................................................................

    P.18

14. Sustainability Initiatives ..............................................................

15. Management message ................................................................

    P.35-40

    P.41

    1. Notes(Ⅰ）................................................................................

    P. 19-20

16. Notes (Ⅱ) ....................................................................................

    P.42-44

    Table of contents

    . Appendix１ Features of AEON REIT Investment Corporation

    Ⅳ. Appendix 2 Numeric data

    1. 基本理念・基本方針....................................................................

    2. ポートフォリオ構築方針............................................................

    3. 第25期末ポートフォリオの分散状況 と関連数値 .........................

    4. イオンリートの保有物件（第25期末）① .......................................

    5. イオンリートの保有物件（第25期末）②.......................................

    6. 上場以降の資産規模の推移及び取組 み .....................................

    7. 分配金とNAVの進捗....................................................................

    8. 物件取得時の固都税効果の推移 ................................................

    9. 保有海外不動産概要 ~ Jリート初海外不動 産投資~ ............................

    10. 海外不動産取得スキーム............................................................

    11. 保有物流施設概要 .......................................................................

    12. イオングループ① ~ サポート契約締結 会社の拡大~ .........................

    13. イオングループ② ~ グループ概要~ .............................................

    14. イオングループ③ ~ 主要な規模商業施設（開発中を含む） ~ ...............

    1. Corporate philosophy and policy .............................................

    2. Portfolio development policy ....................................................

    3. Summary of portfolio (as of Jul. 31, 2025) ..........................................

    4. Properties owned by AEON REIT (as of Jan. 31, 2026) (1/2) ...........

    5. Properties owned by AEON REIT (as of Jan. 31, 2026) (2/2)........

    6. Expansion of asset size since listing .......................................

    7. Growth of DPU and NAV per unit ............................................

    8. Transition of Property Tax Benefit from asset acquisition .......

    9. Overview of overseas properties .............................................

    10. Schemes for acquisition of overseas properties ……………

    11. Overview of logistics facilities ..................................................

    12. About AEON Group (1/3) ~ Pipeline support ~ .........................

    13. About AEON Group (2/3) ~ Overview of the group ~ .................

    14. About AEON Group (3/3) ~ Major large-scale retail properties ~ .....

    15. Notes (Ⅲ) ....................................................................................

P.46 P.47 P.48 P.49 P.50 P.51 P.52 P.53 P.54 P.55 P.56 P.57 P.58 P.59 P.60

1. Balance Sheet of 26th FP (as of Jan. 31, 2026) ...............................

2. Statements of income of 26th FP (Jan. 2026) ..............................

3. Portfolio list ..................................................................................

4. Appraisal value ..............................................................................

5. Major revitalization investments with rent increase ..............

6. Revitalization investment cases ................................................

7. Transition of Repair & Maintenance and Capital expenditure

8. Performance trends of stores in the portfolio .........................

9. Average cap rate .........................................................................

10. Status of debts ……………………………………………………

11. Unit price chart .............................................................................

12. Composition of unitholders ........................................................

13. Notes(Ⅳ) ......................................................................................

14. Disclaimer .....................................................................................

P.62 P.63 P.64-65 P.66-67

68

P.69 P.70 P.71-72

P.73 P.74-76

P.77 P.78 P.79-81

P.82

2 6 t h F P ( J a n . 2 0 2 6 ) F i n a n c i a l R e s u l t s P r e s e n t a t i o n M a t e r i a l

I. 26th FP Financial Result / Forecast for 27th FP and 28th FP

Outperformed the EPU forecast, due to various cost controls, foreign currency gains, etc.

（Unit：million yen）

Number of investment units issued in the 26th FP: 2,102,569 units

26th FP（Jan. 2026）DPU ~ Actual vs Forecast analysis ~

3,400yen

263yen

Key Factor

Repair & maintenance expense +96yen Depreciation +9yen

Utilities expense +6yen

SG&A +6yen

Non-operating income and expenses

+29yen

Extraordinary

Distribution in excess of earnings (allowance for temporary difference adjustment) )

+37yen

Distribution in excess of earnings, in relation to damage from typhoon/earthq uake

+21yen

Distribution in excess of earnings, to address increase in repair & maintenance expense

+98yen

3,400yen

119yen 37yen

38yen

3,099yen

Operating revenue

+20yen

profits and losses

▲21yen

Damage caused by Typhoon in Aug. 2025 and the earthquake in Eastern Shimane Prefecture

3,244yen

3,244yen

Forecast

…… Distribution in excess of earnings (Other distribution in excess of earnings)

…… Distribution in excess of earnings (Allowance for temporary difference adjustment)

Net Income（Note） Actual

Number of investment units issued in the 26th FP: 2,102,569 units

*The total amount may not match the posted value due to rounding.

Achieved rent growth, by investing in maintaining/enhancing property competitiveness and functionality, as well as the CPI-linked contract

Rent growth through revitalization investments（investments in 26th FP）

Rent growth through CPI-linked contract

▶ Achieved rent growth at a higher yield than in the past

+ 59 mm yen

7.4 ％

(IPO～25th FP: 6.5 ％)

▶ Conducted the CPI-linked rent revision (once every 3 years) at AEON MALL Seremban 2 (“S2”)

+ 787 kMYR

(30mm yen)（Note）

5.2 ％

(16.8％ increase since acquisition)

Revitalization investments in 26th FP

Contribution to distribution

▶ S2 is owned via an overseas SPC (AEON REIT receives dividends from the SPC), and equity dividends are paid out in the following fiscal period. Therefore, this recent rent revision will start contributing to our distribution from 27th FP (Jul. 2026)

Overseas

SPC

（Property owner）

Rent revision

①26th FP ②27th FP

AEON

REIT

Owns 100% of overseas SPC

Aug 1, Sept Feb 1,

2025 2026

Aug 1,

2026

Feb 1,

2027

Finance

Sustainability

▶ In the Oct. 2025 refinancing, with interest rates rising, AEON REIT utilized a joint monetary trust and raised long-term fixed interest debt totaling 23.7bn yen

▶ Used 6 bn yen of cash on hand to repay borrowings, and adequately controlled LTV

Interest rate trends (10-year government bond yields)

upward trend

2.5%

2.0%

1.5%

1.0%

0.5%

0.0%

2022/10/20

2023/10/20

2024/10/20

2025/10/20

Oct. 20, 2022 Oct. 20, 2023 Oct. 20, 2024 Oct. 20, 2025

Funding through joint monetary trust（Green J-REIT Trust）

▶ Funding of green loan, to acquire AEON MALL Morioka, which is a green-eligible asset (Note 2)

1Rank up

▶ Succeeded in controlling funding cost through this initiative

DBJ Green Building Certification 2024★★★★

Acquired in Nov. 2013

AEON MALL Morioka

Properties certified in 26th FP（all were re-certifications）

Summary as of 26th FP (Jan. 2026)

Asset size of 53 properties (Note 1 )

480.7 bn yen

Portfolio NOI yield

5.9%

3.7%

Unrealized gain (Note 2 )

+ 99.9 bn yen

(+1.4 bn yen from the end of 25th FP)

Distribution per unit

3,400 yen

(Initial forecast 3,400 yen）

NAV per unit

160,083 yen

(+654 yen from the end of 25th FP)

LTV ( market value)

(Note 3 )

LTV

Incl. deposits

45.0%

Excl. deposits

Incl. deposits

41.8%

36.8%

Stabilized DPU ~ Top Priority ~

（Note 1）

Asset size ~ Priorities ~

Long term issuer rating (JCR) ~ Priorities ~

3,600円

中期目 標

Announcement of

Mid-term target

Mid-term target

Announcement of

Mid-term target

600.0 bn

3,600yen yen

3,270yen

Strengthening our

platform for sustainable growth

Jul. 2022

(19th FP)

Jul. 2022

(19th FP)

Jan. 2026

(26th FP)

Sustainability ~ Priorities ~

Announcement of Mid-term target

At the end of 26th FP

Mid-term target

Mid-term target

AA

中期目標公 表時点

中期目 標

中期目 標

中期目 標

2022年7月 期

（第19期 ）末

2025年7月 期

（第25期 ）末

2022年7月 期

（第19期 ）

Jul. 2022 (19th FP)

Jan. 2026 (26th FP)

External evaluation (GRESB Rating and MSCI ESG Ratings)

Ratio of third-party certification (Note 4)

中期目 標

5

Stars

5

Stars

5

Stars

5

Stars

4

Stars

5

Stars

2021

2022

2023

2024

2025 Mid-term

target

A

A

A

BB

BB

BB

4 stars

or higher

(Note 5)

80.4％

maintain

80% or higher

3 stars

or higher

(Note 5)

84.9%

maintain

85% or higher

88.0%

84.9%

Jul. 2022 (19th FP)

Jan. 2026 (26th FP)

Mid-term target

2 6 t h F P ( J a n . 2 0 2 6 ) F i n a n c i a l R e s u l t s P r e s e n t a t i o n M a t e r i a l

1. 26th FP Financial Result / Forecast for 27th FP and 28th FP

   ~ Forecast for 27th FP and 28th FP ~27th FP(Jul. 2026), 28th FP (Jan. 2027) forecast

   27th FP: Maintain DPU that was announced last September 28th FP: Conduct a review of the distribution policy

   （Unit：million yen）

   	27th FP Ending Jul. 31, 2026				28th FP Ending Jan. 31, 2027
   	Forecast Announced on Mar. 17, 2026 A	Forecast Announced on Sep. 16, 2025 B	Differences A-B	Main difference factors	Forecast Announced on Mar. 17, 2026 C	Differences C-A	Main difference factors
   Operating Revenues	21,299	21,277	+22	Operating revenues ・Dividend from overseas SPC +13 ・Leasing business revenue +9 Leasing business expenses ・Depreciation ▲45 ・Repair & maintenance expenses ▲45 Non-operating revenues ・Budgeted for interest income +34 Non-operating revenues ・Borrowing cost +34	21,311	+11	Operating Revenues ・Dividend from overseas SPC +8 ・Leasing business revenue +6 Leasing business expenses ・Repair & maintenance expenses ▲559 ・Depreciation +137 ・Property insurance +20 Other operating expenses ・Asset management fee +31 Non-operating expenses ・Borrowing cost +187
   Operating Expenses	14,268	14,372	▲104		13,908	▲360
   Leasing business expenses	13,146	13,241	▲95		12,742	▲404
   Other operating expenses	1,121	1,130	▲9		1,166	+44
   Operating Income	7,031	6,904	+127		7,402	+371
   Non-operating revenues	34	-	+34		25	▲8
   Non-operating expenses	1,173	1,219	▲45		1,361	+187
   Ordinary Income	5,891	5,685	+206		6,066	+174
   Net Income	5,891	5,684	+206		6,066	+174
   Net Income per unit (yen)	2,801	2,703	+98	Distribution in excess of earnings (portion that comes with a reduction in capital) ・Impact from the decline in leasing business expenses	2,885	+84	Distribution in excess of earnings (portion that comes with a reduction in capital) ・Impact from reviewing the distribution policy
   Distribution in excess of earnings (Allowance for temporary difference adjustment) (yen)	38	38	-		38	-
   Distribution in excess of earnings (Other distribution in excess of earnings) (yen)	551	649	▲98		237	▲314
   Distribution per unit (yen) NOI	3,390	3,390	-		3,160	▲230
   	13,234	13,175	+58		13,779	+544
   Reair & maintenance expenses	2,318	2,363	▲45		1,759	▲559
   Capital expenditure	3,461	3,266	+194		2,982	▲479

   Precondition: Number of investment units issued in 27th FP and 28th FP 2,102,569 units

   Currency rate used for the forecast of 27th FP and 28th FP 1RM = 35.50 JPY 12

   Towards achieving our mid-term target

   Positioned the 2 years up to 30th FP as the period to strengthen our platform for sustainable growth, and will review our earnings structure

   Most important target Stabilized DPU (Note) target

   Period to strengthen our platform for sustainable growth

   Mid-term target

   At time of setting the target

   第 期

   第 期 第 期 第 期 第 期

   19th FP 25th FP

   results

   26th FP results

   27th FP forecast

   28th FP forecast

   29th FP 30th FP

   Future

   将来

   第 期

   第 期

   13

   Distribution policy during the period to strengthen our platform for sustainable growth

   27th FP

   In principle, pay out 10% of depreciation, as distribution in excess of earnings

   4,000円

   3,500円

   3,000円

   2,500円

   2,000円

   1,500円

   1,000円

   Maintain the announced distribution

   amount of 3,390yen in 27th FP

   4,000yen

   28th FP Future policy regarding DPU level（28th FP～30th FP）

   3,500yen

   3,000yen

   2,500yen

   2,801yen

   2,703yen

   2,000yen

   1,500yen

   第27期

   1,000ye

   649yen 38yen

   Previous

   forecast

   551yen 38yen

   Apply some restriction to distribution in excess of earnings in 28th FP onwards

   237yen 38yen

   2,885yen

   今回予 想

   第28期

   New forecast 28th FP

   Profit distribution per unit

   Distribution of allowance for temporary difference adjustments per unit

   Dividend in excess of earnings per unit

   ▶ While paying out 10% of depreciation in principle, will utilize to cover one-off expenses due to contingencies etc.

   前回予想 今 回予想

   第27期

   1口当たり利益 超過分配

   1口当たり一時差 異等引当額

   1口当たり利 益分配

   Policy regarding the paying dividends in excess of earnings

   ▶ Natural disasters, and related unexpected events

   ▶ Decline in revenue due to currency fluctuations

   ▶ Dilution of distribution following issuance of new investment units

   ▶ Losses on asset retirement, disposal, or impairment recognition

   ▶ Other one-off/temporary expenses due to contingencies

   ▶ Expenses from amortization etc. of fixed-term land leaseholds or asset retirement obligations

   ▶ Temporary increases in repair & maintenance expenses, which lead to improving the competitiveness of a property, or contributing to maintaining and strengthening its functions

   27th FP

   New forecast

   Profit distribution per unit Portion that does not lower capital Dividend in excess of earnings per unit

   14

   Status of investments (capital investments) and distribution in excess of earnings

   In order to strengthen our platform for sustainable growth, control distribution in excess of earnings, and secure cashflow

   （Unit：million yen）

   6,000

   0

   25th FP results

   328

1,000

26th FP results

27th FP forecast

28th FP forecast

• Decrease in depreciation

• CAPEX

■

Distribution in excess of earnings

(Including portion that does not lower capital)

• Free Cash Flow（FCF）

15

1,716

100

5,000

4,000

3,000

減

価償却 費

CAPEX FCF

第25期 第25期

第26期 第26期

第27期 第27期

第28期 第28期

2,000

Higher expenses and recent significant rise in interest rates are affecting the operations of AEON REIT

Impact on constriction costs

Impact on interest rates

25,000円

20,000円

Unit cost of construction and design of public works（Note 1）

25,000yen

24,852yen

20,000yen

15,175yen

15,000yen

10,000yen

2013

2015

2017

2019

2021

2023

2025

Nov. 2013

Nov. 2017

Nov. 2021

Nov. 2025

2013年度 2015年度 2017年度 2019年度 2021年度 2023年 度 2025年度

150

140

130

Construction materials price index（year 2015 as 100）（Note 2）

15,000円

10,000円

年 月 年 月 年 月 年

142.1

3年

5年

7年

10年

FY2015：100

2.0%

1.5%

Swap rate

3yrs

5yrs

7yrs

10yrs

120

110

100

2020年 2021年 2022年 2023年 2024年 2025年

90

1.0%

0.5%

0.0%

2020

2021

2022

2023

2024

2025

-0.5%

2013年11月 2017年11月 2021年11月 2025年11

Nov.2013 Nov.2017 Nov.2021 Nov.2025

Since setting the mid-term targets, it has become harder to control costs, due to inflation and the significant rise in interest rates

Cost breakdown when mid-term targets were set（FP Jul.2022 basis）(Note)

Received through variable rent

Current cost breakdown（FP Jan. 2026 basis）(Note)

Received through variable rent

Repair

Interest payment 6.5％

Utilities

Interest payment 7.9％

Utilities

expenses

7.6％

Taxes and dues 16.8％

Other

0.4％

Property insurance 1.7％

Repair expenses 9.4％

Significant impact

Taxes and dues 16.3％

Other leasing

0.2％

Property insurance 2.6％

Depreciation 38.6％

leasing business expenses 20.0％

SG&A 8.5％

from inflation

Depreciation 36.2％

business expenses 19.0％

SG&A 8.3％

Minor impact from inflation

Was able to control almost all costs in accordance with the plan

While the cost breakdown remains broadly the same, the cost of debt and investment amounts are more heavily affected by inflation and other factors, raising the difficulty of operational control

Strengthen initiatives to address issues during the 2-year period

Increase in investments

• Rise in construction costs due to inflation etc.

• Increase in repair expenses per property, due to properties getting older

• Shift from hygiene investments during COVID,

• to investments to attract more visitors

Reason for increase

The rise in debt cost

Average funding period

7.4 yrs

Ratio of long-term debt 100 ％

Fixed-interest ratio

100 ％

Renewal construction

Facility-related construction work

Structure-related work

Emergency work

Air-conditioning etc.

Work to solidify/improve the ground

Slope repair work

Other facilities

（Facility-related work）

Includes work to address changes in laws

▶ Continued long-term, fixed-interest funding since IPO, to stabilize DPU

▶ Established a financial base that allows some short-term floating-rate funding

Initiative

▶ Consider short-term floating-rate funding

Long-term and Fixed Interest Rate Debt Ratio

Long-term debt ratio Fixed interest rate ratio

(Note 1)

Average fixed interest rate ratio of J-REITs(Note)

Increasing trend

Continuous increase, due to

Temporary increase

Used to be around 200-300mm yen,

Expected to arise to a certain extent

100.0% 100.0% 100.0%

97.2%

100.0%

rising unit costs of

construction, aging of properties, etc.

mainly for air-conditioning related

work, but will increase to around 500mm yen in the 27th FP

Construction to comply with changes in the law (foam fire extinguishing)

97.8%

88.9%

97.8%

87.1%

85.7%

85.7%

83.7%

Initiatives

▶ Selecting investments more carefully, based on the characteristics of each property

▶ Property disposals and/or replacements

▶ Reviewing how contracts are structured

Jan.2024 (22nd FP)

Jul.2024 (23rd FP)

Jan.2025 (24th FP)

Jul.2025 (25th FP)

Jan.2026

(26th FP) 18

1. 26th FP（Jan. 2026）DPU ~ Actual vs Forecast analysis ~

   (Note) Net income per unit, including profit carried forward from the previous period

2. Topics for this FP ~ Internal growth ~

   (Note) The calculation is based on the foreign exchange rate as of January 30, 2026 (RM 1 = JPY 39.08, with figures truncated at the third decimal place).

3. Topics for this FP ~ Finance and sustainability ~

   (Note 1) “Revitalization investment” refers to construction work for improving the value of properties.

   (Note 2) Green Eligible Assets are defined as “newly acquired and existing operating assets that have already obtained, or are expected to obtain, certification from any of the following third-party certification bodies (collectively, “Environmental Certifications”): DBJ Green Building Certification (three stars or higher), CASBEE for Buildings, CASBEE Real Estate Certification (Rank B+ or higher), BELS Rating (FY2016 standards) (three stars or higher), or LEED certification (Silver, Gold, or Platinum (for LEED BD+C, v4 or later)).” We will proactively acquire such assets and, for operating assets that have not obtained an Environmental Certification, we will endeavor to obtain an Environmental Certification by undertaking initiatives such as improving their environmental performance.

4. Summary as of 26th FP (Jan. 2026)

   (Note 1) The total acquisition cost excluding expenses incurred in acquiring the property, such as brokerage fees and taxes and public dues.

   (Note 2) Unrealized gains are calculated as the appraisal value as of the end of the 26th fiscal period minus the book value as of the end of the 26th fiscal period. Please note that, as of January 31, 2026, the real estate appraisal value of “AEON MALL Hiezu” has been prepared as an investigated value that excludes consideration of the impact of the Reiwa 8 (2026) Shimane Eastern Earthquake, because a detailed investigation into the earthquake’s effects has not yet been completed and the documents/materials on necessary repairs, etc. required to assess the impact on value cannot be obtained.

   (Note 3) Market value LTV is calculated as the balance of interest-bearing debt as of the end of the 26th fiscal period ÷ (total assets as of the end of the 26h fiscal period + unrealized gains as of the end of the 26th fiscal period) × 100.

5. Progress toward medium-term goals (Reference material)

(Note 1) ”Stabilized DPU" refers to the estimated distribution per unit calculated under the assumption that, for the operational period during which public taxes such as property tax and city planning tax (hereinafter referred to as "public taxes" in this note) are not expensed, due to the timing of the taxes being imposed, such public taxes are recorded as rental business expenses from the acquisition date of each managed asset.

(Note 2) GRESB is an annual benchmark assessment that evaluates the environmental, social, and governance (ESG) considerations of real estate companies and funds, as well as the organization that operates it. In the GRESB real estate assessment, participants are rated on a five-tier scale based on the global ranks of their total score

(Note 3) MSCI is a financial services provider based in New York, USA, providing various tools to support investment decision-making for institutional investors worldwide, including asset managers, hedge funds, and pension funds. The MSCI ESG ratings assess how well companies manage environmental (E), social (S), and governance

(G) risks, with ratings ranging from AAA (highest) to CCC (lowest) on a seven-tier scale.

(Note 4) The third-party certification rate is calculated as the ratio of certified properties' total rentable area to the total rentable area of domestic properties held.

Certifications include the DBJ Green Building Certification, CASBEE Certification, and BELS Certification.

(Note 5) “Properties rated equivalent to ★4 or higher” include those with a 4-star or 5-star rating in the DBJ Green Building Certification, an A or S rank in the CASBEE Real Estate Evaluation Certification, and a 4-star or 5-star rating in BELS. “Properties rated equivalent to ★3 or higher” include those with a 3-star, 4-star, or 5-star rating in the DBJ Green Building Certification, a B+, A, or S rank in the CASBEE Real Estate Evaluation Certification, and a 3-star, 4-star, or 5-star rating in BELS (as of the end of Jan. 2026) .

P.13 Towards achieving our mid-term target

(Note) ”Stabilized DPU" refers to the estimated distribution per unit calculated under the assumption that, for the operational period during which public taxes such as property tax and city planning tax (hereinafter referred to as "public taxes" in this note) are not expensed, due to the timing of the taxes being imposed, such public taxes are recorded as rental business expenses from the acquisition date of each managed asset.

1. External environment: Inflation and interest rates

   (Note 1) Prepared by the asset manager based on “Public Works Design Labor Unit Prices to Be Applied from March 2025,” published by the Ministry of Land, Infrastructure,

   Transport and Tourism

   (Note 2) Prepared by the asset manager based on data published by the Construction Research Institute

2. Changes in cost structure

   (Note) The cost breakdown refers to the proportion of each cost item in the total of operating expenses and non-operating expenses for the relevant period

3. Initiatives during the period of strengthening our platform for sustainable growth

(Note) Prepared by the asset manager based on disclosure materials of listed investment corporations

2 6 t h F P ( J a n . 2 0 2 6 ) F i n a n c i a l R e s u l t s P r e s e n t a t i o n M a t e r i a l

1. AEON REIT's Strengths

AEON REIT’s Strengths

▶ Investment in “Community Infrastructure Assets”

Investing in facilities responding to social changes and being supported by communities for a long time going forward.

▶ Pipeline support

Advantages of acquisition from abundant pipelines.

▶ Strong ｍaster lease agreement

Stable rent income based on Long-term and fixed master lease.

▶ Effective floor expansion and revitalization

Various measures aiming for strengthening competitiveness and maintaining and improving functions.

▶ Funding stability

Realization of various procurement methods such as retail bonds and green finances.

▶ Resilience to natural disasters

Strengthening resilience to natural disasters by utilizing earthquake insurance and diversifying investments by region.

▶ Cash-on-hand generation capability Promotion of investment making use of abundant cash-on-hand generated from depreciation.

▶ Flexible use of cash-on-hand

Choosing the best option based on the situation.

▶ Aiming to achieve sustainable society and secure stable profits for AEON REIT from mid- to long-term perspective

“Community Infrastructure Asset” localized successfully

Community Infrastructure Assets

defined by AEON REIT

▶ A community platform offering a range of tenants that is visited by people on a daily basis.

▶ A facility that responds flexibly to changes in the needs for daily life and environment which enables continuous operation for a long time going forward.

▶ A facility essential to communities that offers a place for community development.

Reducing environment impact by

installing solar panels such as solar carports

Prepared a lane for drivers who want to pick up items ordered on the web.

Specialty stores that meet a wide range of needs to support the affluent lifestyles of residents.

Post office, nursery school, clinic, and other tenants providing public services.

“Regi-go”: The shopping style without face-to-face communication and waiting at cash register.

Smooth checkout and point management through the iAEON app

Sale of locally produced products, events for local residents, workshops, MALL walking and various other events are held.

Signed disaster-relief cooperation agreement with Ground Self-defense Force and Japan Airlines.

Balloon shelter that becomes an evacuation space in the event of a disaster.

Points of the “Community Infrastructure Asset”

Location

Demographic change /

Trade area / Traffic access / Competitive environment /

Development plan

Strength of trade area

Ex.

Trade Area

Trading area population（Note 1）

Approx.

440,000

（10 km area）

Traffic access

Road Traffic (Note 2)

（AEON MALL Fukutsu）

Approx.

43,000

(

Hachioji Interchange on the

Chuo Expressway Approx. 31 , 000

)

Building Facility

Parking lot / Traffic line /

Equipment friendly

to Human and Environment / Disaster prevention base

Robustness, Convenience

Ex.

Parking lot

Average number of parking lots owned by one commercial facilit y (Note 3)

Over 3,000

Disaster

prevention base

Comprehensive

cooperation agreement with local government

(Note 4)

100％

(Commercial facilities in Japan)

Operation

Customer attraction /

Operating performance / Leasing / Public features

Various incentives to visit

Ex.

Occupancy

rate

Occupancy rate of end tenants (Note 5)

99.1％

Leasing

Total number of commercial

facilities owned in Japan (Note 6)

Approx.

5,500

tenants

AEON REIT’s strategy is to acquire the No.1 store in the region, with a rich local consumer base and the ability to adapt to environmental changes and can expected to generate stable revenue. We ensure stable revenue through lease contracts with various AEON Group companies, primarily based on fixed rents.

Tenant sales Approx. 108.1％ YoY （note 1）

Anchor tenant Other tenants

Fashion General goods Restaurants Various services

End tenants

Tenant rent（Fixed /variable）

Operating revenue Approx. 104.3％ YoY（note 2）

Operation（AEON Group）

Rent / land rent(fixed)

Operating revenue Approx. 100.4％ YoY（note 3）

Property ownership: AEON REIT

External growth ~ Diversification of acquisition methods ~

In light of environmental changes, expand external growth opportunities and aim to advance stabilized DPU

Method

Acquisition of large-scale commercial facilities

Environment

▶ Domestic large-scale commercial facility development is on the decline

Significance

▶ Easier for stable income (due to the number of tenants, wide commercial area, etc.)

1

Ownership,

ordinary land lease

2 Fixed-term leasehold for

business purpose

Acquisition environment

▶ It used to be the main choice of development, however due to the revision of the Land and Building Lease act in 2008. the situation has changed and acquisition opportunities will decrease.

▶ Due to the legal revision, increased with newly built facilities

▶ Acquisition opportunities will

Significance of acquisition

▶ Relatively more opportunities for acquisition in the past as many facilities had been built with these type of lands

▶ Generates more cash as the facilities are relatively new

▶ Compared to ①, NOI yield tends to be relatively high

▶ As the lease period is relatively long, easier to plan for having the return from the investment

Issues and responses

Utilize distribution

▶ High investment efficiency

in terms of acquisition costs and practices.

3

Small and medium-

increase

▶ Increased possibility of acquisition

Amortization of leasehold, etc may occur

▶ Diversifying portfolio

in excess of earnings

（Distributions of allowance for temporary difference adjustments ）

Diversification in property acquisition

4

Dealing with property development

sized properties,

logistics facilities, etc.

Land

Construction of expansion building, rebuilding, etc

by expanding support contracts

▶ Acquisition opportunities will increasedue to the progress of efficient management of owned assets

▶ AEON Group promotes the use of unused space within the premises to improve the profitability of existing properties

▶ Redevelopment of aged properties will be considered

▶ Acquisition opportunities willincrease

▶ Relatively more properties that are easier to acquire flexibly with small amount

Land

Securing stable revenue over the long term, regardless of operating costs such as repair costs and insurance premiums related to building ownership

▶ Can expect stronger competitiveness of the entire property

▶ The lease period including existing building will be extended and will contribute to stable income

▶ Create investment opportunities including existing building

▶ Generates cash from depreciation expense as the expansion building is newly built

External growth ~ Selective investments backed by Pipeline Support ~

By thoroughly evaluating property quality, AEON REIT acquires properties on adequate terms.

Ratio of acquisitions

and No. of opportunities looked at

Postponement of acquisition Acquired

（Note 1）

（100 million yen）

6

1,583

55

204

150

0

180

81

751

866

213

515

353

2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 2 0 1 7 2 0 1 8 2 0 1 9 2 0 2 0 2 0 2 1 2 0 2 2 2 0 2 3 2 0 2 4 2 0 2 5

Acquisitions through one-on-one (exclusive)

transactions（Note 2）

Exclusive

transactions

100％

48%

52%

• Third Party ■ Sponsor

  External growth ~ Further growth backed by Pipeline Support ~

  unitholder value.

  The advantages of Pipeline Support

  Opportunities provided from

  AEON Group

  Preferential

  negotiation rights

  Utilization of warehousing

  function

  AEON REIT can selectively acquire properties from AEON Group’s extensive portfolio to enhance

  Properties operated by Pipeline Support companies (Note 1, 2, 3)

  Out

  Building

  age

  Economics

  Out

  Review based on the

  environment and other conditions

  190.0 bn yen

  Total pipeline

  （Note 5）

Internal growth ~ Enhancing values of properties ~

Achieving asset value improvement and increased rent by continuous value-up investments.

Strengthen property competitiveness

• Large-scale renewal

  • Major replacement of tenants in response to changes in the trade area

• Floor expanding

  • Enhancing motivation to visit the store by increasing number of tenants

AEON MALL Ota（expansion building）

Cumulative amount of revitalization investment with rent increase (Note 1)

9.25 bn yen (Note 2)

Cumulative amount of annual rent increased by revitalization investments (Note 3)

(Unit: mm yen)

• Equipment renewal work

  • Energy efficiency improvement by introducing the latest equipment

  • Improvement of customer comfort

• Exterior wall construction

  • Improvement of property image through exterior renewal

Floor replacement work

• Disaster prevention /

  mitigation work

  • Suppression and minimization of damage caused by earthquakes

  • Early restoration of sales

Exterior wall painting

700

Maintain and improve property functions

650

600

550

500

450

400

350

Jul. 2024 (23rd FP)

Jan. 2025 (24th FP)

Jul. 2025 (25th FP)

Jan. 2026 (26th FP)

Jul. 2026 (27th FP)

Forecast

Financial policy ~ Stable funding ~

Decentration of maturity dates

▶ Focusing on debt with duration of 5-7 years, in order to control market risk

▶ Taking advantage of favorable environment, and securing long-term fixed interest debt

▶ Consider shortening average funding period, to lower the cost of funding

Responses to environmental change

Diversification of lenders and sources of funding

▶ Mainly loans from financial institutions

▶ In consideration of refinancing risk, debt financing in diverse ways

Responses to environmental change

▶ Increase sources of funding or consider new financing method

Stabilization of funding cost

▶ Pursuing to maintain or to reduce funding cost by utilizing variety of long-term and low-cost funding options.

▶ REIT bonds are controlled within 40% of total interest-bearing debt (upper limit is 50%)

▶ Consider introducing floating interest funding, to control the rise in

funding cost

Responses to environmental change

LTV control

▶ Range of 43－47％

▶ Maintain borrowing capacity and flexibly acquire properties

▶ Maintain borrowing capacity for property acquisition while maintaining

LTV level

Responses to environmental change

Steadily working on securing stable funding in preparation for potential changes in the surrounding environment.

Financial policy ~ Trends of index~

LTV trends

Interest-bearing debt average financing period and cost trends

50.0%

47.5%

45.0%

42.5%

44.6%

44.3%

45.0%

45.7%

45.0%

47％

43％

Avg. debt maturity Avg. number of years remaining Funding cost (Note 2)

0.92%

1.08%

0.86%

0.87%

0.93%

4.1 yrs

3.6 yrs

3.7 yrs

3.5 yrs

3.1 yrs

7.5 yrs 7.5 yrs 7.5 yrs 7.3 yrs 7.4 yrs

40.0%

Jan.2024 (22nd FP)

Jul.2024 (23rd FP)

Jan.2025 (24th FP)

Jul.2025 (25th FP)

Jan.2026 (26th FP)

Jan.2024 (22nd FP)

Jul.2024 (23rd FP)

Jan.2025 (24th FP)

Jul.2025 (25th FP)

Jan.2026 (26th FP)

Long-term and fixed interest rate debt ratio

Decentration of maturity dates (as of Jan. 31, 2026(26th FP))

Long-term debt ratio Fixed interest rate ratio

Average fixed interest rate ratio of J-REITs (Note 1)

100.0% 100.0% 100.0%

100.0%

（100 million yen）

400

97.2%

7.8%

97.8%

8.9%

87.1%

5.7%

85.7%

3.7%

8

8

8

9

350

300

250

200

45

144

20

33

202 114

New debt financing Existing borrowings

Investment corporation bonds

Jan.2024

Jul.2024

Jan.2025

Jul.2025

Jan.2026

150

100

50

0

243

10 20

150

120

180

42

139 57

39 10

(22nd FP)

(23rd FP)

(24th FP)

(25th FP)

(26th FP)

2026 2027 2028 2029 2030 2031 2032 2033 2036

Details of Distribution in excess of earnings

Supplementary explanation on distribution in excess of earnings

Distribution in excess of earnings

Image of use

property, or

Distribution using depreciation, etc. as its source to offset higher repair & maintenance expenses

decrease of investment

capital under tax laws

Distribution with

2

Distribution to reduce (avoid) tax burden from discrepancy in tax profit and accounting profit

allowance for temporary

difference adjustments

Distributions of

1

Category

Details

Examples

▶ Distribution ① will be paid out every FP, distribution ② will be paid

out if necessary (Note)

1

2

EPU

The increase in repair and maintenance expenses, etc.

Amortization of fixed-term leasehold,

etc.

Policy regarding the paying dividends in excess of earnings

▶ Natural disasters, and related unexpected events

▶ Decline in revenue due to currency fluctuations

▶ Dilution of distribution following issuance of new investment units

▶ Losses on asset retirement, disposal, or impairment recognition

▶ Other one-off/temporary expenses due to contingencies

▶ Expenses from amortization etc. of fixed-term land leaseholds or asset retirement obligations

▶ Temporary increases in repair & maintenance expenses, which lead to improving the competitiveness of a contributing to maintaining and strengthening its functions

Risk management ~ Resilient to natural disasters ~

Growing into a REIT that is highly resistant to sudden disasters.

Diversified investment

Fire insurance and earthquake insurance coverage

27 Prefectures

▶ Diversification of investment area and acquisition price per property

▶ Guarantee earthquake insurance for domestic portfolio

▶ Amount of insurance for earthquake insurance :

2.0 bn yen (deductible of 50 mm yen (Note 2))

▶ Fire insurance also covers wind and flood damage from typhoons and heavy rains

▶ Facility liability insurance also covers business indemnity

（as of Jan.31, 2026）

Malaysia

（as of Jan. 31, 2026）

Domestic Portfolio PML (Note 3) 1.3% Approx.5.3 bn yen

Investment Area

PML (%)

Expected maximum loss

Abundant cash flow

Distribution in excess of earnings

▶ Approx. 10.6 bn yen per year (Note 1) of cash-on-hand generated by depreciation expense can be utilized for natural disasters, etc.

▶ If the Natural disasters, and related unexpected event and distribution resources decrease, AEON REIT will utilize paying distribution in excess of earnings.

High ability of generating cash-on-hand

Realizing investments with abundant cash-on-hand generated from depreciation expenses.

Transition of depreciation expenses

Cash-on-hand utilization simulation

(Calculated with 5.0 bn yen）（Note 1）

（bn yen）

Assuming annual depreciation expenses to be approx. 10.6 billion yen

FCF

0.11 bn yen

increase

No change

2025年1月 期

（第24期） 予想

2025年7月 期

（第25期 ）

2027年1月期

想 （第28期 ）予想

2026年1月 期

（第26期 ）

2026年7月 期

（第27期 ）予

Jan. 2025 Jul. 2025 Jan. 2026

(24th FP) (25th FP) (26th FP)

Jul. 2026

(27th FP)

Forecast

Jan. 2027

(28th FP)

Forecast

Examples of utilization of cash-on-hand

Stabilize financial base

LTV control, etc.

Improve profitability

Property acquisition, etc.

Share buyback, etc.

Capital policy (Note 2・3)

No change

2021 2022 2023 2024 2025

6.0 bn yen

0.5 bn yen

1.5 bn yen

5.5 bn yen

1.1 bn yen

Property acquisition using cash-on-hand etc

Property acquisition

through public offering

Revitalization work for Property acquisition Property acquisition

improving competitiveness through public offering using cash-on-hand

AEON MALL Takasaki

AEON MALL

Shinkomatsu

AEON MALL Kurashiki

AEON MALL Wakayama

AEON MALL Ota

expansion buildings

PIA CITY Miyashiro (Land)

KASUMI FOOD SQUARE

Hitachikamine (Land)

AEON MALL Narita

AEON MALL

Sagayamato

AEON MALL Shimotsuma

AEON MALL Miyakonojo Ekimae

KASUMI FOOD SQUARE

Mitomigawa (Land)

KASUMI Chuo Distribution Center (Land)

KASUMI Sakura Distribution Center (Land)

Sustainability Initiatives ~ AEON REIT ~

AEON REIT is promoting sustainable management by cooperating and enhancing each other with the stakeholders.

Solar power generation facilities

Initiatives to reduce

Wall afforestation

Tree-

Human capital development

Events in the malls

Childcare and medical facilities

Measures against infectious diseases

Disaster prevention

Same boat investment Conflict of interest

water and waste

Energy

planting

cooperation agreement

with regional governments

Public tenant

management

conservation initiative

Creation and

Gender equality

Unitholder value and

Transparent

Renewal of air conditioning equipment

Disaster prevention and mitigation equipment

maintenance of local

employment

and Impediment removal

linkage compensation system

decision-making process

LED lighting

EV charging facilities

Transactions with appropriate

interested parties

Customers and local communities

Clients (Tenants, etc.)

AEON group

Employees

Investors

Sustainability Initiatives ~Materiality (priority themes) and initiatives ~

AEON REIT set Materiality (note) based on Sustainability Policy and are currently promoting various initiatives to achieve priority themes.

Please refer to sustainability reports posted on the Investment Corporation website for KPI and results.

https://www.aeon-jreit.co.jp/en/sustainability/report.html

Sustainability Initiatives ~ Environment ~

Examples of initiatives for energy efficiency Property certification

Promoting investments to reduce environmental impact

Promoting investments to reduce environmental impact

AEON MALL Ota

▶ Utilizing wood from Gunma Prefecture

▶ Reuse of Existing Pavement Materials

The existing pavement materials that were removed were crushed and reused in new pavement materials.

▶ Reuse of Tile Carpets

Scrap tile carpet was reused as new flooring material.

Utilizing locally sourced cedar from Gunma Prefecture for columns on the first-floor terrace of the extension building, implementing local sourcing and consumption of materials.

88.0% : Ratio of properties with

Third-party certification (Note)

(Based on total leasable area/as of Jan. 2026)

DBJ Green Building Certification

31 properties

Aug. 2025

AEON MALL Sapporo-Hiraoka

★★★★★ Acquisition

CASBEE Certification of real estate appraisal

S rank

AEON MALL Narita

4 properties

（highest rating）

Jul. 2025

AEON MALL Tamadaira woods

BELS Certification

▶ Reusing waste PET bottlesApproximately 12,000 recycled PET bottles were used to pave

the large bus parking area with

more durable asphalt than conventional paving.

★★★ 1 property

Feb. 2020

AEON Minami-Osaka RDC

Initiatives of the asset manager

Initiatives at owned properties

Employment retention

Offering disaster

prevention bases

Sustainability Initiatives ~ Social ~

Creating a comfortable working environment

In 2026, the asset management company was acknowledged by the government (Ministry of Economy, Trade and Industry) as a company focused on health and productivity

Contributed to maintaining employment in the region

Public tenants

Offering facilities as evacuation and supply base

in case of emergencies

Diversity

▶ Various initiatives for health promotion (Food and nutrition/Sleep seminar, etc.)

▶ Conducting employee satisfaction survey

▶ Conducting walking events

▶ Stress checks and arranging mental health training course

▶ Lessening overtime by complying thoroughly to the law

▶ Installation of Whistle blowing system

▶ Promotion of telework and off-peak commuting

Human Resource Development

Creating a place for local community

Including public tenants, such as administration office.

Installed restrooms for everyone (Genderless)

▶ Utilizing Approx. 1% of the annual operating revenue of the Asset Management Company for human resource development

▶ Introduced skill and career development support system

▶ Providing variety of training courses for every employees

(As of

the end of Jul. 2022)

( as of the end of Feb. 2026)

Various events such as mall walks and festivals are held.

Providing multipurpose hall “AEON Hall" , which is used by local governments and

various regional groups

( from Mar. 2025 to Feb. 2026)

Community contribution activities

▶ Conducting local cleanup programs for revitalization of local communities

▶ In addition to participating in various fundraising activities of the AEON Group, donating to “AEON 1% Club Foundation" (Note) (FY2025 donation results: 11.2 mm

yen) 38

Sustainability Initiatives ~ Governance and Others ~

Governance

Sustainable finance

Transparent decision-making process

Sustainability finance

Green finance

▶ 3 executive in total were selected on Oct. 29, 2023.

Asset management fees

linked to investor value

Impact report FY2024

▶ Attendance and approval of outside committee members is required for resolutions of the Investment Committee and Compliance Committee to be passed.

“The highest”

Sustainability bonds (Retail)

SU1 acquisition (JCR）

Green trust loan

Sustainability loan (including

Sustainability Derivatives)

18.0 billion yen

“The highest”

Green bonds (Retail)

Green1 acquisition (JCR)

12.0 billion yen

▶ Management fees linked to total assets, distribution amount per unit, and NOI

Total assets x 0.3% (max. rate, yearly)

Before deduction DPU x NOI x 0.001% (max. rate)

▶ Asset management fees incurred from asset replacement, etc.

5.1 billion yen

13.3 billion yen

Same boat investment by AEON Group

AEON Group’s share of AEON REIT: approx.17.5％

(as of Jan. 2026)

1. Energy consumption (electricity, gas) and Green house gas emission rate

   Classification				Electricity （kWh, kWh/㎡ ）	Gas （㎥, ㎥/㎡）	Greenhouse gas （t-CO2, t-CO2/㎡ ）
   Qualified assets	properties	36	total	535,095,168	1,231,568	236,473
   	%	76.6%	intensity	148	0.3	0.0655
   Non-qualified assets	properties	11	total	92,919,562	2,499,125	46,031
   	%	23.4%	intensity	169	4.6	0.0839

   Purchase price x 0.5% (max. rate)

   （note）

   Disposition price x 0.5% (max. rate) （note）

   The appraised value (at the time of the merger)x 0.5% (max. rate) （note）

   Merger Fee

1. Name of properties applicable for sustainability finance and social projects

Sustainability Initiatives ~ AEON GROUP ~

Aeon strives to ensure Group growth while helping to realize a sustainable society in accordance with the basic principle of pursuing peace, respecting humanity, and contributing to local communities, always with the consumer’s point of view as its core.

Sustainability compass

AEON Decarbonization vision

Switching 50％ of the electricity used in stores in Japan to renewable energy by 2030

BCM

▶ In cooperation with the Japan’s Self Defense Force and Japan Air Line

▶ Registered 68 disaster prevention bases

as of the end of Feb. 2025