ORIX Corporation Consolidated Financial Results For the Nine-Month Period Ended December 31, 2025 Kazuki Yamamoto Operating Officer, Corporate Strategy and Management Unit, Responsible for Corporate Planning, Investor Relations and Sustainability February 9, 2026 1 Copyright © ORIX Corporation All rights reserved. ※ テンプレートデザインの個別編集禁止 Executive Summary (1) Net income (2) Pre-tax profits ‒ Q1-Q3 pre-tax profits were 567.7 Bln JPY (+184.3 Bln JPY), growth achieved in all three categories (profits higher even e ...

Core Insights - Tapasya Fund achieved a net return of 23.5% in 2025, outperforming the S&P 500's return of 17.9% [1] - The fund's performance was bolstered by developments in Artificial Intelligence (AI) and market fluctuations due to tariffs [1] - The fund aims to mitigate sector-specific risks to protect its portfolio from broader market downturns [1] Company Insights - Howard Hughes Holdings Inc. (NYSE:HHH) experienced a one-month return of -2.64% and a 52-week gain of 14.71% [2] - As of January 8, 2026, Howard Hughes Holdings Inc. had a market capitalization of $4.891 billion, with shares closing at $82.34 [2] - The fund sold its position in Howard Hughes Holdings Inc. due to opportunity cost, despite not incurring a realized loss [3] - The decision to sell was influenced by the desire to invest in assets with higher potential returns, as HHH's stock remained flat during the holding period [3] Market Sentiment - Howard Hughes Holdings Inc. was held by 32 hedge fund portfolios at the end of Q3 2025, a decrease from 36 in the previous quarter [4] - The potential of Howard Hughes Holdings Inc. is acknowledged, but certain AI stocks are viewed as having greater upside potential and lower downside risk [4]

Summary of J.P. Morgan Property Data Monitor Industry Overview - **Industry**: Real Estate in Mainland China and Hong Kong SAR - **Key Focus**: Primary and secondary property sales, home prices, and market indicators Mainland China Insights - **Primary Sales**: - 60-city primary sales registrations decreased by **45% year-over-year (Y/Y)**, improving from a previous decline of **49%** [4] - **Secondary Sales**: - 12-city secondary sales registrations fell by **22% Y/Y**, an improvement from **26%** [4] - **Market Indicators**: - Centaline tier-1 cities secondary asking price index increased slightly from **17.3 to 17.7**, remaining low since May 2024 [4] - Centaline manager confidence index rose from **46 to 48** [4] - **Share Price Performance**: - The sector dropped by **2%** last week, underperforming the Hang Seng Index (HSI) which rose by **1%** [4] - Notable performers included Greentown Service (+2%), Vanke, and Jinmao (+1%), while Country Garden fell by **8%** [4] - **Top Picks**: - J.P. Morgan's top picks include CR Land, CR Mixc, and Jinmao, with a focus on higher beta in a policy-induced rally [4] Hong Kong SAR Insights - **Home Prices**: - The home price index increased by **1.1% week-over-week (W/W)**, reaching the highest level since May 2024, with a **5% increase year-to-date** [4] - Expected further growth of **5-7%** in 2026 [4] - **Centa Valuation Index (CVI)**: - The CVI remained elevated at **74.3**, indicating banks are revising property valuations upwards [4] - **New Launches**: - Grand Mayfair III launched a batch of **125 units** with an average selling price (ASP) of **HK$15.6K**, selling **28%** of the units [4] - One Park Place released a price list for **118 units** at **HK$15.9K psf**, with **73%** of the previous batch sold [4] - **Secondary Transactions**: - Secondary transactions in the top 35 estates dropped by **1% W/W**, totaling **73 units** [4] - **Share Price Performance**: - The sector was flat last week, underperforming the HSI (+1%), with outperformers including Champion REIT and NWD (both +5%) [5] Additional Insights - **Tourist Arrivals**: - Total tourist arrivals showed a **4% increase** week-over-week, with a **6% increase** year-over-year [52] - **Market Sentiment**: - The overall market sentiment remains cautious, with significant declines in primary sales indicating potential risks in the real estate sector [4][5] This summary encapsulates the key points from the J.P. Morgan Property Data Monitor, highlighting the current state of the real estate market in Mainland China and Hong Kong SAR, along with critical indicators and performance metrics.

Group 1 - The article discusses the expansion of projects in Hubei and Guangdong, highlighting the Ba Dong Hong Hai Jiangnan City Square with a total investment of 550 million yuan and a construction area of 170,000 square meters, positioned as a "fourth-generation residential + commercial complex" [1] - The Guangdong project, the CKBA service center, is a key supporting infrastructure for the Jingling Reservoir, which is the largest single investment water conservancy project in Zhejiang Province during the 14th Five-Year Plan [1] - The article emphasizes the company's commitment to leveraging its full industry chain advantages to deepen urban operation tracks and integrate into the Shanghai "People's City" construction and regional development [1] Group 2 - The company is responsible for project construction, utilizing years of experience in Shenzhen to ensure efficient progress and high-quality delivery [2] - The project in Chaozhou marks the first investment by the company in this city, aiming to set a new benchmark for residential cities [3] - The project in Changchun is the company's first entrusted construction project, located in the core area of the North Lake Science and Technology Development Zone, covering an area of 179 acres [4] Group 3 - The article highlights the company's innovative capabilities in project management and refined control, showcasing its ability to solve on-site management challenges through innovative processes and enhance safety management efficiency with technology [5] - The total contracted sales area for non-self-invested properties under the "He Sheng" brand is approximately 55,438 square meters, with a contracted sales amount of about 4.887 billion yuan [5] - The article lists several typical projects, including the Jin Gang Cooperation Center and the Tengzhou Beixin Road Urban Renewal Project, detailing their management methods, project volumes, and contract amounts [8]

Core Viewpoint - S&P Global Ratings has reaffirmed Akropolis Group's BB+ long-term credit rating with a stable outlook, reflecting the company's strategic importance within the Metodika Group and the impact of governance changes in the Vilniaus Prekyba Group [1][4]. Group 1: Credit Rating and Financial Performance - The BB+ credit rating, maintained since 2021, indicates the stability and growth prospects of Akropolis Group, providing confidence for ongoing development and management of retail and commercial real estate projects [2]. - In the first half of 2025, Akropolis Group reported consolidated rental income of EUR 46.3 million, a 5.4% increase compared to the first half of 2024, while EBITDA reached EUR 44.3 million, up 3.4% year-on-year [6]. Group 2: Governance and Structural Changes - Recent governance changes within the Vilniaus Prekyba Group will lead to the separation of businesses operating in Poland, Sweden, and Bulgaria into a standalone organization, while Baltic operations will continue under UAB Vilniaus Prekyba [3]. - Following the separation, Akropolis Group's assets will represent approximately 27% of the total assets of the Metodika Group and are projected to generate around 15% of the group's total EBITDA by 2026 [4]. Group 3: Strategic Developments - The acquisition of Galio Group is expected to enhance Akropolis Group's EBITDA and improve its debt-to-EBITDA ratio, contributing positively to the company's financial health [5]. - Akropolis Group operates major shopping and entertainment centers in Lithuania and Latvia, solidifying its position as a leading commercial real estate development and management company in the Baltic States [7][8].

Core Insights - BXP signed over 1.5 million square feet of leases in Q3 2025, marking a 38% increase compared to Q3 2024 and the strongest third quarter since 2019 [1][2] - The weighted-average lease term for these leases is 7.9 years, contributing to a total leasing activity of approximately 3.8 million square feet through Q3 2025 [1] Company Overview - BXP, Inc. is the largest publicly traded developer, owner, and manager of premier workplaces in the U.S., focusing on six key gateway markets: Boston, Los Angeles, New York, San Francisco, Seattle, and Washington, DC [2] - As of September 30, 2025, BXP's portfolio includes 54.6 million square feet across 187 properties, with eight properties currently under construction or redevelopment [2] Leasing Activity Highlights - In Boston's Urban Edge market, BXP executed over 200,000 square feet of leasing, all from existing vacancies [4] - In New York, BXP completed over 475,000 square feet of leasing in Midtown Manhattan, primarily extensions for existing financial services clients, including a significant lease at 399 Park Avenue [4] - In Reston, VA, a 50,000 square foot lease was signed with a technology client, achieving 98% occupancy for the office portion of Reston Town Center [4]

Core Insights - The acquisition of Galio Group by Akropolis Group has been positively evaluated by Fitch Ratings, reaffirming a long-term borrowing rating of BB+ with a stable outlook [1][6] - The CEO of Akropolis Group emphasized the responsible growth and diversification of the portfolio, which enhances trust in the company's long-term growth prospects [2] Financial Performance - Following the acquisition, Akropolis Group's real estate portfolio value increased by approximately 30%, rising from EUR 1.1 billion to EUR 1.4 billion, and the number of income-producing properties surged from 5 to 60 [4] - The concentration of shopping centers in the portfolio decreased from 96% to 73% of the total portfolio value, indicating improved diversification [4] - Consolidated rental income for the first half of 2025 reached EUR 46.3 million, reflecting a 5.4% increase compared to the same period in 2024, while EBITDA was EUR 44.3 million, up 3.4% year-over-year [7] Market Position and Outlook - Fitch Ratings noted the financial stability of Akropolis Group, attributed to a better average cost of debt and sustainable financial indicators [3] - The positive performance metrics include growing rental income, increased tenant sales, stable footfall in shopping centers, and low vacancy rates [5]

Core Viewpoint - S&P Global Ratings has affirmed Akropolis Group's BB+ rating with a stable outlook for the fourth consecutive year, indicating confidence in the company's strategic acquisition of Galio Group and its potential to enhance financial stability and growth in the Baltic real estate market [1][2]. Group 1: Acquisition Impact - The acquisition of Galio Group is expected to increase Akropolis Group's property portfolio value by approximately 30%, rising from €1.1 billion to €1.4 billion [3]. - The number of income-producing assets will expand significantly from 5 to 60, which will reduce concentration risk and enhance portfolio diversification [3]. - Following the acquisition, shopping centers will constitute 73% of the total portfolio value, a decrease from the current 96%, indicating improved diversification [3]. Group 2: Financial Performance - Akropolis Group's consolidated rental income for the first half of 2025 reached €46.3 million, reflecting a 5.4% increase compared to the same period in 2024 [5]. - Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the same period amounted to €44.3 million, marking a 3.4% year-on-year growth [5]. Group 3: Market Outlook - S&P Global Ratings anticipates that Akropolis Group's operating fundamentals will remain stable over the next 12 months, supported by strong demand across all asset classes [4]. - The agency expects the company to achieve consistent growth in rental income and maintain high occupancy levels post-acquisition [4].

Core Points - Kilroy Realty Corporation announced a regular quarterly cash dividend of $0.54 per common share, payable on October 8, 2025, to stockholders of record on September 30, 2025 [1] - The declared dividend translates to an annual rate of $2.16 per share [1] Company Overview - Kilroy Realty Corporation is recognized as a leading U.S. landlord and developer, with operations primarily in San Diego and Los Angeles [1]

Group 1 - Guomao Real Estate has obtained the construction project for the Tasting Headquarters site in Fuzhou, marking a significant step in expanding its commercial office construction management in new regions [7] - Xuhui Construction Management has successfully signed 7 projects in July, indicating a strong performance in project acquisition [1] - The project in Nanyang, a comprehensive experiential commercial complex, is set to open in November with an expected annual foot traffic of over 10 million [9] Group 2 - The project in Hong District plans to create the first fourth-generation low-density community in the area, with a total planned construction area of approximately 77,500 square meters [6] - The insurance building project, commissioned by Xinhua Life Insurance Co., has a total investment of about 3 billion yuan and will feature a landmark building with a height of 180 meters and a total construction area exceeding 130,000 square meters [8] - The project in Fuzhou will introduce a mixed-use development covering commercial, healthcare, and office spaces, with a total planned construction area of about 300,000 square meters [1] Group 3 - The management department's headquarters is collaborating with product experts for training focused on enhancing professional capabilities and integrating sales strategies [1] - The project in Nanjing is designed to meet diverse family housing needs, offering six types of units with areas ranging from 89 to 139 square meters, all delivered fully furnished [8] - Green City Management has expanded its area by 13.9% year-on-year in the first half of the year, while Xuhui Construction Management has established a presence in over 80 cities [12]