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INTEGRAL Q2 Management Presentation 2026 Integral Corporation August 2026
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2 3.9x 1.7x 1.7x 2.0x II III IV V I 11.2 44.2 73.0 123.8 250.0 23.5 Integral is an Evolving Japanese- Style Private Equity Gross MOIC1 3.0X Gross IRR1 29.9% Investment professionals3 75 / 116 Fee Earning AUM2 366.1bn 1. Average of gross MOIC and gross IRR for Fund I, Fund II Series, Fund III series and Fund IV series, excluding Fund V series which is still in the investment period. Fund I as of fund liquidation, Fund II, Fund III and Fund IV series as of June 30, 2026 2. Since the fiscal year ending December 2025, the figures for Real Estate Fund I have been included. 3. Of the group. PE Real Estate GlobalTech Growth I I (¥ bn)
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3 Agenda Today 1. PE Investment Business 2. Real Estate Investment Business 3. Other Business 4. Results of FY2026Q2 5. Update of Our Three pillars Executive Summary Appendix
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4 PE Investment Business 1
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5 F u n d 1 F u n d 2 F u n d 5 F u n d 3 F u n d 4 Invested in EV of More Than ¥870bn by Focusing on Mid - cap Companies in Japan Wooden furniture manufacturer Photomask manufacturer for semiconductors Photo-related service provider Office coffee service provider Precision products manufacturer Production and sale for apartments for investment IT Staffing Agencies Animal hospital group Steel fabricator manufacturing steel frames for skyscrapers Professionals of IT & RPA Fertilizer/ammonia chemical plant EPCTelemarketing Service provider Vending machine and refrigerated showcase manufacturer Conveyor belt component manufacturer & Robot SIer Independent fertilizer manufacturer Development and sales for color contact Bridal ring manufacturerProfessionals of DX/IoT Wedge-type system scaffolding manufacturer Low price nail salon chainJapanese-style izakaya bar chain 3rd largest airline Import/export and wholesale of tuna and salmon Low price hair cut salon chains Production of custom-made & ready-made wigs Production of temperature sensors and related electronic devicesWomen’s apparel manufacturer Prominent brand in Paris Fashion week Design & production of women’s bags Manufacturer of customized inserters Residential real estate service Design and sales of optical components Planning & production of TV commercials Blood purification business Online golf services business Solution provider enhancing DX for SMEs Planning, development and sales of character toys Private Equity Business Nitto FC Shinwa Specialized manufacturer of high- performance resin components Real estate information service Comprehensive entertainment production company
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6 Company Business Fund Principal I Manufacturer of customized inserters Exit Exit Prominent fashion brand Exit Hold Design & production of women’s bags Exit Exit Planning & production of TV commercials Exit - Residential real estate service Exit - Design and sales of optical components Exit Exit II Japanese style Izakaya bar chain Exit - Wedge-type scaffolding manufacturer Exit - Nail salon chain Exit Exit Affordable hair cut salon chain Exit Hold #3 airline carrier Exit Exit In/export & wholesale of tuna & salmon Exit - Women’s apparel manufacturer Exit Hold Custom & ready made wig production Hold - Production of temperature sensors & related products Exit Exit Investments held Investments & Exits1/2 Private Equity Business As of e/o June 2026 Company Business Fund Principal III Telemarketing service provider Partial Exit Hold IT & RPA professionals Exit Exit Fertilizer/ammonia chemical plant EPC Exit Exit Independent fertilizer manufacturer Exit Exit Vending machine & refrigerated showcase manufacturer Hold Hold Conveyor belt component manufacturer & robot Sier Exit Hold Dx/IoT professionals Exit Exit Development & sales of color contact lenses Exit Exit Bridal ring manufacturer Partial Exit Hold
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7 Company Business Fund Principal V Blood purification business of Asahi Kasei Medical Hold Hold Online golf services business Hold Hold Solution provider enhancing DX for SMEs Hold Hold Specialized manufacturer of high- performance resin components Hold Hold Real Estate information service Hold Hold Comprehensive entertainment production company Hold Hold Company Business Fund Principal IV Photo-related service provider Hold Hold Wooden furniture manufacturer Hold Hold Photomask manufacturer for semiconductors Exit Hold Production & sale of apartments for investment purposes Hold Hold Coffee service provider for offices Hold Hold Precision products manufacturer Hold Hold IT staffing agency Hold Hold Veterinary clinic group Hold Hold Steel frames for skyscrapers manufacturer Hold Hold Blood purification business of Asahi Kasei Medical Hold Hold Private Equity Business As of e/o June 2026 Investments & Exits2/2 Investments held
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8 January - July Active in Investments & Exits Private Equity Business Fund V Fund III Exit Fund III Exit Fund IV Exit Fund IV Feb.- April 2026 March 2026 March 2026 Feb. – July 2026 Capital participation in Yasojima Proceed Co., Ltd. Shares sold in tender offer March 2026 All shares sold to third partyShares sold through on- market transaction Existing portfolio company, veterinary hospital group, completed 5 follow-on investments June 2026 June 2026 Capital participation in At Home Holdings, Inc. Capital participation in STPR Inc. Fund V Fund V
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9 Real Estate Investment Business 2
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10 Optimizing Assets Through Value- Add Initiatives Diverse strategies including renovation and conversion Hotel Conversion Residential Renovation of Rentable Areas Residential Renovation of Common Areas Plug and Play Office Solutions Real Estate Business
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11 M: multi family properties (selection of portfolio shown) H: hotel O: offices R: retail facility L: logistics facility ～2026Q1 2026Q2～ Newly acquired properties Properties with signed sales contracts Acquired new property in Fukuoka city and concluded a sales contract, leveraging strong sourcing capabilities. M H H H Total acquisition value for Integral Real Estate Fund I reached 55* billion yen on a contract basis Actively Promoting Real Estate Investment Across a Wide Range of Asset Classes M: Multifamily, O: Office, H: Hotel Real Estate Business *Cumulative amount as of August 12, 2026 (including properties with signed sales contracts)
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12 Other Business 3
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13 Investment target Japan Nexus Target area Asia & global Investment stage Growth Established JV & fund with Granite Asia Capital Fund I size $100mn Alliance with Touring Capital Other Business GlobalTech Growth Investment Business
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14 JV with Granite Asia Differentiation & Value Add • Granite is a leading Asian multi-asset investment platform managing more than $5 billion in assets • Deep insights & expertise in Japanese market & market entry • Hands-on support for business expansion across Japan & Asia • Extensive access to a network of industry leaders, strategic partners and top-tier talent Other Business
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15 Granite-Integral Granite-Integral Granite-Integral Operator of PixAI an AI-driven image generation platform specialized in anime illustrations Operator of a global transportation infrastructure platform March 2026 March 2026 AI financial data platform company Sep. 2026 GlobalTech Partners Oct. 2026 AI driven voice-intelligence transcription & recording service GlobalTech Growth Investments Other Business
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16 Results of FY2026Q2 4
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17 Profit attributable to owners of the parent Revenue Revenue & profit increase mainly as result of carried interest realized in PE business CI (details on p18) Revenue and Profit Trend (¥100mn) (¥100mn) 49 136 156 2025Q2 2025 2026Q2 17 60 87 2025Q2 2025 2026Q2
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18 2025Q2 2026Q2 YoY Main reasons for change Revenue Total investment revenue (changes in fair value) (2) 6 +8 PE (3): fair value of listed investees increased due to the changes in the stock prices. Fair value of unlisted investees decreased with deterioration of various indicators including increased interest rates. Gross investment return decreased. Real estate +8: fair value of sold assets revaluated at transaction prices and change in valuation method of assets exceeding 1 year after investment (from at cost method) resulted in increase in gross investment return. Group: as a result of the above, gross investment return increased. Recurring 38 40 +2 PE (1): slight decrease in fund management fee due to decrease in invested capital, which serves as basis for calculation, in fund III and IV series on exits, while management fee of Fund V Series contributed for 6 months Real estate +3: continued fundraising for Real Estate Fund I led to new LPs joining and an increase in capital committed resulting in higher fund management fees YoY Group: as a result of the above, fund management fees increased. Realized CI 13 109 +96 Carried interest received related to Fund III Series Total 49 156 +107 Profit attributable to owners of the parent 17 87 +70 Changes in Revenue and Profit (¥100mn)
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19 576 624 705 164 240 152740 864 857 2024 2025 2026Q2 Aiming to Grow Economic Net Worth IFRS Net assets UCAT Economic net worth 1. UCAT （Unrealized Carried-Interest After Tax） : unrealized Carried Interest less taxes based on the current effective tax rate 2. Economic net worth: net assets on BS (equity attributable to owners of the parent) + UCAT Dividend: DOE 2% Framework Economic Net Worth UCAT : Unrealized Carried Interest After Tax (1) IFRS Net assets Unrealized CI Taxes UCAT UCAT Economic net worth (2) (¥100mn)
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20 Resolved (Interim for fiscal year ending December 31, 2026) Latest forecast (Announced on February 10, 2026) Actual (Interim for fiscal year ended December 31, 2025) Record date June 30, 2026 Same as on the left June 30, 2025 Dividend per share JPY 18.50 Same as on the left JPY 17.00 Total dividend JPY 630 million - JPY 575 million Effective date August 20, 2026 - August 20, 2025 Dividend resource Retained earnings - Retained earnings Interim dividend for the fiscal year ending December 31,2026 resolved at board meeting in July to be JPY 18.5 as previously forecasted (Reference) Dividend per share Record date Second quarter-end (June 30, 2026) Fiscal year-end (December 31, 2026) Total Dividend forecast JPY 18.50 JPY 18.50 JPY 37.00 Dividend forecast for the fiscal year ending December 31, 2026 JPY 18.50 - - Actual results for the fiscal year ended December 31, 2025 JPY 17.00 JPY 20.00 JPY 37.00 Actual results for the fiscal year ended December 31, 2024 JPY 12.00 JPY 22.00 JPY 34.00 Interim Dividend
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21 Update of Our Three Pillars 5
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22 Integral receives quarterly fees based on FE AUM as recurring revenue Upon investment exit, Integral receives certain % of return Integral makes a principal investment in parallel with the fund investment, leading to its competitive advantage Fund Investors (LPs) Integral Fund Investee Company Investment Management fees Management support fees Fund Investors (LPs) Integral Fund Investee Company Return Carried interest Fund Investors (LPs) Integral Fund Investee Company ReturnPrincipal investment Fund GP 1 2 3 We Have Three Pillars 20 100 80
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23 Our Unique Value Creation Model with the Three Pillars PL B/S Gross investment return Carried interests Management support fees Fund management fees Funds performance Revenue Operating income Net income Asset side Principal investments Underlying performance Total investments GP interests Lever Lever The 2nd pillar The 1st pillar The 3rd pillar Captured in PL
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24 2019 2020 2021 2022 2023 2024 2025 2026Q2 The 1 st Pillar (1) Management fees to be piled up Real Estate I Fund III Series Fund IV Series Fund II Series Fund V Series Investment period Investment period Harvesting periodInvestment period Investment period Harvesting period Harvesting period
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25 3,494 7,553 7,579 3,860 250 332 381 1713,745 7,886 7,960 4,031 2024 2025 2026 (E) 2026Q2 (¥mn) Fund management fees Management support fees Margin 11% 46% 37% Framework Actual and Estimate Fund management fee Management support fee Operating expense Recurring profit before tax 1. In calculating margins, one-time expenses are deducted from operating expenses. One-time expenses were JPY 1,888mn in FY2024, JPY 125mn in FY2025, estimated at JPY 564mn for FY2026 The 1 st Pillar (2) Good recurring margins 43%
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26 100% 0% 1.0x 1.0x 1.0x 1.0x 1.0x 2025Q2 2025Q3 2025 2026Q1 2026Q2 7% 93% 2.2x 2.2x 2.2x 2.2x 2.2x 2025Q2 2025Q3 2025 2026Q1 2026Q2 2021～ 63% 37% 2.5x 2.6x 2.7x 2.7x 2.6x 2025Q1 2025Q2 2025Q3 2025 2026Q2 10% 90%3.8x 4.2x 5.0x 4.8x 4.8x 2025Q2 2025Q3 2025 2026Q1 2026Q2 1.0x 1.0x 1.1x 2025 2026Q1 2026Q2 GlobalTech Growth 1.0x 1.1x 1.2x 2025 2026Q1 2026Q2 100% 0% 100% 0% The 2 nd Pillar (1) Strong fund performance Fund II Series Fund III Series Fund IV Series Fund V Series Real Estate Fund I Fund size: ¥44.2bn Fund size: ¥73.0bn2014～ 2017～ 2025～ 2025～2025～Fund size: ¥123.8bn Fund size: ¥250.0bn Fund size: $100mn ■Exited ■NAV ■Exited ■NAV ■Exited ■NAV ■NAV ■NAV ■NAV Fund size: ¥23.5bn
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27 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2019 2020 2021 2022 2023 2024 2025 2026Q2 II III Fund IV Real estate V The 2 nd Pillar (2) Source of carried interest Total Value Invested Capital Increase in FV Invested Capital Increase in FV Invested Capital Increase in FV Invested Capital Invested Capital （¥100mn）
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28 Carried interest increases From stock to flow Realized CI generates income Has the stock balance increased? Unrealized CI Realized CI 源 泉 Increased fund balance = exits + balance FV 2025 2026Q2 Future Driver IV & V 54.5bn56.4bn Exits To PL Additional disclosure of main KPIs in “Kessan Tanshin” on page 5 Value of the fund balance increasing Carried interest is increasing Future CI can be forecast Source Source Source The 2 nd Pillar (3) Investees’ prosperity is our top priority, returns will follow as result c. 650bn c. 700bn (¥100mn) 2024 2025 2026/6 AUM 2,885 5,765 4,689 … Unrealized carried interest Fund II Series 6 10 7 Fund III Series 80 165 39 Fund IV Series 150 176 174 Real Estate I - - 0 IV 2025 2026Q2 Future Unrealiz ed Unrealiz ed Realized Realized Source
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29 0 0.5 1 1.5 2 2.5 3 3.5 4 2021/12 2022/12 2023/12 2024/12 2025/12 2026/6 The 2nd Pillar (4) DPI is a Leading Indicator for CI Distribution (Collection) (b) FV （Fair Value） Deployment (a) Fund Profit 20% of profit CI (Carried Interest) DPI (Distribution to Paid-In Capital) as a leading KPI DPI (b/a) DPI target for CI realization 1. DPI before the carried interest that has been already paid. Fund IV Series Fund III Series1 3.5 0.9 0 0.2 0.4 0.6 0.8 1 1.2 2021/12 2022/12 2023/12 2024/12 2025/12 2026/6
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30 70 97 111 381 435 419 2024 2025 2026Q2 3.7x The 3 rd Pillar FV impacted by market environment （¥100mn） FV (Fair Value) Invested Capital Listed shares Unlisted shares
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31 Integral Partners (PE business) Other subsidiaries (PE business) Integral Real Estate Integral GlobalTech Partners Other subsidiaries The Company (Integral) PE RE GrowthPEPE Transition to Group Management Company Structure Current structure Structure after October 2026 Establish group-wide management function to optimize capital allocation and manage potential conflicts of interest in the group as asset classes expand. Effective October 1, 2026 (scheduled) Integral Real Estate Integral GlobalTech Partners Other subsidiaries Integral Group Integral Partners Other subsidiaries (PE business) Integral Holdings Integral PEPE RE Growth Group management PE PE
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32 Investments Exits Team c c c PE Investment, exits and team expansion are all on track • Fund V: investment started in 2025, 6 investments executed, deployment rate exceeds 40% • Fund IV: continue roll-up investments in animal hospital group • Abundant deal pipeline c Real Estate • Investment started in March 2025, cumulative number of properties acquired reached 29 c GlobalTech Growth • Investment started in September 2025, 4 investments made in total PE Real Estate • Fund III exits are on track, first exit in Fund IV executed in 2025 • Several properties have been sold within 1 year since the start of investment PE, Real Estate, GlobalTech Growth • Hired 20 investment professionals in 2025 as part of multi-asset strategy • Able to handle high volume of deal flow Key Takeaways
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33 Appendix
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34 About Integral 1
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35 Partner & CFO Reijiro Yamamoto Representative Director & Partner (founding member) Nobuo Sayama Partner (founding member) Yoshihiro Hemmi Director & Partner (founding member) Kensaku Mizutani Director & Partner (founding member) Satoko Niiya Partner (Lawyer) Hidetsune Goto Partner Makiko Hayase Director & Partner Tsuyoshi Yamazaki Partner Yasuaki Sumikawa CFO & Controller (CPA) Shigehiro Nishioka Partner
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36 Hironori Nakai Integral Real Estate Corporation Representative Director & Partner, Founding Member Kensuke Nakahara Integral Real Estate Corporation Representative Director & Partner, Founding Member Tomohiro Sumiya Integral Real Estate Corporation Representative Director & Partner, Founding Member Takanori Emura Integral Real Estate Corporation Representative Director & Partner, Founding Member Myria Residential IDERA Capital Urban Asset Management CBRE Investment Management Tokio Marine Asset Management Hulic KJR Management TOKYU Orix Capitaland Japan M&G Real Estate Japan Phoenix Property Investors Japan Blackstone Group Daiwa Securities SMBC Real Estate Fund Partners
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37 Chee Kong Choun Integral GlobalTech Partners Corporation Representative Director & Partner Chee Kong is a highly experienced entrepreneur and investor, he currently leads growth investments at Integral. In his previous role at Temasek’s Pavilion Capital, he served as the Head of Japan Investments and a member of the Investment Committee, overseeing the management of over $1 billion in assets. Earlier in his career, he achieved success as a technopreneur and held several senior executive positions at Edenred and Hewlett-Packard Asia-Pacific. He is fluent in Japanese and possesses deep expertise in cross-border investments and market entry strategies. Integral GlobalTech Partners
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38 Fund exit 2009 2010 2011/ 2012 2013 2014 2016 2017 2018 2019 2020 2021 20222015 2023 2024 2008 Fund I investment Fund II investment Fund III investment Fund IV investment J-Trading Yohji Yamamoto 20262025 Fund V Investment Investments & Exits * * * * * * *Partial exit
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39 Integral’s unique features 2
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Unique “Japanese Private Equity” model 0 ∞ Integral Trusted Investor Deepest trust and highest wisdom Seeing “eye-to-eye” with management Our Mission
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41 Hands-on sharing knowhow and experiencesFull on-site support Ultra-long-term commitment Hybrid Investment i-Engine Culture One-Team Why Integral is Differentiated from the Others Principal Hands-on
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42 What’s “ i - Engine” Quickly and seamlessly strengthen internal structure through hands - on management support Overseas business expansion Launch of new businesses Strategic partnerships/M&A Improving cash flow Capital strategy Support for IPO preparations Visualization Organizational restructuring/reform Structure incentive plans Support for business growth On - site Support Integral’s Professionals Management Support for finance Support for accounting and internal controls
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43 Our growth strategy 3
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44 Flagship FundTarget Fund Real Estate Fund I Fund II Fund III Fund IV Fund V Private Equity Fund I GlobalTech Growth Infrastructure Credit Fund I Established & launched in 2025 Feasibility study ongoing Asset class expansion AUM expansion Further Expansion of Asset Classes
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45 Ample opportunities 4
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46 Huge Upside in Japan... PE Deal Value as % of GDP Asset Allocation in Alternative Assets Uses of Fund side Sources of Fund side Japan is unique as both demand and supply to grow Japan United States 1.3% United Kingdom 1.9% Germany 0.7% GPIF (Japan) 1.6% PFA for Local Govt. (Japan) 1.3% Federation of municipalities (Japan) 1.1% GPF (Norway) 2.3% NPS (South Korea) 15.9% CalPERS (US) 28.3% CPPIB (Canada) 53.0% NSSF (China) 14.0% CalSTRS (US) 45.5% 0.4% Source: based on relevant government reports
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47 Business Succession Undervalued Carve-out Shareholder Activism % of small to mid-cap owners aged 70+ 25.3% Increase in succession M&A in the past 5 yrs c. 3X # of transactions % of PE involved in carve-out Activist / financial investor proposals Hostile takeover 74 cases 246 cases PE Business: Why Now? Less than 1.0x 38.8% 20242018 1 case 20242018 P/B of Japanese Firms 5 cases 445 527 2014 2024 2.5% 3.6% 2014 2024 Source: 2025 White Paper on Small and Medium Enterprises in Japan, Recof, FactSet, Refinitiv, Activist Insight etc.
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48 Shift in Investment High Potential for Asset Revitalization The Necessity of Value-Add Investment Manager Scarcity Domestic LP’s Value-Add Investment Allocation ≈20% Non-securitized Real Estate Real Estate in Japan LP: Limited Partner, GP: General Partner Domestic New Construction Volume 100mn㎡ 2025 280mn㎡ 1990 One of the few domestic GPs ≈ 3firms Delivering higher yield opportunities in an inflationary era From new builds to asset enhancement Real Estate Business: Why Now? Sources: Association for Real Estate Securitization (ARES), Sumitomo Mitsui Trust Research Institute, Japan Metropolitan Fund Investment Corporation IR materials, MLIT statistics, etc. for Discretional Value-Add Fund 80%+
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49 Our business model 5
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50 Management Fees Are the Foundation for Our Value Expansion 1 2 3 4 5 6 7 8 9 10 Illustrative model1 FE AUM Investment Period Harvesting Period Fund’s committed capital during investment period ×fixed fee rate (2.0%) Invested capital (book value) during harvesting period ×fixed fee rate (1.85%-2.0%) Total fees increase when a successor fund is established Year 1. Assuming that the next fund is established every 4 years and the fund size increases by 1.5 times for each subsequent fund Fund A Fund B Fund C Investment Period Harvesting Period Investment Period
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51 Investment Period Harvesting Period Investment Period Harvesting Period Investment Period 1 2 3 4 5 6 7 8 9 10 Carried Interest is Realized when the Cumulative Gains Exceed the Hurdle Rate Illustrative model Year Accumulated Carried Interest Fund A Exceeding hurdle rate Fund B Exceeding hurdle rate Based on Fair Value, not recognized as revenue Fund A: Unrealized carried interest Fund A: Realized carried interest (accumulated) Fund B : Unrealized carried interest Fund B : Realized carried interest (accumulated) Fund A Fund B Fund C
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52 Carried Interest Brings Higher Return Illustrative return model1 147.0 98.0 215.6 投資元本 回収総額 3.02.0 34.4 投資元本 回収総額 Assumption +29.4 Directors and employees (¥100m) 20% of profit... ...To GP MOIC1 17.2x: IRR1 103.6%MOIC1 2.2x: IRR1 21.8% Invested amount (LP+GP) ¥10bn GP commitment 2% Investment period 4 yrs Hurdle rate 8% Investment proceeds ¥25bn Hurdle return amount ¥3.6bn LP Return GP Return 1. Net MOIC / IRR calculated based on assumptions. Net MOIC / IRR refer to the investment ratio and internal rate of return, res pectively, based on the investment proceeds received in the project after deducting various expenses (excluding unrealized carried interest) Total gainInvestment principal Investment profit (after reaching hurdle rate) Total gainInvestment principal Investment profit (after reaching hurdle rate) 150 X 2%= 150 X 98%=
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53 Target KPIs DOE 2% 5yr ROE avg. c.15% Capital efficiency Inducing deal opportunities as well as securing solid financial return MOIC c. 3.0x Target return of principal investment Aiming for organic/inorganic FE AUM growth rate 10-20% FE AUM growth rate Maintaining via cost control 30-40% Fee-related revenue margin Growth Strategy Efficient capital allocation and shareholder return
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54 Our financials 6
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55 AUM Fund FV FE-AUM1 Fair value of investments in fund II, III, IV, V series and real estate fund I （Funds in investment period) The larger amount of: capital commitment amount or FV of investments in fund V series, real estate fund I (Funds for which investment period ended) Fair value of investments in fund II, III and IV series + AUM （Funds in investment period) Capital commitment amount of fund V series, real estate fund I (Funds for which investment period ended) Investment acquisition cost of fund II, III and IV series + FE-AUM1 1. The 2% of the Group’s commitment as a General Partner has been excluded from Fee Earning AUM FE - AUM, AUM, and FV （¥100mn） 1,645 3,789 3,661 2024 2025 2026Q2 2,885 5,765 4,689 2024 2025 2026Q2 2,878 3,609 3,067 2024 2025 2026Q2
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56 80 165 39 2024 2025 2026Q2 6 10 7 2024 2025 2026Q2 Unrealized CI by Fund Series Framework : MOIC drives CI CI 200 100 Total Value Investment Expenses Fund profit CI LP portion MOIC 2x Directors & Employees Fund II Series Fund III Series Fund IV Series Unrealized Y13Y12Year 11 Y9Y8Y7 Y6Y5Y4 150 176 174 2024 2025 2026Q2 Realized Realized (¥100mn) Realized Realized Realized Realized
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57 (109) (19) 1 2 3 4 (1,103) 561 2025/12 2026/6 IV III II 3,609 3,067 2025/12 2026/6 III II 222 351 IV V Investee’s FV in our funds (Fair value) Unrealized CI (Carried Interest) Collection Investment & FV fluctuation (¥100mn) FV and Unrealized CI Real Estate Decrease due to CI realization on exits Collection & FV fluctuation
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58 Exits Accumulated profitTotal invested capital Target DPI for CI realization DPI and CI Realization 20% for realized CI Sale amount 20% for realized CI New exit Cumulative collection Cumulative collection New exit Cumulative collection New exit Cumulative collection New exit Cumulative collection New exit Sale amount 20% for realized CI Illustrative model Assumption Total invested capital Exit for CI realization … Investment for a fund is fully completed. DPI is achieving the target of CI realization through multiple exits
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59 Jun. 30, 2025 Jun. 30, 2026 Dec. 31, 2025 Realized profits / (losses) on disposal of investments 0 (14) 0 Fair value movements on investment portfolio 326 1,203 2,350 Fair value movements on subsidiaries measured at fair value (621) (600) 1,969 Dividends 24 91 48 Interest income from investment portfolio 32 0 32 Gross investment return (237) 680 4,400 Fund management fees 3,671 3,860 7,553 Carried interest 1,363 10,983 1,364 Management support fees 156 171 332 Other operating income 2 4 4 Revenue 4,955 15,699 13,655 Personnel expenses 1,374 1,965 2,889 Other SG&A expenses 690 986 1,509 Operating expense 2,064 2,951 4,399 Operating income 2,890 12,748 9,256 Finance income 156 100 303 Finance costs 154 174 295 Profit before income taxes 2,893 12,674 9,264 Income taxes 1,193 3,886 3,190 Profit for the period 1,699 8,788 6,073 Key Financials Consolidated Statements of Financial Position (¥mn)
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60 Dec. 31, 2025 Jun. 30, 2026 Liabilities and equity Liabilities Current liabilities Trade and other payables 983 598 Income taxes payable 1,431 4,297 Consumption taxes payable 229 82 Advances received 2,410 1,783 Loans from subsidiaries measured at fair value 1,300 10,001 Lease liabilities 229 229 Provision for bonuses - 419 Other current liabilities 160 139 Total current liabilities 6,744 17,551 Non-current liabilities Loans 2,107 － Lease liabilities 191 311 Asset retirement obligations 212 212 Deferred tax liabilities 11,619 11,200 Total non-current labilities 14,130 11,724 Total liabilities 20,875 29,276 Equity Share capital 7,634 7,634 Capital surplus 6,459 6,490 Retained earnings 48,333 56,419 Share acquisition rights 0 0 Treasury stock (4) (4) Equity attributable to owners of parent 62,422 70,538 Non-controlling interests 5 27 Total equity 62,428 70,566 Total liabilities and equity 83,303 99,842 Dec. 31, 2025 Jun. 30, 2026 Assets Current assets Cash and cash equivalents 19,277 35,794 Trade and other receivables 901 2,796 Income taxes receivable 1,756 10 Securities － 2,002 Other current financial assets 0 0 Other current assets 191 43 Total current assets 22,128 40,647 Non-current assets Total investments 57,711 57,293 Investment portfolio 14,673 16,140 Investments in subsidiaries measured at fair value 43,037 41,153 Property, plant and equipment 179 145 Right-of-use assets 520 620 Intangible assets 0 0 Loans 2,107 － Loans to subsidiaries measured at fair value 390 857 Other non-current financial assets 264 276 Other non-current assets 1 2 Total non-current assets 61,174 59,195 Total assets 83,303 99,842 Key Financials Consolidated Statements of Financial Position (¥mn)
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61 Jun. 30, 2025 Jun. 30, 2026 Dec. 31, 2025 Cash flows from investing activities Purchase of property, plant and equipment (83) (1) (84) Purchase of securities － (2,001) － Cash flows from investing activities (83) (2,003) (84) Jun. 30, 2025 Jun. 30, 2026 Dec. 31, 2025 Cash flows from operating activities Profit (loss) before income taxes 2,893 12,674 9,264 Depreciation and amortization 176 179 355 Interest and dividend income (214) (192) (384) Interest expenses 154 174 295 Increase (decrease) in provisions 9 419 (258) Decrease (increase) in trade and other receivables 8,650 (1,894) 9,877 Decrease (increase) in investment portfolio (720) (1,466) (7,138) Decrease (increase) in investments in subsidiaries measured at fair value (4,905) 1,884 (7,841) Decrease (increase) in loans 440 2,251 440 Decrease (increase) in loans to subsidiaries measured at fair value (200) (467) (390) Decrease (increase) in other financial assets 0 (10) (0) Decrease (increase) in other assets (77) 67 (49) Increase (decrease) in trade and other payables (471) (391) 86 Increase (decrease) in consumption taxes payable 99 (146) 199 Increase (decrease) in advances received 315 (627) 1,003 Increase (decrease) in other liabilities 3 (21) 41 Others (0) 0 (0) Subtotal 6,152 12,434 5,502 Interest and dividends received 184 125 227 Interest paid (129) (30) (138) Income taxes paid (6,663) (1,449) (6,972) Income taxes refund － 1,756 － Cash flows from operating activities (456) 12,836 (1,380) Jun. 30, 2025 Jun. 30, 2026 Dec. 31, 2025 Cash flows from financing activities Proceeds from loans from subsidiaries measured at fair value 1,540 10,001 2,800 Repayment of loans from subsidiaries measured at fair value (1,500) (1,300) (1,500) Repayment of loans (831) (2,251) － Repayments of lease liabilities (107) (115) (214) Proceeds from sale of treasury stock 31 31 38 Dividends paid (737) (680) (1,317) Cash flows from financing activities (1,605) 5,683 (1,394) Key Financials Consolidated Statements of Financial Position (¥mn) (¥mn) (¥mn)
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62 Reportable segments Others1 Total Eliminations and corporate2 ConsolidatedPE investment business Real Estate investment business Total Revenue Gross investment return (604) 894 290 389 680 － 680 Revenue from external customers3 14,635 384 15,019 0 15,019 － 15,019 Intersegment revenues － － － － － － － Total 14,030 1,279 15,309 390 15,699 － 15,699 Finance income 88 0 88 0 88 12 100 Finance costs (72) (1) (73) (35) (109) (64) (174) Segment profit (loss)4 12,363 1,054 13,418 279 13,697 (1,022) 12,674 Segment assets5 45,856 6,849 52,705 4,587 57,293 － 57,293 June 30, 2026 1. "Others" includes the Group's GlobalTech Growth investment business. 2. "Eliminations and corporate" includes finance income, finance costs, and corporate expenses not attributable to any segment. Corporate expenses primary consist of personnel expenses, depreciation, and amortization. 3. "Revenue from external customers" consists of "Fund management fees," "Carried interest,“ "Management support fees," and "Other operating revenue" on the consolidated statement of profit or loss . 4. "Segment profit (loss)" is based on "Profit before income taxes" on the consolidated statement of profit or loss. Income taxes are not allocated to business segments, due to the Group managing them on a group-wide basis. 5. "Segment assets" is based on "Investments" on the consolidated statement of financial position which is regularly provided tothe Board of Directors as amount of reportable segments assets. (¥mn) Information on Reportable Segments
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Glossary Terms Used Explanation AUM （Assets Under Management） The larger amounts of the capital commitment amounts or fair value of investees for funds in the investment period or funds without a defined investment period, the fair value of remaining investments for funds for which the investment period has ended. FE AUM （Fee Earning AUM） Capital commitment amounts for funds in the investment period or funds without a defined investment period, the acquisition cost of the remaining investments for funds for which the investment period has ended. MOIC （Multiple Of Invested Capital） Total recovery amount and total fair value (FV) of unrealized investments as a percentage of the total investment execution amount for each investment project within each fund series. IRR Internal Rate of Return Principal investment Investment using our group's own funds, rather than fund investments made through funds comprised of capital raised from LPs. Management fees The amount our group receives quarterly from the fund as consideration for fund management. For funds during their investment period or funds with no defined investment period, this amount is calculated by multiplying the committed capital by the management fee rate (annualized 1.85% to 2.00%). For funds after their investment period, it is calculated by multiplying the remaining acquisition cost balance of the investment portfolio by the management fee rate (annualized 1.85% to 2.00%). Management support fees Fee for management support received from investee companies Recurring revenue Sum of fund management fees and management support fees, revenue that is stable and predictable GP （General Partner） This refers to the General Partner (GP), the partner who bears unlimited liability for the fund's operations. This is our group, which acts as the fund operator. LP （Limited Partner） A partner who holds no authority over the fund's operations and whose liability is capped at the amount of capital committed to the fund. This describes the investors in the funds managed by our group. Hurdle rate This is the preferred return specified in the partnership agreement for distributions to the fund's investors. For our current fund series, it's set at 8% per annum on the paid-in capital. Our group, as the General Partner (GP), becomes eligible to receive carried interest only after this rate is exceeded. i-Engine On-site support provided by Integral employees DPI （Distributions to Paid-In capital） The ratio of cumulative distributions to investors to the cumulative capital contributions made by investors in a fund. Carried Interest（CI） This is the distribution amount our group can receive when the fund makes distributions exceeding its hurdle rate. Calculated as 20% of the fund's cumulative profits, minus any carried interest already received. Unrealized Carried Interest The estimated amount of carried interest our group would receive if investee companies were hypothetically sold at their fair value (FV) at each quarter-end, net of any already realized carried interest (representing our group's expected acquisition amount, excluding GP contributions by officers and employees). UCAT Unrealized Carried Interest After Tax The amount of unrealized carried interest after deducting the estimated tax amounts at the time of realization based on the effective tax rate. Economic Net Worth The sum of "Equity attributable to owners of parent" in the Consolidated Statement of Financial Position and UCAT, which indicates the estimated amount of equity that would be attributable to owners of the parent assuming the unrealized carried interest were to be realized