Interim report
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FASF MEMBERSHIP ( Translation for reference only ) Consolidated Financial Results for the First Quarter of Fiscal Year 2026 For the Three Months Ended June 30 , 2026 ( Under Japanese GAAP ) Company name : Stock Listing : Stock Code : URL : Representative : For inquiry : Muninova Holdings Inc. Tokyo Stock Exchange 547A https://www.muninova.co.jp Mitsuhide Fukuda , President and Chief Executive Officer August 12 , 2026 Ikumi Abe , General Manager of Operation Management Department TEL ( 03 ) 4503 - 6050 Scheduled date of commencement of dividend payments : Supplementary materials for financial results : Yes Earnings release conference : Yes I. Consolidated Financial Results for the First Quarter of Fiscal Year 2026 ( April 1 , 2026 - June 30 , 2026 ) ( Amounts less than one million yen have been rounded down ) ( Millions of yen , Percentages indicate year - on - year changes ) 1 . Consolidated Operating Results Operating Revenue Operating Profit 2 . Three months ended June 30 , 2026 June 30 , 2025 Note : Ordinary Profit Profit Attributable to Owners of Parent 57,339 - % - % 9,871 - % - % 9.791 - % 10,483 - % - % - % Comprehensive income : For the three months ended June 30 , 2026 : June 30 , 2025 : 6,289 million - million yen yen - % - % Net Income per Share ( Yen ) Diluted Net Income per Share ( Yen ) Three months ended June 30 , 2026 June 30 , 2025 21.89 Note : As the Company was established on April 1 , 2026 , through a sole share transfer , corresponding figures for the same period of the previous fiscal year and year - on - year changes are not presented . Consolidated Financial Position Total Assets Net Assets Shareholders ' Equity Ratio ( % ) As of June 30 , 2026 1,714,243 248,693 14.3 March 31 , 2026 Reference : Shareholders ' equity : As of June 30 , 2026 : As of March 31 , 2026 : 244,669 million yen - million yen Note : As the Company was established on April 1 , 2026 , through a sole share transfer , corresponding figures for the same period of the previous fiscal year are not presented .
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II. Dividend Information Dividend per share (Yen) End of 1st quarter End of 2nd quarter End of 3rd quarter Year-end Annual FY ended March 31, 2026 – － － － － FY ending March 31, 2027 – FY ending March 31, 2027 (Forecast) 0.00 – 20.00 20.00 Note: 1. Revisions to dividend forecasts: None 2. As the Company was established on April 1, 2026 , through a sole share transfer, corresponding figures for the same period of the previous fiscal year are not presented. III. Consolidated Earnings Forecast for the Fiscal Y ear ending March 31, 2027 (April 1, 2026 – March 31, 2027) (Millions of yen, Percentages indicate year-on-year changes) Operating Revenue Operating Profit Ordinary Profit Profit Attributable to Owners of Parent Profit per Share (Yen) Six months ending September 30, 2026 － －% － －% － －% － －% － Fiscal year ending March 31, 2027 238,600 －% 41,300 －% 42,000 －% 32,000 －% 66.81 Note: 1. Revisions to consolidated earnings forecasts: None 2. As the Company was established on April 1, 2026 , through a sole share transfer, corresponding figures for the same period of the previous fiscal year and year-on-year changes are not presented. *Notes (1) Significant changes in the scope of consolidation during the three months ended June 30, 2026: None Included: – Excluded: – (2) Adoption of special accounting methods for quarterly consolidated financial statements: None (3) Changes in accounting principles, procedures and methods of presentation (a) Changes accompanying amendments to accounting standards: None (b) Changes other than those in (a): None (c) Change in accounting estimates: None (d) Restatement: None (4) Number of shares issued (Common stock) Note: As the Company was established on April 1, 2026, through a sole share transfer, corresponding figures for the same period of the previous fiscal year and year-on-year changes are not presented. * A review for quarterly consolidated financial statements that is conducted by a certified public accountant or an audit corporation: None * Note: Disclaimer concerning the proper use of business results forecasts The forecasts and other forward-looking statements contained in this Report are based on information currently available to the Company as well as certain assumptions that the Group has judged to be reasonable. Accordingly, actual results may differ from the forecasts due to various factors. For matters related to earnings forecast above, please refer to “1. Quarterly Qualitative Information on Business Results, (3) Information on the Forecasts for the Consolidated Business Results” on page 5. (a) Number of shares issued at the end of the period (including treasury stock) FY2026 Q1 484,620,134 shares FY2025 – shares (b) Number of treasury stock at the end of the period FY2026 Q1 5,626,908 shares FY2025 – shares (c) Average number of shares during the period FY2026 Q1 478,993,255 shares FY2025 Q1 – shares
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Contents 1. Quarterly Qualitative Information on Business Results…………………………………………………….. 02 (1) Information on Business Results ……………………………………...…………………….…………... 02 (2) Overview of Cash Flows………………………………………………………………………………… 04 (3) Information on the Forecasts for the Consolidated Business Results…………………………………… 05 2. Quarterly Consolidated Financial Statements and Notes……………………………………………………. 06 (1) Quarterly Consolidated Balance Sheets…………………………………………………………………. 06 (2) Quarterly Consolidated Statements of Income and Consolidated Statements of Comprehensive Income 08 Quarterly Consolidated Statements of Income………………………………………………………….. 08 Three months ended June 30………………………………………………………………………….. 08 Quarterly Consolidated Statements of Comprehensive Income………………………………………… 09 Three months ended June 30………………………………………………………………………….. 09 (3) Quarterly Consolidated Statements of Cash Flows……………………………………………………… 10 (4) Notes to Quarterly Consolidated Financial Statements………………………………………………….. 12 (Notes on Premise of Going Concern) ………………………………………………………………….. 12 (Notes in Case of any Significant Changes in the Amount Shareholders’ Equity) ………….………….. 12 (Notes to Business Combinations) ………….…………………….…………………….………………. 13 (Notes to Segment Information) ………………………………………………………………………... 14 (Important Subsequent Events) ………………………………………………………………………..... 14 1
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1. Quarterly Qualitative Information on Business Results The Company was established on April 1, 2026 through a sole share transfer as the wholly owning parent company of AIFUL Corporation. While there has been no substantive change in the scope of consolidation, the first quarter of the current fiscal year represents the Company’s first consolidated reporting period since its establishment. Accordingly, no comparisons are presented with the previous fiscal year or the corresponding period of the previous fiscal year. (1) Information on Business Results The Group transitioned to a holding company structure with the aim of enhancing the flexibility of its overall management strategy and maximizing corporate value over the medium to long term. To realize the Group's vision, the Group is enhancing group management and optimizing its business portfolio while pursuing growth in each business and creating synergies across the Group. In addition, toward the achievement of the targets set forth in the medium -term management plan ending in the fiscal year ending March 31, 2027, the Group is pursuing growth i n its core businesses, including the Loan Business, Credit Guarantee Business, and Card & Payment Business. At the same time, the Group will strengthen its business portfolio through investments in growth areas and M&A, with the aim of achieving sustainable growth and enhancing corporate value. Regarding the business environment surrounding the Group, in the Loan Business, our core business, the number of new contracts and the balance of loans outstanding have remained solid, supported by robust demand for funds. Claims for interest repayment continue to decline steadily, although continued attention is required as the number of such claims is susceptible to changes in the external environment and other factors. Meanwhile, although the business environment c ontinues to change due to factors including rising market interest rates and inflation, the Group remains focused on strengthening its earnings base . (Overview of the Results) During the three months ended June 30, 2026, Group’s operating revenue was 57,339 million yen. The principal components were 31,413 million yen in interest on loans receivable, 5,880 million yen in revenue from the installment receivable and 6,272 million yen in revenue from the credit guarantee business. Operating expenses was 47,467 million yen. The principal components were 3,942 million yen in financial expenses, among other operating expenses, the provision of allowance for doubtful accounts was 15,837 million yen, and advertising expenses amounted 4,977 million yen. As a result, Group’s operating profit for the first quarter of fiscal year 202 6 was 9,871 million yen, and ordinary profit was 9,791 million yen. Profit attributable to owners of the parent was 10,483 million yen, after recording income tax of negative 991 million yen. The Group has three reportable segments: the “Loan business,” “Credit guarantee business,” and “Card and Payment business.” The principal components of each reportable segment are as follows.  Loan business AIFUL CORPORATION (excluding the credit guarantee business), AG BUSINESS SUPPORT CORPORATION, AG MEDICAL CORPORATION, and AIRA & AIFUL Public Company Limited  Credit guarantee business 2
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Credit guarantee business conducted by AIFUL CORPORATION and LIFECARD CO., LTD. ď‚ž Card and Payment business LIFECARD CO., LTD. (excluding the credit guarantee business), AG Payment Service CO.,LTD, and BitCash Inc. The results by segment are as follows. Loan business In the unsecured loans, in addition to conducting effective promotional activities through TV commercials and web advertising, the Group worked to enhance customer convenience by improving the functionality of its official website and smartphone application. The Group also continued to advance its credit assessment and screening processes through the use of digital technologies, while working to acquire new customers and expand the balance of loans outstanding. In the unsecured small business loans, against the backdrop of funding demand from sole proprietors and small and medium- sized enterprises, the Group worked to capture demand for working capital and business funding needs, while strengthening its sales structure and promoting customer acquisition through web-based channels. the Group also stepped up its initiatives in response to solid funding demand and worked to expand the balance of loans outstanding . During the first three months of the fiscal year under review, the number of new contracts for unsecured loans at AIFUL, a principal company in the loan business, was 72,000, with a contract rate of 28.5 %. As a result, at the end of the first quarter of the current fiscal year, unsecured loans outstanding were 696,602 million yen, secured loans outstanding were 59,816 million yen, small business loans outstanding were 110,571 million yen, and the total balance of operating loans in the loan segment was 866,990 million yen (22,766 million yen off-balance sheet operating loans from the securitization have been included). As a result of the above, operating revenue in the loan business amounted to 34,027 million yen and segment profit amounted to 6,064 million yen for the first quarter of the current fiscal year. Credit guarantee business In the Credit Guarantee Business, the credit guarantee balance was expanded through product diversification and the promotion of new guarantee partnerships, leveraging credit screening expertise for both individual and mall - and medium- sized business operators and the advantages of being an independent financial group. In the real estate secured loan guarantee business, the guarantee balance was also increased through closer collaboration with partner institutions and enhanced sales activities. As a result, credit guarantee outstanding for unsecured personal loan at the end of the first quarter of the current fiscal year was 317,656 million yen and credit guarantee for business loan was 87,431 million yen (Of the credit guarantee for the business loans, 2 million yen comes from lease guarantees.). As a result of the a bove, operating revenue in the credit guarantee business amo unted to 5,833 million yen and segment profit amounted to 1,599 million yen for the first quarter of the current fiscal year. 3
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Card and Payment business In the credit card business, the Group worked to acquire new cardholders and increase the number of active cardholders by expanding the issuance of tie-up cards, rapidly improving services by leveraging in-house development capabilities, and enhancing UI/UX. In the installment sales finance business, the Group expanded its merchant network and strengthened sales promotion initiatives, while working to increase the balance of installment receivables. In the prepaid card business, the Group implemented various initiatives to expand its merchant and user bases while working to improve service convenience. In addition, the Group began integrating the WebMoney business succeeded to through an absorption-type company split and worked to expand its earnings base. As a result, the transaction volume in the credit card business for the first quarter of the current fiscal year was 208,593 million yen, and the balance of installment receivables for card and payment business at the end of the first quarter of the current fiscal year was 242,978 million yen (6,158 million yen off-balance sheet operating loans from the securitization have been included). As a result of the above, operating revenue in the card and payment business amounted to 13,983 million yen and segment profit amounted to 1,557 million yen for the first quarter of the current fiscal year. (Financial Position) Total assets at the end of the first quarter of the current consolidated fiscal year was 1,714,243 million yen. The main components were operating loans of 874,861 million yen, customers' liabilities for acceptances and guarantees of 415,981 million yen, and accounts receivable – installment of 236,941 million yen. Total liabilities amounted to 1,465,550 million yen, primarily consisting of borrowings from financial institutions. Total net assets amounted to 248,693 million yen, consisting mainly of retained earnings. (2) Overview of Cash Flows Cash and cash equivalents (hereinafter referred to as "funds") at the end of the first quarter of the current fiscal year amounted to 45,736 million yen. The situation of each category of cash flow for the first quarter of the current fiscal year and the contributing factors are as follows. (Cash flows from operating activities) Net cash used for operating activities amounted to 23,283 million yen. This was mainly due to a decline in funds reflecting an increase in operating loans and installment receivables. (Cash flows from investing activities) Net cash used by investing activities amounted to 30,137 million yen. This was mainly due to purchase of investment securities. (Cash flow from financing activities) Net cash provided by financing activities amounted to 57,167 million yen. This was mainly due to proceeds from borrowings and corporate bonds exceeding repayments of borrowings and redemption of corporate bonds. 4
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(3) Information on the Forecasts for the Consolidated Business Results The Group’s earnings forecast for the fiscal year ending March 31, 202 7 remains unchanged from the earnings forecast announced on May 15, 2026. However, these forecasts are based on information available as of the date of publication of these materials. There are various risks in the current business environment surrounding us, and the final results may differ from the forecasts. 5
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2. Quarterly Consolidated Financial Statements and Notes (1) Quarterly Consolidated Balance Sheets (Millions of yen) As of June 30, 2026 Assets Current assets Cash and deposits 45,767 Operating loans 874,861 Accounts receivables - installment 236,941 Operational investment securities 2,570 Customers’ liabilities for acceptances and guarantees 415,981 Other operating receivables 22,257 Purchased receivables 9,015 Accrued receivables 25,753 Other 33,652 Allowance for doubtful accounts (97,403) Total current assets 1,569,396 Non-current assets Property, plant and equipment 32,724 Intangible assets Goodwill 10,167 Other 25,719 Total intangible assets 35,886 Investment and other assets 76,222 Total non-current assets 144,833 Deferred assets Other 13 Total deferred assets 13 Total assets 1,714,243 6
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(Millions of yen) As of June 30, 2026 Liabilities Current liabilities Notes & accounts payable-trade 62,710 Acceptances and guarantees 415,981 Short-term borrowings 116,956 Short-term loans payable to subsidiaries and associates 238 Commercial papers 8,000 Current portion of bonds 50,000 Current portion of long-term borrowings 283,829 Income taxes payable 290 Reserves 961 Other 64,590 Total current liabilities 1,003,558 Non-current liabilities Bonds payable 90,000 Long-term borrowings 358,430 Provision for retirement benefits 133 Provision for loss on interest repayment 6,091 Policy reserves and others 2,042 Other 5,294 Total non-current liabilities 461,992 Total liabilities 1,465,550 Net Assets Shareholders’ equity Capital stock 2,000 Capital surplus 104,184 Retained earnings 143,412 Treasury shares (2,548) Total shareholders’ equity 247,047 Accumulated other comprehensive income Valuation difference on available-for-sale securities (3,831) Foreign currency translation adjustment 1,452 Total accumulated other comprehensive income (2,378) Non-controlling interests 4,024 Total net assets 248,693 Total liabilities and net assets 1,714,243 7
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(2) Quarterly Consolidated Statements of Income and Consolidated Statements of Comprehensive Income i. Quarterly Consolidated Statements of Income Three months ended June 30 (Millions of yen) Three months ended Jun 30, 2026 (Apr 1, 2026 to Jun 30, 2026) Operating revenue Interest on loans receivable 31,413 Revenue from credit card business 5,880 Revenue from installment sales 2,667 Revenue from credit guarantee 6,272 Interest on loans receivable from subsidiaries and associates 38 Other financial revenue 59 Insurance premiums 2,077 Commission income 2,580 Other operating revenue 6,351 Total operating revenue 57,339 Operating expenses Financial expenses 3,942 Cost of sales 618 Insurance claims and others 1,905 Other operating expenses 41,001 Total operating expenses 47,467 Operating profit 9,871 Non-operating income Dividend income 41 Gain on sale of investment securities 257 Other 91 Total non-operating income 389 Non-operating expenses Share of loss of entities accounted for using equity method 36 Foreign exchange loss 427 Other 6 Total non-operating expenses 470 Ordinary profit 9,791 Extraordinary losses Bad debt write offs 61 Other 1 Total extraordinary losses 63 Profit before income taxes 9,728 Income taxes – current (34) Income taxes – deferred (956) Total income taxes (991) Profit 10,719 Profit attributable to non-controlling interests 235 Profit attributable to owners of parent 10,483 8
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ii. Quarterly Consolidated Statements of Comprehensive Income Three months ended June 30 (Millions of yen) Three months ended Jun 30, 2026 (Apr 1, 2026 to Jun 30, 2026) Profit 10,719 Other Comprehensive income Valuation difference on available-for-sale securities (4,249) Foreign currency translation adjustment (181) Share of other comprehensive income of entities accounted for using equity method 0 Total other comprehensive income (4,430) Comprehensive income 6,289 Comprehensive income attributable to Owners of parent 6,144 Non-controlling interests 144 9
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(3) Quarterly Consolidated Statements of Cash Flows (Millions of yen) Three months ended Jun 30, 2026 (Apr 1, 2026 to Jun 30, 2026) Cash flows from operating activities Profit before income taxes 9,728 Depreciation 1,015 Amortization of goodwill 320 Increase (decrease) in policy reserves and others (165) Increase (decrease) in allowance for doubtful accounts (2,697) Increase (decrease) in provision for bonuses (863) Increase (decrease) in provision for share-based remuneration 20 Increase (decrease) in allowance for loss on interest repayment (453) Interest and dividend income (41) Foreign exchange losses (gains) 422 Share of loss (profit) of entities accounted for using equity method 36 Loss (gain) on sale of investment securities (257) Decrease (increase) in operating loans receivable (10,320) Decrease (increase) in accounts receivable – installment (5,705) Decrease (increase) in other operating receivable (95) Decrease (increase) in accrued receivables (2,733) Increase (decrease) in deposits (2,162) Decrease (increase) in purchased receivable (352) Decrease (increase) in claims provable in bankruptcy 704 Decrease (increase) in other current assets (1,911) Increase (decrease) in other current liabilities (2,688) Other 834 Subtotal (17,363) Interest and dividend income 41 Income taxes paid (5,962) Cash flow from operating activities (23,283) Cash flows from investing activities Purchase of property, plant and equipment (193) Purchase of intangible assets (2,129) Purchase of investment securities (27,489) Proceeds from sale of investment securities 455 Long-term loan advances (472) Proceeds from collection of long-term loans receivable 57 Other (367) Cash flows from investing activities (30,137) 10
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(Millions of yen) Three months ended Jun 30, 2026 (Apr 1, 2026 to Jun 30, 2026) Cash flows from financing activities Proceeds from short-term borrowings 1,037,089 Repayments of short-term borrowings (1,027,376) Proceeds from issuance of commercial papers 13,000 Redemption of commercial papers (19,000) Proceeds from long-term loans payable 107,552 Repayments of long-term loans payable (71,199) Proceeds from issuance of bonds 35,000 Redemption of bonds (15,000) Cash dividends paid (2,873) Other (23) Cash flows from financing activities 57,167 Effect of exchange rate changes on cash and cash equivalents (193) Net increase (decrease) in cash and cash equivalents 3,552 Cash and cash equivalents at beginning of period 42,184 Cash and cash equivalents at end of period 45,736 11
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(4) Notes to Quarterly Consolidated Financial Statements (Notes on Premise of Going Concern) Not applicable. (Notes in Case of any Significant Changes in the Amount Shareholders’ Equity) Three months ended June 30, 2026 (Apr 1, 2026 to Jun 30, 2026) Dividends paid Since the company was established on April 1, 2026, through a sole share transfer, the amount of dividends paid is the amount resolved by the board of directors of AIFUL CORPORA TION, which became wholly owned subsidiary as a result of the sole share transfer. Resolution Class of shares Total dividends (Millions of yen) Dividend per share Record date Effective date Source of dividends Board of Directors meeting held on May 15, 2026 Common stock 2,873 6.00 March 31, 2026 June 4, 2026 Retained earnings 12
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(Notes to Business Combinations) (Transactions under common control) 1. Establishment of a Holding Company Structure Through Sole Share Transfer i) Outline of transaction (a) Name and business of the combinate company Wholly owned subsidiary subject to the share transfer: AIFUL CORPORAION (Loan business and credit guarantee business) (b) Date of business combination April 1, 2026 (c) Legal form of business combination Establishment of a holding company through a sole share transfer (d) Corporate name after combination Wholly owning parent company established through the share transfer: Muninova Holdings Inc. (e) Other matters related to the overview of the transaction The Company was established to provide management and supervision from a Group-wide perspective, enabling the Group to build a new business model with an appropriate balance without being overly dependent on its current core businesses, while maximizing synergies throughout the Group. Effective April 1, 2026, all shares of the following subsidiaries were distributed in kind from AIFUL COORPORATION, to the Company, thereby making these 13 companies direct subsidiaries of the Company. Seven consolidated subsidiaries LIFECARD CO., LTD. AG Servicer Corporation AG Capital Co., Ltd AG Payment Service CO., LTD FPC Co., Ltd. BitCash Inc. AG Solution Technology Inc. Six non-consolidated subsidiaries AG Partners Corporation AG Crowdfunding Co., Ltd. AG Funding Corporation AG Lending Corporation AG Finance Technology Co., Ltd. KYOTO CAPITAL GROUP CORPORATION In addition, effective June 30, 2026, all shares of AG BUSINESS SUPPORT CORPORATION held by AG Capital Co., Ltd, a consolidated subsidiary, AG MEDICAL CORPORATION held by AG BUSINESS SUPPORT CORPORATION, a consolidated subsidiary, and AG Smile Leaseback Corporation held by AG Partners Corporation, a non-consolidated subsidiary, were transferred to the Company, thereby making these three companies direct subsidiaries of the Company. ii) Outline of Accounting Treatment The transaction has been treated as a transaction under common control in accordance with the "Accounting Standard for Business Combinations" (ASBJ Statement No. 21, January 16, 2019) and the "Implementation Guidance on Accounting Standard for Business Combinations and Accounting Standard for Business Divestitures" (ASBJ Guidance No. 10, September 13, 2024). 13
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(Notes to Segment Information) Segment Information Three months ended June 30, 2026 (Apr 1, 2026 to Jun 30, 2026) 1. Information related to operating revenue and profit or loss of each reporting segment (Millions of yen) Reporting segment Other*1 Total Adjust- ments*2 Amounts Reported in the Quarterly Consolidated Financial Statements*3 Loan business Credit guarantee business Card and payment business Subtotal Operating revenue Operating revenue from third parties 34,027 5,833 13,919 53,780 3,388 57,169 169 57,339 Inter-segment sales and transfers 0 － 63 63 91 154 (154) － Total 34,027 5,833 13,983 53,843 3,480 57,324 14 57,339 Segment profit (loss) 6,064 1,599 1,557 9,221 (1,222) 7,999 1,872 9,871 Notes: 1. The "Other" segment comprises business segments that are not included in the reportable segments, including the System Engineering Service Business and the Servicing Business (debt collection and servicing). 2. Adjustments include the elimination of intersegment transactions and corporate revenue and corporate expenses that are not allocated to individual business segments. Corporate revenue and corporate expenses mainly relate to the parent company. 3. Segment profit or (loss) corresponds to operating profit reported in the consolidated statement of income. 2. Information about the changes in the reporting segment Effective from the first quarter of the fiscal year under review, following the transition to a holding company structure through a sole share transfer, the Group reviewed its business segment classification and has designated the following three reportabl e segments: the " Loan Business," "Credit Guarantee Business," and "Card and Payment Business." (Important Subsequent Events) Not applicable. 14