Industrial & Infrastructure Fund Investment (3249) investor relations material

Executive summary

• Achieved steady asset replacement, gain on sales, and internal growth, enhancing inflation resistance and portfolio resilience.

• DPU maintained at the 4,000 yen level, with an upward revision of the DPU target to 4,200 yen, over 10% higher than previous guidance.

• Operating revenue for the six months ended July 31, 2026 was ¥23,440,744 thousand, down from ¥24,023,005 thousand in the previous period.

• Net income for the period was ¥9,942,036 thousand, a decrease from ¥10,965,892 thousand for the prior six months.

• Portfolio occupancy remained high at 98.9% with 314 tenants as of July 31, 2026.

Financial highlights

• July 2026 (38th FP) DPU: 4,094 yen (includes 851 yen gain on sales); January 2027 (39th FP) forecast DPU: 4,000 yen (includes 881 yen gain on sales); July 2027 (40th FP) forecast DPU: 4,015 yen (includes 825 yen gain on sales).

• NAV per unit grew at a CAGR of approx. 2.3% over five years, reaching 145,920 yen; DPU CAGR approx. 5.3%.

• Cash and bank deposits increased to ¥22,264,525 thousand as of July 31, 2026, up from ¥19,891,427 thousand as of January 31, 2026.

• Total assets rose to ¥569,954,424 thousand from ¥566,194,582 thousand over the six-month period.

• NOI for the portfolio projected to grow 4.4% year-over-year, with same-store NOI growth at 3.6%.

Outlook and guidance

• DPU target raised to 4,200 yen from the 40th FP onward, with a target DPU CAGR (excluding gains on sales) of 3%+.

• Policy rate assumption revised to 1.75% (three hikes), with internal growth and asset recycling expected to offset higher interest costs.

• Portfolio occupancy is expected to remain robust, supported by stable tenant demand and high occupancy ratios across logistics and industrial assets.