Hulic Co., Ltd. TSE:3003

Hulic : IR Presentation for FY2025 (January 1, 2025 - December 31, 2025)

Published

Source: MarketScreener

January 29, 2026

FY2025 IR Presentation

Code

3003

2

Table of Contents

Page

03

Consolidated Performance Summary

Executive Summary 3-5

FY2026 Forecast

New Medium-and Long-term Management Plan 6

Financial Highlights (Consolidated) 7

FY2025 Income Statement (Consolidated) 8

FY2025 Segment Performance (Consolidated) 9

FY2025 Balance Sheets (Consolidated) 10

Funding 11

Financial Discipline 12

Key Metrics / Shareholder Return 13

Page

14

Growth Strategy (1) in Previous MT Management Plan

Portfolio Restructuring

Portfolio Restructuring 15-16

Vacancy Rate & Rent History 17

Page

20

Portfolio Distribution Pictures 18-19

Growth Strategy (2) in Previous MT Management Plan Maximizing profits from completed projects and expanding international investments

Ongoing Projects 21-26

Urban Data Centers 27

R&D Facilities 28

Value-added Business 29

International Business 30

Growth Strategy (3) in Previous MT Management Plan

Page

31

Achieving profit growth

on a consolidated basis

â‘  Raysum 32

â‘¡ Riso Kyoiku (Kodomo Depart) 33

â‘¢ M&A 34

➃ Consolidation of “Cook Deli” 35

⑤ Tourism-related Business 36-37

â‘  Narita Logistics Development Project 38

â‘¡ Sports and Entertainment Business 39

â‘¢ Others 40

Page

41

Sustainability Initiatives

Environment 42

Social 43

Macro Environment

Appendix

Progress of Leasing Portfolio Restructuring

FY2025 Cash Flow Statements

Corporate Profile

46

47

48

49-63

Governance / External Evaluation 44

3

FY2025 Executive Summaryâ‘ 

FY2025 Summary
  • Exceeded the revised forecast. All profit items increased by over 10%

    • Operating profit : JPY186.8 bn, +14.3% YoY

      Real estate business ： JPY198.1 bn, + JPY27.6 bn YoY / Reflected continued robust market conditions Hotels/Ryokans ： JPY1.6 bn, - JPY0.0 bn YoY / Resulted flat, offsetting the rise in opening costs

    • Ordinary profit : JPY172.9 bn, +12.0ï¼… YoY

    • Profit attributable to owners of parent： JPY114.3 bn, +11.7ï¼… YoY

  • Annual dividend will be 62.0 yen, +2.0 yen from the revised forecast (Oct. 28), +8.0 yen YoY, with payout ratio of 41.1%

    Achieved 17th consecutive year of record-high profit and dividend per share s ince the lis ting
  • All financial indicators met the aiming level

* 50% of hybrid finance was calculated as nominal equity

Soundness

Efficiency

Shareholder returns

D/EBITDA *

Net D/E ratio *

ROE

Dividend payout

ratio

FY2025

Result

9.2 times

1.8 times

13.0%

41.1%

Aiming at

around 10 times

high 1x range

around 12% or higher

40% or higher

4

FY2025 Executive Summaryâ‘¡ Initial Forecast Change

Ordinary Profit

Initial Forecast Change

Result

Change

3

Achieving profit growth on a consolidated basis

-

Impacts of higher

interest rates and

debt increase

+6.0bn

2

-

Maximizing profits

1 Portfolio Restructuring

from completed projects and expanding international investments

Amortization of intangible assets associated with Riso Kyoiku/Raysum consolidation

+0.1bn

172.9bn

+8.9bn

+3.0bn

154.3bn

2024

2025

  • Raysum: Multiple joint investments executed; results outperformed the plan

  • Hotels/Ryokans: 3 Gate Hotels and 1 FUFU opened; result outperformed the plan

  • Child Education: The 1st Kodomo Depart opened in Nakano and Tama Plaza

  • Executed 2 M&A deals including Cook Deli

  • Environment: Progressed toward commercialization of the renewable electricity business

  • New business domains: Progress in Narita Development Project (WING NRT), Makuhari Arena

Achieving profit growth on a consolidated basis

Non-operating Income /Expens es

  • Development &

    reconstruction:

    Completed 8 projects including flagships such as Hulic Ginza Building

  • International Business:

16 deals (over JPY70.0 bn) were confirmed/committed

Maximizing profits

from completed projects and expanding international investments

  • Gross investment of JPY760.0 bn. Progress in investments in high-quality real estate drove leasing income above plan

  • CRE acquisitions, exchange deals with our public REIT, and contributions to our private REIT and funds progressed smoothly

  • Acquired 5 properties in Ginza, our focus area

Portfolio Restructuring

  • Higher lease termination income

  • Offset higher interest expenses from rising rates

5

4Q Executive Summary

Development and M&A both progressed in 4Q
  • M&A: Consolidation of Cook Deli

    Entering the ready-to-eat meal business—an area expected to see further growth—as a solution that supports efficiency and labor shortage in the nursing care industry

  • Development / Reconstruction: Construction of projects in prime locations such as G8 Development Project, Aoyama Building Reconstruction Project, and the 1st R&D development, Minami-watarida North Side of the Northern District Project, has begun

  • Corporate Investments: Made an additional investment in satellite-related companySynspective, as an investment in start-up companies that address social issues
  • International Business : 7 deals (JPY35.0 bn) were confirmed/committed in 4Q
  • Child Education Business: Kodomo Depart Azabu began construction
  • Environment: 2 sites of grid scale battery storage started operation

  • External Evaluation: For 2 consecutive years, rated 4.5 stars in Nikkei SDGs Management Survey and selected for the 2025 Climate Change “A” List by the CDP