Slides
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Mebuki Financial Group IR Presentation Financial Results for the Third Quarter of FY2025
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1 Contents Financial Results for 3Q25 / Forecast for FY20251 (1) Highlights 3-4 (2) 3Q25 Financial Results 5 (3) Change of Ordinary Profit 6 (4) Consolidated Net Income / Core Net Business Income 7 (5) Loans 8-9 (6) Deposits 10 (7) Securities 11-15 (8) Forecast for FY2025 16-17 (9) Impact of Domestic Interest Rates Rising 18 (10) Yen-denominated Balance Sheet 19 Details of Financial Results for 3Q252 Data3 Breakdown of Banking Subsidiaries 34-39 ＊Unless otherwise mentioned, figures are based on banking subsidiaries (non consolidated-basis). ＊The number used for the year is based on western calendar. (1) Loans 21-23 (2) Average Yield of Loans / Net Interest Income 24 (3) Customer Assets under Custody 25 (4) Fees from Corporate Customers 26-27 (5) Strategic Shareholdings 28 (6) Expenses / OHR 29 (7) Credit Related Costs 30 (8) Status of Non-performing Loans and Delinquent Loans 31 (9) Shareholder Returns / Capital Adequacy Ratio 32
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2 1 Financial Results for 3Q25 / Forecast for FY2025
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3 1 （1） Highlights Results for 3Q25 YoY Change Progress Net income attributable to owners of the parent Consolidated ¥64.6bn +¥15.5bn Previous forecast (¥75.0bn) 86.2% Revised forecast (¥81.0bn) 79.8% Core net business income*1 Banks’ total ¥86.9bn +¥19.9bn － ( o/w Difference of interests between loans and deposits ) ( o/w Fees from customers ) ( o/w Securities income*2 ) ( o/w Expenses (-) ) (¥94.1bn) (¥33.3bn) (¥44.9bn) (85.5bn) (+¥7.6bn) (+¥0.3bn) (+¥16.5bn) (+¥4.7bn) － － － － Gains/losses on securities*3 Credit related costs ¥2.9bn ¥6.4bn +¥3.1bn +¥1.4bn － － ◼ Results for 3Q25 Previous forecast (Revised in Nov. 2025) Revised forecast (Revised in Feb. 2026) Compared to previous forecast Ordinary profit Net income attributable to owners of the parent Consolidated ¥106.0bn ¥75.0bn ¥113.0bn ¥81.0bn +¥7.0bn +¥6.0bn ROE (based on net assets) 7.5% 8.1% +0.6％pt *1 Excluding gains/losses on cancellation of investment trusts and futures and options *2 Excluding gains/losses on cancellation of investment trusts and including interest on BOJ deposits *3 Gains/losses on “Bond transactions +Related to stocks + Cancellation of investment trusts + Futures and options” ⚫ Net income attributable to owners of the parent increased by ¥15.5bn YoY to ¥64.6bn, achieving the highest profit for the third quarter since business integration. While increasing in total expenses by the investment in human capital, etc., the expansion of difference of interests between loans and deposits capturing the rise in domestic interest rates and the increase in securities income, etc. have driven profit growth. ◼ Forecast for FY25 (revised on February 24, 2026)
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4 FY2025 (previous forecast) FY2025 (scheduled)*2 Payout Ratio Total Return Ratio 32.6％ 72.6％ 32.5％ 69.5％ Total amount of dividends ¥26.3bn Total amount ￥56.3bn = Dividends ￥26.3bn + Share acquisition ￥30.0bn ⚫ Based on our upward revision of the full-year forecast, etc., we decided to increase dividends. Annual dividends per share is scheduled to increase by ¥2 from the previous forecast to ¥28. ⚫ The total dividend for FY25 is expected to be ¥26.3 bn (payout ratio of 32.5%), and the total shareholder return including share repurchases is expected to be ¥56.3bn (total return ratio of 69.5%). ＊1 Figures are rounded to the nearest 100 million yen. ＊2 Calculated based on the revised consolidated net profit of ¥81.0bn. 1 （1） Highlights Previous forecast (revised in Nov. 2025) Revised forecast (revised in Feb. 2026) Compared to Previous forecast (Reference) Results for FY2024 Annual Dividends per Share ¥26 ¥28 +¥2 ¥16 (Interim) (Year-end) ( ¥12 ) ( ¥14 ) ( ¥12 ) ( ¥16 ) (±¥0 ) ( +¥2 ) ( ¥7 ) ( ¥9 ) Shareholder Return Policy Increase in Dividends Share Acquisition Shareholders Return (Scheduled) Shareholder Return Policy (after the change) We aim to fundamentally achieve a stable and sustainable increase in dividends per share through profit growth, and target a Dividend Payout Ratio of 40% or more by fiscal year 2027. Additionally, the acquisition of own shares will be dynamically managed based on capital management that considers market trends, performance forecasts, and the strategic use of capital to capture growth opportunities. ◼ Shareholder Returns for FY25 1st (announced in April 2025) 2nd (announced in Oct. 2025) Annual Total (Reference) Results for FY2024 Amount of purchase*1 Number of shares Period of purchase ¥23.0bn 38 million shares From Apr.8,2025 to Jun.20,2025 ¥7.0bn 7 million shares From Oct.7,2025 to Nov.17,2025 ¥30.0bn 46 million shares － ¥20.0bn 31 million shares －
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5 1 （2） Main Points of 3Q25 Financial Results ◼ Mebuki FG (Consolidated) ◼ Joyo + Ashikaga (Non-consolidated) (\bn) YoY Chg Progress Gross Business profit 164.3 22.7 - 資金利益Net interest income 154.3 +37.3 - (o/w Difference of interests between loans and deposits) (96.2) (+8.6) - 資金利益Net fees and commissions 37.3 +1.1 - Net trading income 0.4 0.0 - Net other business income -27.7 -15.7 - Expenses 86.5 5.3 - Credit related cost 8.0 2.8 - Gains/losses related to stocks 17.1 +4.6 - Ordinary profit 89.2 +18.8 78.9% Extraordinary income/losses 2.9 +2.9 - 64.6 +15.5 79.8% YoY Bank Total Net income (a) 62.5 +16.6 Group Companies Net income (b) 5.5 +1.0 Mebuki Lease 0.7 -0.0 Mebuki Securities 0.5 +0.1 Mebuki Credit Guarantee 3.7 +0.9 Mebuki Card 0.2 -0.0 Total of banking subsidiaries 0.3 +0.0 Consolidation Adjustment*1 （c） -1.5 -1.5 Consolidation Adjustment*2 （c'） -1.8 -0.6 64.6 +15.5 【Mebuki FG (Consolidated)】 3Q25 Results Net income attributable to owners of the parent 3Q25 Results Net income attributable to owners of the parent （a）+（b）+（c）+（c'） *1 Mebuki Credit Guarantee received a dividend of ¥1.5 bn from Joyo Credit Guarantee. *2 Adjustments related to securities, etc. *3 Excl. gains/losses on cancelation of investment trusts, and incl. interest on Bank of Japan *4 Gains/losses on bond transactions +related to stocks + cancellation of investment trusts + futures and options (\bn) YoY chg Progress Gross business profit 157.8 +22.7 - Net interest income 154.7 +37.3 - (o/w Gains/losses on cancellation of investment trusts)(1) (15.6) (+13.0) - Net interest income (excl.Gains/losses on cancellation of investment trusts) 139.1 +24.2 - (o/w Difference of interests between loans and deposits(2)) (94.1) (+7.6) - (o/w Securities Income)*3 (44.9) (+16.5) - Net fees and commissions(3) 30.3 +0.8 - Net other business income -27.2 -15.4 - (o/w gains/losses on bond transactions) (4) (-38.3) (-23.3) - (o/w gains/losses on futures and options) (5) (8.1) (+8.3) - (o/w other income related to customers) (6) (2.9) (-0.5) - Expenses(7) 85.5 +4.7 - 72.3 +17.9 - Core net business income 110.6 +41.2 - (excl. gains/losses on cancellation of investment trusts) 95.0 28.2 - 86.9 19.9 - Net transfer to general allowance for loan losses (8) -0.7 +0.4 - Net business income 73.0 +17.4 - Net non-recurrent gains/losses 12.6 +3.1 - (o/w Disposal of non-performing loans (9)) (7.2) (+1.0) - (o/w Gains/losses related to stocks, etc. (10)) (17.6) (+5.1) - Ordinary profit 85.6 +20.6 78.2% Extraordinary income/losses 2.9 +2.9 - Net income 62.5 +16.6 79.1% Profit from customer services (2)+(3)+(6)-(7) 41.9 +3.3 Credit related cost (8)+(9) 6.4 +1.4 Gains/losses on securities*4 (1)+(4)+(5)+(10) 2.9 +3.1 3Q25 Results【Joyo + Ashikaga (Non-consolidated)】 Net business income (before general allowance for loan losses) Core net business income (excl. gains/losses on cancellation of investment trusts and futures and options)
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6 ⚫ The expansion of difference of interests between loans and deposits capturing the rise in domestic interest rates and the increase in securities income due to the maintenance effect of our securities portfolio, etc., have led to increase core net business income (+¥19.9bn, YoY), resulting in ordinary profit (bank total) increasing by ¥20.6 bn (YoY). 1 （3） Change of Ordinary Profit (Bank total / non-consolidated) ◼ Year-on-Year Changes of Ordinary Profit (Bank total) (¥bn) Ordinary profit 85.6 Gains/ losses on securities*2 +3.1Security margins +16.5 Credit related costs (-) +1.4 Net non- recurrent gains/ Losses*3 -0.9 ◼ Factors of Increase / Decrease in Main Items (¥bn) Items Breakdown Increase / Decrease Difference of interests between loans and deposits +7.6 ⚫ Yen denominated loans ⚫ Foreign currency denominated loans ⚫ Loans to special account of MoF ⚫ Yen denominated deposits(-) ⚫ Foreign currency denominated deposits(-) +27.3 -1.3 +0.5 +19.2 -0.3 Fees from customers +0.3 ⚫ Fees from corporate customers (incl. derivatives CVA) ⚫ Customer assets related ⚫ Individual loans related fees ⚫ EB / Internet banking related fees ⚫ Group life insurance related fees (-) +0.0 -0.2 +0.6 +0.2 +0.3 Security margins +16.5 ⚫ Interest and dividend on securities (Yen denominated) ⚫ (Foreign currency denominated) ⚫ Market borrowings, etc. (Yen denominated) (-) ⚫ (Foreign currency denominated) (-) ⚫ Interest on Bank of Japan deposits +10.3 -3.3 +3.9 -7.7 +5.7 Gains/losses on securities +3.1 ⚫ Bond transactions ⚫ Related to stocks ⚫ Cancelations of Investment trusts ⚫ Futures and options -23.3 +5.1 +13.0 +8.3 *1 Excluding gains/losses on cancellation of investment trusts and futures and options *2 Gains/losses on “Bond transactions +Related to stocks + Cancellation of investment trusts + Futures and options” *3 Increase in retirement benefit expenses, etc. Increase Decrease Ordinary profit 65.0 3Q24 3Q25 YoY +20.6 Core net business income*1 +¥19.9bn Difference of interests between loans and deposit +7.6 Fees from customers +0.3 Expenses (-) +4.7
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7 78.7 79.3 84.0 86.4 94.1 27.7 31.1 30.2 32.9 33.3 37.8 31.5 19.2 28.4 44.9 -80.9 -77.5 -78.5 -80.8 -85.5 63.4 64.4 54.9 67.0 86.9 '21/1-3Q '22/1-3Q '23/1-3Q '24/1-3Q '25/1-3Q 38.4 31.8 32.3 46.1 64.6 5.0% 4.6% 4.6% 6.6% 8.4% '21/1-3Q '22/1-3Q '23/1-3Q '24/1-3Q '25/1-3Q 1 （4） Consolidated Net Income / Core Net Business Income ◼ Changes of Consolidated Net Income / ROE (¥ bn) ⚫ Consolidated net income increased by ¥15.5bn YoY to ¥64.6bn, maintaining a growth trend. ⚫ The expansion of difference of interests between loans and deposits capturing the rise in domestic interest rates and the improvement in securities income have led to increase core net business income, resulting in the highest profit for the third quarter since business integration. ◼ Changes of Core Net Business Income*1(Bank total) (¥ bn) +4.7 +7.6 +0.3 +16.5YoY +15.5 Strengthening human capital and strategic investments Enhancing loan balance / Benefit from rising interest rates Increase in fees related to individual loans Portfolio replacement effect ROE (based on net assets) FG consolidated net income Core net business income*1 Difference of interests between loans and deposits Securities income*2 Expenses(-) Profit from customer services *1 Excluding gains/losses on cancellation of investment trusts and futures and options *2 Excluding gains/losses on cancellation of investment trusts *3 Based on Core Gross Business Profit (Excluding gains/losses on cancellation of investment trusts and futures and options) （Core OHR*3） （56.0％） （54.6％） （58.8％） （54.6％） （49.6％）
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8 885.7 768.4 671.2 466.2 285.0 340.0 385.6 12,404.7 12,588.5 12,742.7 12,809.6 13,064.6 13,359.3 13,787.3 Dec-23 Dec-24 Dec-25 Total +552.4 +4.7% +708.1 +5.8% +622.0 +4.8% Corporate +388.8 +6.9% +595.2 +9.9% +405.6 +6.1% Individual +83.7 +1.6% +100.2 +1.9% +122.0 +2.3% Public +79.8 +9.5% +12.6 +1.3% +94.3 +10.1% 1 （5） Loans －Term-end Balance－ ◼ Term-end Balance *1 (Bank total) (¥bn) ◼ Year on Year Changes (¥bn) ＊1 Not including loans to special account of MoF Loans to special account of MoF (¥bn) Total loans (¥bn) ◼ YoY Change in Difference of Domestic Interests between Loans and Deposits (¥bn) ⚫ Amount of loans increased by ¥622.0bn (YoY) and the growth was +4.8%(annualized). Loans to corporate customers maintained a high growth rate, while loans to individual customers also showed steady progress. ⚫ Difference of domestic interests between deposits and loans increased by ¥8.6bn due to an increase in loan interest (average balance +¥664.0bn, yield +23.2bp) that exceeds the interest paid on deposits. Yield Average Balance +¥664.0bn +23.2bp +¥622.0bn +4.8%+¥708.1bn +5.8%+¥552.4bn +4.7% -2.9 -1.8 -1.7 -1.6 +3.8 +22.0 +1.6 +0.8 + +3.9 +4.1 +5.2 +0.2 +0.5 +0.1 + -0.0 +0.0 -5.5 -19.2 -1.1 -0.6 -0.9 +2.3 +2.6 +8.6 '20/1-3Q '21/1-3Q '22/1-3Q '23/1-3Q '24/1-3Q '25/1-3Q Loan yield factor Loan average balance factor Domestic loan factor Deposit factor YoY 836.3 988.5 916.1 1,029.6 928.7 1,077.1 1,023.1 5,104.2 5,136.7 5,188.0 5,214.3 5,288.3 5,321.2 5,410.3 5,578.4 5,694.8 5,967.3 6,099.4 6,562.5 6,620.8 6,968.1 11,519.0 11,820.1 12,071.4 12,343.4 12,779.6 13,019.3 13,401.6 Dec-22 FYE22 Dec-23 FYE23 Dec-24 FYE24 Dec-25 Corporate Individual Public
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9 1.656 1.637 1.633 1.641 1.678 1.722 1.814 1.905 2.079 2.111 2.149 1.4 1.6 1.8 2.0 2.2 '23/1Q '23/2Q '23/3Q '23/4Q '24/1Q '24/2Q '24/3Q '24/4Q '25/1Q '25/2Q '25/3Q 0.894 0.892 0.887 0.881 0.874 0.867 0.910 1.002 1.079 1.238 1.233 0.6 0.8 1.0 1.2 1.4 '23/1Q '23/2Q '23/3Q '23/4Q '24/1Q '24/2Q '24/3Q '24/4Q '25/1Q '25/2Q '25/3Q 0.494 0.503 0.507 0.543 0.664 0.7790.882 1.095 1.178 1.184 1.252 0.2 0.5 0.8 1.1 1.4 '23/1Q '23/2Q '23/3Q '23/4Q '24/1Q '24/2Q '24/3Q '24/4Q '25/1Q '25/2Q '25/3Q ⚫ Yen-denominated loan interest rates have risen for both floating- and fixed-rates. For floating-rate loans, the interest rate increase in both short-term prime-rate linked and market-linked loans have been progressing smoothly. ⚫ Following the additional increase in domestic policy rate in December 2025, further rises in yen-denominated loan interest rates are expected. 1 （5） Loans －Yield in Yen-denominated Loans － +42.7bp +36.6bp+74.5bp ＊1 The short-term prime rate increase is a total of +15.0bp in Sep.,2024 and +25.0bp in Mar.2025. Additionally, the short-term prime rate will increase in Feb. 2026 (+25.0bp) , following the domestic policy interest rate increase in Dec. 2025. Floating-rate Yen-denominated (total) Fixed-rate Short-term Prime-rate Linked Loans (Businesses/Individuals) ◼ Yield on Yen-denominated Loans (Quarterly Trend / %) ◼ Yield on Short-term Prime-rate Linked Loans (Businesses/Individuals) (Quarterly Trend / %) Market-Linked Loans Short-term Prime-rate Linked Housing Loans ◼ Yield on Market-Linked Loans (Quarterly Trend / %) ◼ Yield on Short-term Prime-rate Linked Housing Loans (Quarterly Trend / %) 1.037％ （’25/3Q） 0.872％ （’23/1Q） Difference of interests between loans and deposits Floating-rate (excl. MoF) ¥8.4 trillion （62％） Fixed-rate ¥4.8 trillion （35％） Average remaining maturity 4.3 years 0.874 0.870 0.874 0.887 0.932 0.957 1.001 1.079 1.155 1.223 1.238 1.011 1.005 0.999 0.995 1.027 1.059 1.123 1.233 1.330 1.403 1.422 0.810 0.805 0.811 0.818 0.828 0.844 0.851 0.870 0.901 0.922 0.949 0.7 0.9 1.1 1.3 1.5 '23/1Q '23/2Q '23/3Q '23/4Q '24/1Q '24/2Q '24/3Q '24/4Q '25/1Q '25/2Q '25/3Q Market-linked ¥3.0 trillion （22％） +74.8bp （ 4Q23 → 3Q25） TIBOR 3M Approximately 100％ (3Q25) Pass-through rate （Re）Timing of reflecting the short-term prime rate increase ⚫ Reflects the short-term prime rate increase for Feb. 2026 (+25.0bp) from June 2026. Short-term Prime-rate linked (housing) ¥3.6 trillion （27％） Short-term Prime- rate linked (business/individual)) ¥1.7trillion （13％） +40.0bp （ Total after Sep.’24 *1 ) Increase of short- term prime-rate Over 100％ (3Q25) Pass-through rate
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10 4,824.4 5,457.1 5,881.9 5,736.1 5,267.0 4,664.4 69% 66% 65% 67% 70% 73% FY20 FY21 FY22 FY23 FY24 3Q25 ⚫ Balance of deposits increased by ¥207.0bn YoY (+1.1% annualized). ⚫ Although the growth rate of both corporate and individual deposits is slowing, we have made efforts to strengthen the acquisition of sticky deposits by promoting the use of settlement transactions as the main accounts. 1 （6） Deposits －Term-end Balance－ ◼ Term-end Balance *1 (Bank total) (¥bn) ◼ Year on Year Changes (¥bn) ＊1 Including NCD Dec-23 Dec-24 Dec-25 Total +431.6 +2.4％ +148.3 +0.8％ +207.0 +1.1％ Corporate +211.0 +5.2％ +81.9 +1.9％ +19.2 +0.4％ Individual +189.8 +1.5％ +126.6 +1.0％ +51.5 +0.4％ Public +3.07 +2.7％ -60.1 -5.2％ +136.2 +12.4％ ◼ Yen-denominated Loan-to-Deposit Ratio / Gap (Average balance/ including NCD) (¥bn) The loan-to-deposit ratio recovered to the 70% range, due to the increase in loans. The loan-to-deposit gap widened during the COVID-19 pandemic. Loan-to-Deposit Gap Loan-to-Deposit Ratio +207.0bn +1.1% +148.3bn +0.8% +431.6bn +2.4% 1,121.7 1,455.2 1,152.4 1,414.6 1,092.2 1,420.8 1,228.5 12,154.8 12,035.1 12,344.6 12,222.5 12,471.2 12,269.1 12,522.8 4,009.1 4,085.0 4,220.1 4,235.7 4,302.1 4,309.3 4,321.4 17,285.7 17,575.4 17,717.3 17,872.9 17,865.7 17,999.2 18,072.8 Dec-22 FYE22 Dec-23 FYE23 Dec-24 FYE24 Dec-25 Corporate Individual Public
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11 2.4 -21.3 -34.4 -33.3 -103.5 -168.1 35.6 -14.2 -13.9 -14.6 -8.3 -2.0 139.4 131.5 101.7 151.9 113.6 161.8 33.1 32.9 -28.4 4.6 8.8 72.7 210.7 128.9 24.9 108.6 10.6 64.4 FYE20 FYE21 FYE22 FYE23 FYE24 Dec-25 -6.2 -7.1 -87.3 -39.2 -40.4 -38.3 10.0 3.5 45.0 18.7 22.7 17.6 6.8 1.7 7.1 5.2 3.6 15.6 -0.1 -0.4 8.0 3.9 -0.4 8.1 FY20 FY21 FY22 FY23 FY24 '25/1-3Q Gains/losses on futures and options Gains/losses on cancellation of investment trusts Gains/losses related to stocks Gains/losses on bond transactions 4.0 -18.0 -30.1 -33.8 -68.3 -73.7 139.7 132.7 101.7 151.9 113.6 159.5 33.1 32.9 -28.4 4.6 8.8 72.7 35.6 -14.2 -14.5 -11.7 -5.2 2.9 212.5 133.3 28.5 111.0 48.9 161.6 FYE20 FYE21 FYE22 FYE23 FYE24 Dec-25 1 （7） Securities － Overall Portfolio － ◼ Balance (Consolidated / Carrying amount) (¥bn) ◼ Unrealized valuation gains/losses on available for sales securities *3 (Consolidated) (¥bn) ◼ Gains and losses on securities*2 (bank total) (¥bn) Unrealized valuation gains/losses on securities*3 －After considering deferred gains(losses) on hedges*4－ *1 Excl. stocks without market quotations (unlisted stocks etc.). ＊2 Gains/losses on “cancellation of investment trusts + bond transactions + related to stocks + futures and options” *4 Unrealized valuation gains/losses on interest rate swap for hedging purposes related to available for sales securities *3 After considering adjustments arising from the difference in carrying amounts of securities (PPA) Gains/losses on securities Total (¥bn) 10.4 -2.3 -27.0 -11.2 -14.5 2.9 1.7 4.3 3.5 2.3 38.2 97.2 Deferred gains(losses) on hedges(¥bn) Investment trusts, etc. Stocks Domestic bonds Foreign bonds Investment trusts, etc. Stocks Domestic bonds Foreign bonds Domestic bonds Foreign bonds -¥37.7bn O/W ASW -¥13.1bn -¥0.6bn ⚫ We continued operations while closely monitoring domestic and international monetary policies and stock price trends, resulting in the balance (carrying amount) of ¥4,007.7bn. ⚫ We implemented a partial replacement of domestic bonds (asset swaps) for the purpose of risk control and profit improvement, securing valuation gains (after considering deferred gains (losses) on hedges) of ¥161.6 bn. 2,510.6 2,745.1 2,205.9 2,363.8 2,512.4 2,301.5 959.5 967.3 622.8 836.0 797.5 826.0 265.8 254.1 211.3 278.7 243.8 280.5 597.2 715.5 622.2 654.8 659.3 599.5 4,333.2 4,682.3 3,662.3 4,133.5 4,213.2 4,007.7 FYE20 FYE21 FYE22 FYE23 FYE24 Dec-25 Investment trusts, etc. Stocks*1 Foreign bonds Domestic bonds
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12 ASW 1-3 years 4-6 years 7-9 years 10 years - Total Dec-25 about 1.00％ about 0.30％ about 1.00％ about 1.00％ about 1.80％ 1.04％ FYE24 about 0.75％ about 0.20％ about 0.85％ about 0.75％ about 1.25％ 0.77％ FYE23 about 0.15％ about 0.25％ about 0.60％ about 0.45％ about 0.70％ 0.45％ 0 3,000 6,000 9,000 ASW 1 year 2 - 3 years 4 - 6 years 7 - 9 years 10 years - Balance (FYE23) Balance (FYE24) Balance (Dec-25) ⚫ A partial replacement of domestic bonds (including asset swaps) has been implemented for risk control and profit improvement. ⚫ We will continue to closely monitor domestic interest rate trends, repurchase bonds corresponding to the amount redeemed, and increase the yield on our holdings. 1 （7） Securities － Domestic Bonds － FYE23 FYE24 ① Balance 2,412.4 (O/W ASW 90.0) 2,626.5 (O/W ASW 700.0） Valuation gains/losses*2 -26.6 -66,9 Yield 0.45％ 0.77% 10bpv -9.5 -8.9 Duration 3.9 years 3.3 years Dec-25 ② Change ②－① Balance 2,478.4 (O/W ASW 725.0) -148.1 Valuation gains/losses*2 -80.0 -13.1 Yield 1.04％ +0.26％pt 10bpv -8.2 +0.6 Duration 3.3 years -0.0 year 1H25 cumulative 3Q25 (Oct-Dec) 1-3Q/25 cumulative Purchase +approx. 225.0 （O/W ASW 95.0） +approx. 115.0 （O/W ASW 20.0） +approx. 340.0 （O/W ASW 115.0） Sale -approx. 115.0 （O/W ASW 90.0） -approx. 90.0 （O/W ASW -） -approx. 205.0 （O/W ASW 90.0） Redemption -approx. 140.0 -approx. 145.0 -approx. 285.0 Total -approx. 30.0 -approx. 120.0 -approx. 150.0 Gains/losses on securities*3 -11.8 -17.7 -29.6 ◼ Overview of Domestic Bonds*1 (Bank Total) (¥bn) *1 Including bear funds and hedged swaps, etc. Asset swaps(ASW) are stated on notional amount basis. *2 After considering adjustments arising from the difference in carrying amounts of securities (PPA) *3 After considering the gains on cancellation of swap (futures and options gains/losses) due to the replacement of asset swaps(ASW) . ◼ Yield on Domestic Bonds by Maturity (Bank Total)◼ Status of Domestic Bond's*4 Ladder / Yield by Year (Bank Total) (¥bn) Going forward, we will continue to repurchase bonds corresponding to the amount redeemed and increase the yield on our holdings. *4 Excluding private placement investment trusts. Asset swaps(ASW) are stated on notional amount basis. 900.0 600.0 300.0 0.0
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13 1 （7） Securities － Domestic Bonds (reference) － ◼ Balance of Domestic Bonds*1 with Yields of 0.40% or less by Maturity (bank total) (¥bn) 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 ASW 1年 2～3年 4～6年 7～9年 10年～ASW 1 year 2 – 3 years 4 – 6 years 7 – 9 years 10 years – Mar-2025 Dec-2025 Yields of 0.40％ or less Yields of 0.40％ or less Balance of Domestic Bonds with Yields of 0.40% or less approx.¥355.0bn approx.¥275.0bn approx.¥110.0bn approx.¥85.0bn approx.¥30.0bn approx.¥230.0bn approx.¥225.0bn approx.¥60.0bn approx.¥10.0bn Not holding ＊1 Excluding private placement bonds, including bear funds and hedged swaps, etc. Asset swaps(ASW) are stated on notional amount basis. Point 1 Balance of Domestic Bonds with Yields of 0.40％ or less (share of the total balance) End of Mar. 2025 End of Dec. 2025 approx.¥855.0 bn（34%） approx.¥525.0 bn（22%） Yields of Total Domestic Bonds ／ Duration End of Mar. 2025 End of Dec. 2025 0.77% ／ 3.3 years 1.04% ／ 3.3 years Point 2 ⚫ We proceeded with the sale of low-yield bonds, reducing the balance of bonds with yields of 0.40% or less to approximately ¥525.0bn as of the end of Dec. 2025, shrinking their share to 22% of the total balance. ⚫ At the same time, while maintaining a short duration, the overall yield has been raised to a level exceeding 1.00%. Yields of 0.40％ or less Yields of 0.40％ or less 800.0 700.0 600.0 500.0 400.0 300.0 200.0 100.0 0.0
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14 0 1,000 2,000 3,000 4,000 ASW 1 year 2 years 3 years 4 years 5 years 6 years 7 years 8 years 9 years 10 years Balance (FYE23) Balance (FYE24) Balance (Dec-25) ⚫ For foreign bonds, we maintain a balanced portfolio consisting of floating-rate bonds (CLOs / ASW) and fixed-rate bonds. ⚫ We will secure stable interest margins from floating-rate bonds while maintaining their balance. And also, we will accumulate fixed-rate bonds at levels that can secure interest margins over the medium to long term, considering expected lower funding cost due tointerest rate cuts. 1 （7） Securities － Foreign Currency Bonds － FYE23 FYE24 ① Balance ( O/WFloating –rate bonds) 820.9 ( 353.1 ) 783.7 ( 396.4 ) Yield 5.41％ 4.79％ Funding cost 5.03％ 4.06％ Interest Margin 0.37％ 0.73％ 10bpv -2.4 -2.0 Duration 3.0 years 2.5 years Dec-25 ② Change ②－① Balance ( O/WFloating –rate bonds) 806.8 （410.3） +23.0 Yield 4.73％ -0.05％pt Funding cost 3.66％ -0.39％pt Interest Margin 1.06％ +0.33％pt 10bpv -1.8 +0.1 Duration 2.2 year -0.3 year 1H25 （Apr.- Sep.) 3Q25 （Oct.-Dec.) 1-3Q/25 cumulative Purchase +approx.86.0 （61.0） +approx. 42.0 （19.0） +approx. 128.0 （80.0） Sale -approx.17.0 -approx. 35.0 -approx. 52.0 Redemption -approx.42.0 -approx. 38.0 -approx. 80.0 Total +approx.27.0 -approx. 31.0 -approx. 4.0 Foreign exchange factor -approx. 5.0 +approx. 32.0 +approx. 27.0 Gains/losses on securities +0.0 - 0.6 - 0.6 22.2% 36.4% 43.0% 50.5% 50.8% FYE21 FYE22 FYE23 FYE24 Dec-25 ◼ Overview of Foreign Currency Bonds (Bank Total / USD Bonds) (¥bn) ◼ Status of Foreign Currency Bond's Ladder (Bank Total / USD Bonds *1 ) (¥bn) ◼ Floating/fixed Ratios of Foreign Bonds (Bank Total / USD Bonds*2) Floating Fixed *2 Including asset swaps. *1 Floating-rate bonds are recorded as 1 year. Asset swaps(ASW) are stated on notional amount basis. We expect stable interest margins from floating- rate bonds and expanded margins from fixed-rate bonds due to lower funding cost. 400.0 300.0 200.0 100.0 0.0
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15 ⚫ We have controlled the risk amount and duration of both yen-denominated bonds and foreign bonds, taking into account interest rate trends. ⚫ In a situation where uncertainty in domestic and international financial markets is increasing, we have built a securities portfolio with appropriate risk tolerance. 1 （7） Securities － Controlling Interest Rates Risk － Risk amount (10bpv *2 ) （¥bn） ◼ Yen-denominated Bonds*1 (Bank total) Duration*3（year） Yield（％） ◼ Foreign Bonds*1 (Bank total/ USD-denominated) Securities spread (Total of fixed and floating bonds:％)Risk amount (10bpv *2 ) （¥bn） Duration*3（year） *1 After considering hedging by bear funds and swaps *2 Decrease in the present value when assuming interest rates rise by 10bp (0.10%) for all periods *3 Average remaining period for principal in bonds investment L SRisk amount L SRisk amount -15.0 -11.4 -9.7 -9.5 -8.7 -8.9 -8.2 Dec-22 Mar-23 Dec-23 Mar-24 Dec-24 Mar-25 Dec-25 -1.9 -1.9 -2.1 -2.4 -2.4 -2.0 -1.8 Dec-22 Mar-23 Dec-23 Mar-24 Dec-24 Mar-25 Dec-25 6.1 5.3 4.3 3.9 3.3 3.3 3.3 Dec-22 Mar-23 Dec-23 Mar-24 Dec-24 Mar-25 Dec-25 0.40% 0.42% 0.44% 0.45% 0.62% 0.77% 1.04% Dec-22 Mar-23 Dec-23 Mar-24 Dec-24 Mar-25 Dec-25 3.1 3.2 2.8 3.0 2.6 2.5 2.2 Dec-22 Mar-23 Dec-23 Mar-24 Dec-24 Mar-25 Dec-25 0.14% 0.39% 0.22% 0.37% 0.62% 0.73% 1.06% Dec-22 Mar-23 Dec-23 Mar-24 Dec-24 Mar-25 Dec-25
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16 ⚫ Based on the results for 3Q25 and future outlook, we revised the consolidated earnings forecast upward again. ⚫ For the fiscal year 2025, we plan consolidated ordinary profit of ¥113.0bn, an increase of ¥7.0bn from the previous forecast, and net income of ¥81.0bn (+ ¥6.0bn from the previous forecast). 1 （8） Forecast for FY2025 Mebuki FG Consolidated (¥bn) Total of Two Subsidiary Banks (¥bn) ◼ Forecast for FY2025 (Ordinary Profit / Net Income) Forecast for FY2025 Results for 3Q25 Compared to previous forecast Progress Ordinary Profit 113.0 +7.0 89.2 78.9% Net income attributable to owners of the parent 81.0 +6.0 64.6 79.8% Forecast for FY2025 Results for 3Q25 Compared to previous forecast Progress Ordinary Profit 109.5 +7.0 85.6 78.2% Net Income 79.0 +6.0 62.5 79.1% Subsidiary Banks (Non-consolidated) (¥bn) Forecast for FY2025 Results for 3Q25 Compared to previous forecast Progress Ordinary Profit 68.0 +3.0 54.4 80.0% Net Income 49.5 +2.5 40.4 81.6% Joyo Bank Forecast for FY2025 Results for 3Q25 Compared to previous forecast Progress Ordinary Profit 41.5 +4.0 31.2 75.2% Net Income 29.5 +3.5 22.0 74.8% Ashikaga Bank
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17 1 （8） Forecast for FY2025 （\bn） Core gross business profit 238.5 +13.0 180.5 75.7% Net interest income (Excluding gains/losses on cancellation of investment trusts) 186.5 +8.5 139.1 74.6% Difference of interests between loans and deposits 126.0 +2.0 94.1 74.7% Securities' income (Excluding gains/losses on cancellation of investment trusts) 60.5 +6.5 44.9 74.3% (O/W Interest on Bank of Japan deposits) 15.5 +2.0 11.9 76.9% Fees from customers*1 44.0 +1.0 33.3 75.7% Expenses 116.0 -0.5 85.5 73.7% Core net business income*2 114.5 +10.0 86.9 75.9% Gains/losses on securities*3 2.5 -1.5 2.9 119.5% Credit related costs 10.0 +1.0 6.4 64.8% Ordinary profit 109.5 +7.0 85.6 78.2% Net income 79.0 +6.0 62.5 79.1% Profits of Group Companies 6.5 +0.5 5.5 86.1% Consolidation adjustment (Adjustments related to securities,etc. ) -4.5 -0.5 -3.3 - Net income attributable to owner of the parent 81.0 +6.0 64.6 79.8% ROE (based on net assets) 8.1% +0.6% 8.4% - RORA 1.15% +0.08% 1.24% - Forecast for FY25 vs. prior forecast Progress 3Q25 Results 【Joyo+Ashikaga】 【Mebuki FG Consolidated】 *1 Net fees and commissions + Income related to derivatives for customers + foreign exchange *2 Excluding gains/losses on cancellation of investment trusts and futures and options *3 Gains/losses on “bond transactions +related to stocks + cancellation of investment trusts + futures and options” 1 2 3 4 ◼ Breakdown of Forecast for FY2025 ◼ Main Reasons of Change (compared to previous forecast) (¥ bn) Factors Main Reasons Difference of interest between loans and deposits +2.0 ⚫ (Yen-denominated) Interest on loans +2.5 / Interest on deposits(-)+2.0 ⚫ (Foreign currency) Interest on loans +0.5 / Interest on deposits(-) ±0.0 ⚫ Interest on loans to special account of MoF +1.0 Securities’ income +6.5 ⚫ Increase in interest and dividends from domestic bonds (incl. ASW) ⚫ Increase in dividends from investment trusts and stocks, etc. ⚫ Increase in interest on BOJ deposits +2.0 Gains/losses on securities -1.5 ⚫ Profit improvement by the change in our securities portfolio ⚫ Gains on sales of strategic shareholdings and investment trusts due to rising stock prices Credit related costs (-) +1.0 ⚫ Reflecting the current situation such as rising prices, soaring labor costs, and increased borrowing burdens caused by interest rate rising 1 2 3 4 75.0 81.0 Forecast for FY25 Consolidated net income (Previous forecast) Forecast for FY25 Consolidated net income (After upward revision) Compared to previous forecast +6.0 Increase Decrease Expansion of core business profit (Main reason for upward revision) Response based on market changes Difference of interest between loans and deposits +2.0 Securities’ income +6.5 Gains/ losses on securities*3 -1.5 Credit related costs ( - ) +1.0 Others Expenses ( - ) -0.5 Fees from customers +1.0
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18 +160 +256 +352 1年後 2年後 3年後 +238 +350 +462 1年後 2年後 3年後 ⚫ Assuming the yen-denominated balance sheet as of end of Dec. 2025, we have estimated the impact on net interest income due to the rising interest rate. ⚫ If the policy rate is maintained at 0.75%, the positive impact after 3 years is expected to be approximately ¥35.0bn. And if the policy rate increases to 1.00%, the impact is expected to be around ¥46.0bn. 1 （9） Impact of Domestic Interest Rates Rising +¥16.0bn (+¥11.0bn / +1.0%) +¥46.0bn (+¥32.0bn / +3.0%)+¥35.0bn (+¥24.5bn / +2.3%)+¥24.0bn (+¥16.5bn / +1.6%) +¥35.0bn (+¥24.5bn / +2.3%) ◼ Impact on Net Interest Income (Estimate / Bank total) Simulation 1 Interest rate scenario ： Policy rate 0.75％(unchanged) • TIBOR：Rise approximately in line with policy rate. • Short-term prime rate：2.625% • 5-year swap rate (base rate of fixed-rate loans): 1.20% • TIBOR：Rise approximately in line with policy rate. • Short-term prime rate：2.875% • 5-year swap rate(base rate of fixed-rate loans): 1.45% Simulation 2 Interest rate scenario ： Policy rate 1.00％(+0.25%) Impact on Net Interest Income (Net income equivalent / ROE improvement effect*1) Interest on loans Interest on deposits (-) Interest on BOJ deposits Interest on yen- denominated bonds 1 year later 2 years later 3 years later 1 year later 2 years later 3 years later ≒Main scenario of the Mid-Term Plan (FY2026-FY2027) ＊1 The effect on ROE improvement was calculated based on net assets as of the end of Dec. 2025.＜Assumption＞ ✓ Balance of loans, deposits and yen bonds will stay the same as the portfolio as of end of Dec. 2025. ✓ The pass-through rate for housing loans to the short-term prime-rate is set at 100%. For businesses / individuals, at 70%. ✓ Fixed-rate loans will be executed at the rate of the due date based on current 5-year swap rate for maturing amounts. The pass-through rate is set at 70%. ✓ Deposit rate is set with the pass-through rate of 40% for liquid deposits and 60% for time deposits (incl. NCDs). ✓ Yen bonds will reflect the rise in interest rates for the repurchase of maturing fixed-rate bonds and floating-rate bonds (asset swaps). ✓ Consider the decrease in balance of BOJ’s deposits due to the maturity of the Bank of Japan’s Common Collateral Operations (loan enhancement support operations). Interest on loans Interest on BOJ deposits Interest on yen- denominated bonds Interest on deposits (-) +¥25.5bn (+¥17.5bn / +1.7%)
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19 Deposits Floating rate Liquid 18.0 trillion yen 15.9 trillion yen 13.6 trillion yen (89%) (79%) Fixed -term (less than 1 year) 1.9 trillion yen Negotiable 0.4 trillion yen Fixed rate (1- less than 5 years) (Term deposits) 2.0 trillion yen 2.1 trillion yen (Over 5 years) (10%) 0.1 trillion yen Market borrowing Short-term borrowing 0.8 trillion yen 0.8 trillion yen (4%) (4%) Others Borrowing from BOJ 1.4 trillion yen 1.4 trillion yen (7%) (7%) Total liabilies 20.1 trillion yen - - 1 （10） Yen-denominated Balance Sheet ◼ Breakdown of Yen-denominated Balance Sheet (as of end of December 2025) Assets Liabilities Loans Floating rate Short-term prime- 13.6 trillion yen 8.8 trillion yen rate linked (68%) (44%) 5.4 trillion yen Market-rate linked 3.0 trillion yen MOF 0.4 trillion yen Fixed rate Maturity 4.8 trillion yen (within 5 years) (24%) 3.3 trillion yen (5-10 years) 1.2 trillion yen (Over 10 years) 0.4 trillion yen Securities Yen denominated Asset swaps 3.1 trillion yen bonds 0.7 trillion yen (15%) 2.5 trillion yen (within 5 years) (12%) 1.0 trillion yen (5-10 years) 0.7 trillion yen (Over 10 years) 0.1 trillion yen Investment trust, etc. 0.6 trillion yen Others Deposits with BOJ 3.4 trillion yen 3.1 trillion yen (17%) (15%) Total assets 20.1 trillion yen - - Floating rate 63％ (¥12.6 trillion) Fixed rate 33％ (¥6.6 trillion) Others 4％ (¥0.9 trillion) Floating rate （Including loans to special account of MoF） 65％ (¥8.8 trillion) Fixed rate 35％ (¥4.8 trillion) 2,223.9 1,033.8 1,187.7 379.4 Within 3 years 4-5 years 6-10 years Over 10 years (21％) (25％) (8％) ※ The average remaining maturity of fixed rate loans (¥ 4.8 trillion) is 4.3 years. Status of the domestic loan ladder (¥ bn) (Composition ratio：46％) Composition of Assets by Interest type (Total Assets：¥20.1 trillion) (Loans ：¥13.6 trillion) Composition of Loans by Interest type Average remaining maturity 1.6 years Average remaining maturity 0.2 years Average remaining maturity 4.3 years Average remaining maturity 3.3 years (after hedging) Average remaining maturity 1.8 years
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20 2 Details of Financial Results for 3Q25
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21 208.4 200.6 144.9 200.5 251.6 334.9 316.6 '19/3Q '20/3Q '21/3Q '22/3Q '23/3Q '24/3Q '25/3Q 3,440.5 3,459.3 3,586.2 3,591.9 3,786.8 3,820.8 3,988.1 2,137.8 2,235.5 2,381.0 2,507.5 2,775.6 2,799.9 2,980.0 5,578.4 5,694.8 5,967.3 6,099.4 6,562.5 6,620.8 6,968.1 Dec-22 FYE22 Dec-23 FYE23 Dec-24 FYE24 Dec-25 ⚫ Corporate loans are on an increasing trend regardless of corporate size or area. ⚫ Capturing strong demand for equipment financing following the COVID-19 pandemic and working capital needs driven by rising prices and resource costs, the loan balance has maintained a high growth rate of +6.1% (annualized). 2 （1） Loans － Corporate Loans － Amount of increase/decrease(YoY) (Annual change ratio) Balance Dec-25 Dec-24 Dec-23 Dec-25 Real estate Manufacturing Financial / Insurance Various service industries Transportation / Postal service +133.7 +61.1 +58.9 +38.4 +32.3 (+8.0%) (+4.3%) (+8.2%) (+5.1%) (+9.3%) +92.1 +124.0 +168.9 +20.6 +28.2 (+5.9%) (+9.6%) (+30.7%) (+2.8%) (+8.8%) +45.9 +47.0 +120.3 +14.5 +3.6 (+3.0%) (+3.8%) (+28.0%) (+2.0%) (+1.1%) 1,799.2 1,481.1 777.7 787.4 379.3 Driven by strong demand for equipment financing, the execution amount has exceeded pre-COVID19 levels. 3,785.4 3,804.4 3,937.0 3,958.9 4,129.8 4,173.2 4,356.5 1,792.9 1,890.4 2,030.2 2,140.5 2,432.6 2,447.5 2,611.5 5,578.4 5,694.8 5,967.3 6,099.4 6,562.5 6,620.8 6,968.1 Dec-22 FYE22 Dec-23 FYE23 Dec-24 FYE24 Dec-25 +405.6 (+6.1％) +405.6 (+6.1％) ◼ Corporate - Term-end Balance by Company Size - (¥bn) ◼ Corporate - Term-end Balance by Area - (¥bn) Growth rate (YoY) End of Dec. 2025 +6.1% End of Dec. 2024 +9.9% ◼ Amount of Equipment Financing*1 (¥bn) ◼ Top 5 industries by Increase in Loans (¥bn) *1 Excluding housing loans and apartment loans YoY by segment (+5.3％) (+201.2) (+7.3％) (+204.4) Tokyo Local Amount of equipment financing ◼ 3Q23 ◼ 3Q24 ◼ 3Q25 (+25.4%) (+51.0) (+33.0%) (+83.2) (-5.4%) (-18.2) YoY (After COVID-19) YoY by segment (+5.4％) (+226.7) (+7.3％) (+178.8) Large Medium / SMEs
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22 260.3 266.6 271.6 242.2 223.1 250.5 251.1 7.7 8.3 7.5 5.6 4.2 3.3 1.6 268.1 274.9 279.1 247.9 227.4 253.9 252.8 20,670 18,081 20,554 19,141 17,419 16,162 14,967 '19/3Q '20/3Q '21/3Q '22/3Q '23/3Q '24/3Q '25/3Q 15.5 21.1 21.4 21.5 31.1 34.6 35.4 7.5 6.3 7.3 9.7 13.3 12.6 14.5 3.2 1.9 2.8 2.8 3.4 2.9 3.2 13.4 12.6 16.9 14.6 14.4 15.7 15.5 39.8 42.0 48.6 48.8 62.4 66.0 68.8 '19/3Q '20/3Q '21/3Q '22/3Q '23/3Q '24/3Q '25/3Q ⚫ Despite a decline in the number of housing starts in Ibaraki and Tochigi prefectures, execution amount of housing related loans has been maintained at the same level as the previous year, continuing to increase in balance. ⚫ Unsecured loans extended its execution amounts, mainly in educational loans, and its balance continued to grow significantly,at an annual rate of 11.2%. 2 （1） Loans － Individual Loans － +2.7(+4.1%) 3,943.3 3,972.9 4,029.6 4,049.4 4,125.4 4,148.7 4,232.4 848.3 845.2 826.0 823.4 806.5 805.0 795.02.1 1.9 1.7 1.6 1.3 1.2 1.1 4,793.8 4,820.2 4,857.4 4,874.5 4,933.3 4,955.1 5,028.5 Dec-22 FYE22 Dec-23 FYE23 Dec-24 FYE24 Dec-25 +95.2(+1.9%) 76.2 79.0 91.5 95.7 108.9 113.6 124.3 47.4 49.3 53.3 55.8 59.8 62.2 66.1 9.5 9.7 10.5 10.8 10.9 10.9 11.2 64.4 66.0 68.5 70.1 73.2 75.4 79.5197.7 204.2 223.9 232.5 252.8 262.3 281.3 Dec-22 FYE22 Dec-23 FYE23 Dec-24 FYE24 Dec-25 +28.4(+11.2%) -1.1(-0.4%) ◼ Individual – Execution Amount of Housing Related Loans – (¥bn)◼ Individual - Housing Related Loans - (¥bn) ◼ Individual – Execution Amount of Unsecured Loans – (¥bn)◼ Individual - Unsecured Loans - (¥bn) Growth rate (YoY) End of Dec. 2025 +1.9% End of Dec. 2024 +1.5% Growth rate (YoY) End of Dec. 2025 +11.2% End of Dec. 2024 +12.9% YoY by segment (+2.5％) (+106.9) (-1.4％) (-11.5) Loans for asset building Apartment Loans Housing Loans *1 The number of housing starts is the cumulative total from April to November of each fiscal year. New loans Refinance (+0.2％) (+0.5) (-51.2％) (-1.7) YoY by segment (Re) Housing starts (total of Ibaraki and Tochigi Prefectures)*1 YoY by segment (+14.2％) (+15.4) (+10.4％) (+6.2) (+3.3％) (+0.3) (+8.6％) (+6.3) Card Loans Free Loans Educational Loans Car Loans YoY by segment Car Loans Educational Loans Free Loans (+2.3%) (+0.8) (+14.9%) (+1.8) (+9.8%) (+0.2) Card Loans (-1.5%) (-0.2)
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23 ⚫ The balance of structured finance is steadily increasing by continuous personnel increase and expansion of investment / financing field. ⚫ In the Forth Medium-Term Plan, structured finance is positioned as an “RORA-focused area,” aiming to improve profitability through “Engagement in mezzanine finance” and “In-depth risk analysis.” 2 （1） Loans － Structured Finance － 358.8 439.0 625.2 591.0 680.1 2.5 4.6 6.5 4.6 7.4 FYE22 FYE23 FYE24 Dec-24 Dec-25 Composition of Balance (as of end of Dec. 2025) Real estate non-recourse loan 31.7％ (¥215.7bn) Solar power 18.0％ (¥122.6bn) Repackaged loan 13.9％ (¥95.2bn) Biomass, hydropower, etc. 9.6％ (¥65.5bn) LBO loan 6.6％ (¥45.3bn) PFI 4.9％ (¥34.0bn) Credit-linked loan 3.8％ (¥26.0bn) Ship / Aircraft Finance 2.7％ (¥18.9bn) Others 8.3％ (¥56.8bn) ◼ Balance / Profit of Structured Finance (Bank total) (¥bn) ◼ Composition of Balance by Asset Type (Bank total) Positioning as a “RORA-focused area” in the 4th Medium- Term Plan aiming to improve profitability through “Engagement in mezzanine finance” and “In-depth risk analysis.” Profit Term-end Balance 26people 33people 37people 38people 44people Headcount related to Structured Finance ※There are no loan receivables backed by government bonds.
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24 1.02% 0.96% 0.94% 0.95% 0.97% 1.00% 1.22% 2.77% 1.37% 1.02% 2.62% 4.97% 4.90% 4.25% 0.99% 0.96% 0.94% 0.91% 0.90% 0.94% 1.17% '19/1-3Q '20/1-3Q '21/1-3Q '22/1-3Q '23/1-3Q '24/1-3Q '25/1-3Q Domestic Chg. in Factors Overseas Chg. in Factors Avg Balance +4.8 +5.2 (+664.0) -0.4 (-10.8) Yield +21.1 +22.0 (+23.2bp) -0.9 (-65.0bp) 120.6 +26.0 +27.3 － -1.3 － 0.8 +0.5 +0.5 － － － Interest on deposits (－) 27.3 +18.8 +19.2 － -0.3 － Difference of interests between loans and deposits ① 94.1 +7.6 +8.6 － -0.9 － Avg Balance -3.5 -1.3 (-150.8) -2.1 (-63.7) Yield +23.5 +24.7 (+100.5bp) -1.2 (-16.7bp) 81.5 +20.0 +23.3 － -3.3 － (o/w gains on cancellation of Investment trusts) 15.6 +13.0 +13.0 － ±0.0 － (excluding gains on cancellation of Investment trusts） 65.9 +7.0 +10.3 － -3.3 － Market borrowings, etc. (－) 32.8 -3.8 +3.9 － -7.7 － Securities' Income (excluding gains on cancellation of Investment trusts） ② 33.0 +10.8 +6.4 － +4.3 － Interest on Bank of Japan deposits ③ 11.9 +5.7 +5.7 － ±0.0 － Securities' Income *３ ②＋③＝④ 44.9 +16.5 +12.2 － +4.3 － Net Interest Income (excluding gains on cancellation of Investment trusts） ①+④ 139.1 +24.2 +20.8 － +3.4 － YoY Change Interest and dividend on securities Results Interest on loans and bills discounted (excluding loans to special account of MoF) (Factor) Loans to special account of MoF ⚫ Difference of interests between loans and deposits increased by ¥7.6bn (YoY) due to the increase in interest on yen-denominated loans (by ¥27.3bn (YoY)). Securities’ income also increased by ¥16.5bn (YoY) due to the increased revenue from securities portfolio rebalancing and the increase in interest on Bank of Japan deposits. As a result, net interest income increased by ¥24.2bn (YoY). 2 （2） Average Yield of Loans / Net Interest Income +4.5bp +23.2bp ◼ Average Yield on Loans*1 (Bank total) ＊1 Not including loans to special account of MoF ◼ Changes of Interest Income*2 (Bank total) (¥bn) ＊2 Figures in parentheses are changes on a year on year basis 【Overseas】 【Domestic】 ＋ 【Overseas】 【Domestic】 ＊3 Excl. gains/losses on cancelation of investment trusts, and incl. interest on Bank of Japan deposits. -3.5bp -2.1bp -2.0bp -1.9bp
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25 4.26 4.26 6.26 4.91 5.43 6.39 6.05 3.31 2.40 2.52 4.19 3.38 2.36 2.18 0.47 0.37 0.32 0.58 0.32 0.14 0.190.49 0.53 0.98 0.50 0.47 0.52 0.66 2.02 2.22 3.14 1.65 1.65 1.75 2.04 10.63 9.85 13.26 11.87 11.33 11.22 11.24 '19/1-3Q '20/1-3Q '21/1-3Q '22/1-3Q '23/1-3Q '24/1-3Q '25/1-3Q Mebuki Securities Financial instrument intermediary service JGB etc. Foreign currency deposits Insurance *Excl. executive life insurance Investment trust (Sales commission + Trust fee) ⚫ Balance of customer assets under custody increased by ¥287.9bn YoY (+11.1% annualized). Investment trusts and Insurance (Yen- denominated) ,etc. have led an increase in the balance with the spread of new NISA and the rise in domestic interest rates, etc. ⚫ In the first half of FY25, there was a risk-off movement due to U.S. mutual tariffs, etc. , but the situation has since been on a recovery trend, with related commissions remaining generally flat. 2 （3） Customer Assets under Custody +287.9 (+11.1%) +0.01 (+0.1%) ◼ Balance (Bank Total + Mebuki Securities) (¥bn) ◼ Commissions (Bank Total + Mebuki Securities) (¥bn) (Re) Balance of Mebuki Securities by product Dec-22 Balance/Composition Dec-25 Balance/Composition Investment trust Structured bonds Domestic/ Foreign bonds Others 223.4（53.2%） 140.1（33.4%） 31.2（7.4%） 24.4（5.8%） Investment trust Domestic/ Foreign bonds Others Structured bonds 389.6（81.2%） 65.6（13.6%） 19.9（4.1%） 4.4（0.9%） Total 419.4 Total 479.6 616.4 654.0 734.9 822.5 903.3 878.8 1,084.5 868.4 884.0 916.6 927.6 932.0 918.2 983.995.5 91.1 110.7 101.7 109.2 98.9 90.9 134.0 131.7 143.1 147.6 187.7 196.1 219.9 419.4 414.2 387.3 409.9 438.8 419.2 479.6 2,133.9 2,175.1 2,292.7 2,409.5 2,571.1 2,511.5 2,859.0 Dec-22 FYE22 Dec-23 FYE23 Dec-24 FYE24 Dec-25 Mebuki Securities JGB etc. Foreign currency deposits Insurance Investment trusts
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26 ⚫ Fees from corporate customers amounted to ¥11.9bn, remaining at the same level as the previous year due to a decline in derivative transactions aimed at risk hedging. ⚫ Excluding derivative transactions, fees from corporate customers have been steadily expanding, driven by an increase of the fees related to arrangement of syndicate loans and business matching, etc. 2 （4） Fees from Corporate Customers +0.00 (+0.0%) FY23 1-3Q FY24 1-3Q FY25 1-3Q YoY Credit related (1) 7.59 9.14 7.94 -1.19 Derivatives Syndicate loans Private placement bond 2.12 4.57 0.88 3.26 5.12 0.75 1.93 5.25 0.75 -1.33 +0.12 +0.00 Credit risk in derivative transactions*1（-） (2) -0.31 0.40 -0.22 -0.63 Credit related (3) ((1)+(2)) (After considering credit risk in derivative transactions) 7.90 8.73 8.17 -0.56 Consulting related (4) 2.94 3.16 3.73 +0.57 Business Matching Support for business planning M&A Executive Insurance Trust ・401K 0.96 1.22 0.32 0.33 0.10 1.10 0.95 0.60 0.39 0.10 1.46 1.04 0.69 0.44 0.09 +0.35 +0.09 +0.08 +0.04 -0.00 Total （(3)+(4)） 10.84 11.90 11.90 +0.00 ◼ Breakdown of Fees from Corporate Customers (Bank total) (¥bn) *1 The credit risk in derivative transactions is recorded as the difference between CVA and DVA at the end of each fiscal year, subtracted by the difference between CVA and DVA at the end of the previous fiscal year. CVA(Credit Valuation Adjustment) reflects the credit risk of counterparties in derivative transactions in the market value. DVA（Debt Valuation Adjustment） reflects the credit risk of our two banking subsidiaries in the market value. *2 Before considering credit risk in derivatives transactions ◼ Fees from Corporate Customers (Bank total) (¥bn) ■Consulting related fees ■Credit related fees (after considering credit risk in derivatives transactions*1 ) 6.21 5.77 6.42 7.10 8.41 9.04 9.74 (Re) Fees from Corporate Customers Excluding Derivative Transactions*2 (¥bn) 5.73 5.17 5.08 8.19 7.90 8.73 8.17 1.07 1.15 2.22 2.54 2.94 3.16 3.73 6.80 6.33 7.31 10.73 10.84 11.90 11.90 '19/1-3Q '20/1-3Q '21/1-3Q '22/1-3Q '23/1-3Q '24/1-3Q '25/1-3Q
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27 425 484 519 515 512 575 '23/1-3Q '24/1-3Q '25/1-3Q 960 1,108 1,465 3,415 3,313 4,055 '23/1-3Q '24/1-3Q '25/1-3Q 644 583 852 27 33 40 FY22 FY23 FY24 ⚫ Through consulting with escorted support services, we share management challenges with our customers. ⚫ To further strengthen and develop core companies that drive the regional economy, we will propose strategies tailored to eachcustomer. 2 （4） Fees from Corporate Customers － By Solution Menu － 5,127 2,412 4,029 838 467 703 FY22 FY23 FY24 1,257 1,402 1,605 3,985 4,784 4,750 FY22 FY23 FY24 2,121 3,267 1,934 374 547 355 '23/1-3Q '24/1-3Q '25/1-3Q 326 606 692 17 32 30 '23/1-3Q '24/1-3Q '25/1-3Q ◼ Derivatives (Number of contracts, Profit：¥ million) ◼ Business Matching (Number of paid contracts, Profit :¥ million) Number of contracts Profit Number of paid contracts Business Matching Fees Number of contracts Profit ◼ Support for Business Planning / Consulting for Business Succession*1 (Number of contracts, Profit：¥ million) ◼ M&A Consultation (Number of contracts, Profit：¥ million) Number of M&A contracts M&A profit ＊1 Total of support for business planning and consulting for business succession (including simulation of own shares). 385 601 688 524 712 689 FY22 FY23 FY24
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28 229.1 191.9 150.9 164.6 139.1 166.6 Less than 120.9 98.8 79.1 64.9 57.5 54.4 51.9 22.9% 20.0% 16.6% 16.6% 14.4% 15.7% FYE20 FYE21 FYE22 FYE23 FYE24 Dec-25 FYE27 ⚫ Since the end of March 2023, the reduction of strategic shareholdings amounted to 43 issues, with a book value reduction of ¥12.9bn. ⚫ Although the market value reduction has already exceeded the target of ¥30bn, due to the impact of the overall rise in the stock market, the net amount increased by ¥15.7bn. 2 （5） Strategic Shareholdings Market value ◼ Reduction of Strategic Shareholdings*1 (¥bn) Reduction Target (set on May 2023) Reduction of listed strategic shareholdings by ¥30.0bn at market value in 5 years from end of FY22 to end of FY27 299 266 253 234 210218 Number of issues Compared to FYE22 （benchmark) Reduction of 43 issues *1 Figures are strategic shareholdings (including listed or non- listed stocks) held by Joyo Bank, which owns more than two-thirds stocks owned by Mebuki FG and subsidiaries. Reduction result by the end of Dec. 2025 (market value basis) Compared to FYE22 (benchmark) + ¥15.7bn Reduction - ¥34.8bn Change in market value + ¥50.5bn Ratio to net assets Market value Book value Compared to FYE22 （benchmark) Book value reduction of ¥12.9bn Benchmark
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29 ⚫ While reducing existing costs, proactive investments in human capital and sales-related areas led to total expenses of ¥85.5bn, an increase of ¥4.7bn YoY . ⚫ OHR decreased to a level below 50%, due to an increase in the top line including investments effect. 2 （6） Expenses / OHR System integration ◼ Expenses / OHR (Bank total) (¥bn) ◼ Factors of Change (¥bn) FY25 1-3Q YoY Main Factors Personnel expenses 47.0 +3.3 ⚫ Increase in salary and starting salary +2.0 ⚫ Bonuses +0.4 Non- personnel expenses 32.8 +0.7 ⚫ Outsourcing expenses +0.8 (Bond hedging-related, recruitment-related expenses) ⚫ Advertising and promotion expenses + 0.3 (Individual loans, customer assets related, etc) ⚫ Depreciation expenses -1.0 (Amortization of core system integration costs completed.) Taxes 5.5 +0.6 ⚫ Size-based business tax +0.3 ⚫ Consumption tax +0.3 ＊1 Based on Core Gross Business Profit (Excluding gains/losses on cancellation of investment trusts and futures and options) OHR*1 YoY (by segment) Personnel +3.3 (+7.7％) Non-personnel +0.7 (+2.2％) Taxes +0.6 (+13.1％) -1.6 (-2.0％) +4.7 (+5.8％)-3.3 (-4.1％) +1.0 (+1.2％) +2.2 (+2.8％) 5.3 5.1 4.7 4.7 4.9 5.5 32.0 31.9 29.7 30.8 32.1 32.8 45.1 43.8 43.0 42.9 43.7 47.0 82.5 80.9 77.5 78.5 80.8 85.5 61.4% 56.0% 54.6% 58.8% 54.6% 49.6% '20/1-3Q '21/1-3Q '22/1-3Q '23/1-3Q '24/1-3Q '25/1-3Q
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30 FY23 1-3Q FY24 1-3Q FY25 1-3Q YoY Credit Related Costs 1.1 4.9 6.4 +1.4 Net transfer to general allowance for loan losses (-4.8) - -1.2 -0.7 +0.4 Disposal of non-performing loans 1.1 6.2 7.2 +1.0 Write off of loans Transfer to specific allowance for loan losses Transfer to provision for contingent losses Reversal of allowance for loan losses(-) Recoveries of written-off claims(-) Other 2.1 (4.4) - -0.0 0.3 1.2 0.6 5.6 2.2 0.0 - 2.3 0.5 4.7 4.6 0.4 - 3.3 0.7 -0.8 +2.3 +0.3 - +0.9 +0.2 ⚫ Credit related costs for 3Q25 were ¥6.4bn, which is generally in line with the full-year plan of ¥10.0bn (+¥1.0bn compared to the pervious forecast). ⚫ Amid changes in the external environment (such as U.S. mutual tariffs, rising prices and resource costs, and labor shortages, etc.) , we will continue to focus on supporting business improvement for our customers. 2 （7） Credit Related Costs 31.5 13.7 13.2 13.7 4.5 4.5 9.5 7.9 9.3 19.0 22.4 19.6 9.1 3.4 5.9 0.38% 0.09% 0.18%0.20%0.18% 0.08% 0.03%0.05% FY10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24 '25 Credit cost ratio 0.6 7.7 2.2 9.0 0.1 4.0 0.5 4.3 -0.1 -0.0 1.4 2.3 0.8 2.0 2.0 0.9 2.4 1.2 2.7 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Balance of Loans by the Program (Bank total) 7,103 loans / ￥86.5bn Started Repayments 87.9％ Started Repayments 93.8％ During deferred period Not changed 87.1％ Changed terms Not changed 83.2％ Changed terms ◼ Change of Credit Related Costs (¥bn) 【Annual】 FY2010～ ◼ Breakdown of Credit Related Costs (¥bn) 【Quarter】 FY2021～ ◼ Status of Repayments of Loans based on the COVID -19 Special Loan Program (as of end of December 2025) Status of Contractual Repayments Status of Changes of Terms (Number of loans) (Balance) (Number of loans) (Balance) FY2021 FY2022 FY2023 FY2024 FY2025 Forecast ¥10.0bn 1-3Q result ¥6.4bn During deferred period
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31 70.8 19.4 31.6 49.1 30.9 19.4 16.7 15.2 17.1 9.1 14.8 28.9 32.7 33.7 20.0 178 138 148 154 118 126 120 111 140 111 100 123 140 146 114 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 3Q25 30.6 33.7 25.7 30.7 16.6 25.6 20.7 18.5 12.3 11.9 15.9 18.4 14.4 13.7 12.4 119 121 103 148 130 144 106 102 89 95 95 96 127 152 145 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 3Q25 2.0 3.3 1.3 1.0 2.1 2.5 1.3 1.3 0.9 0.8 1.3 2.6 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 ⚫ Ratio of non-performing loans based on financial revitalization law to total amount of loans decreased to 1.26% from the level at the end of the previous fiscal year, maintaining a high-quality loan portfolio. ⚫ As of the end of December, delinquent loans to businesses increased to ¥2.6bn due to large-scale factors, but we will strive to resolve these delinquencies promptly. 2 （8） Status of Non-performing Loans and Delinquent Loans Dec-24 Dec-25 ◼ Non-performing Loans (Financial Revitalization Law) (¥bn) ◼ Status of Delinquent Loans to Businesses (¥bn) ◼ 【Reference】 Status of Bankruptcy Number of bankruptcies (Total liabilities amounting to 10 million yen or more） - by Tokyo Chamber of Commerce - Ibaraki Prefecture Tochigi Prefecture*1 *1 Specific major borrower’s bankruptcy of ¥433.0bn in FY11 is excluded from above figures. ◼ FY23/1-3Q ◼ FY24/1-3Q ◼ FY25/1-3Q 105 / ¥23.1bn 113 / ¥31.0bn 114 / ¥20.0bn 1-3Q results (number/amount) 92 / ¥10.7bn 112 / ¥10.7bn 145 / ¥12.4bn 1-3Q results (number/amount)Number of bankruptcies Amount of total liabilities (¥bn) Number of bankruptcies Amount of total liabilities (¥bn) ◼ FY23/1-3Q ◼ FY24/1-3Q ◼ FY25/1-3Q 27.4 27.6 31.5 29.1 27.5 22.8 143.2 151.1 153.0 151.4 137.9 139.0 10.3 13.8 12.5 14.6 13.4 13.0 181.0 192.6 197.1 195.2 178.9 174.9 1.53% 1.61% 1.55% 1.52% 1.33% 1.26% FYE20 FYE21 FYE22 FYE23 FYE24 Dec-25 Bankrupt and substantially bankrupt claims Doubtful claims Claims requiring supervision Non-performing loan ratio
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32 12.9 12.9 12.8 12.7 11.9 11.7 12.3 15.8 26.32.0 4.0 19.5 5.0 20.0 20.0 30.0 12.9 14.9 16.8 12.7 31.5 16.7 32.3 35.8 56.3 30.0% 32.3% 46.2% 34.9% 73.3% 52.2% 74.5% 61.5% 69.5% 27.8% 35.3% 34.9% 28.2% 36.7% 28.7% 27.4% 32.5% FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 (forecast) 43.0 46.3 36.3 36.4 42.9 32.1 43.3 58.2 81.0 11 11 11 11 11 11 12 16 28 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 (forecast) ⚫ Based on our upward revision of the full-year forecast, etc., we decided to increase dividends. Annual dividends per share is scheduled to increase by ¥2 from the previous forecast to ¥28. ⚫ The total dividend for FY25 is expected to be ¥26.3 bn (payout ratio of 32.5%), and the total shareholder return including share repurchases is expected to be ¥56.3bn (total return ratio of 69.5%). 2 （9） Shareholder Returns / Capital Adequacy Ratio Capital Adequacy Ratio Risk-weighted assets (¥ bn)Capital (¥bn) FG Consolidated Net Income (¥bn) 43.0 46.3 36.3 36.4 42.9 32.1 43.3 58.2 81.0 Controlling in the mid 11% range *1 Figures are rounded to the nearest 100 million yen. ◼ Shareholder Return Policy (Revised in March 2025) Dividends Share acquisition We aim to fundamentally achieve a stable and sustainable increase in dividends per share through profit growth, and target a Dividend Payout Ratio of 40% or more by fiscal year 2027. The share acquisition will be dynamically managed based on capital management that considers market trends, performance forecasts, and the strategic use of capital to capture growth opportunities. Target in Medium-Term Plan ◼ Capital Adequacy Ratio (Mebuki FG consolidated) ◼ Annual Dividends per Share Annual dividends per share(¥) Consolidated net income(¥bn) ◼ Dividends / Shareholder Returns TRR Payout Ratio Share purchase (¥bn)*1 Dividends（¥bn） Shareholder return is expected to reach a record high since business integration Increase in dividends per share through profit growth 7,174.7 7,320.0 6,213.4 6,548.5 6,958.5 6,866.6 780.2 799.6 828.0 832.8 849.4 869.4 10.87% 10.92% 13.32% 12.71% 12.20% 12.66% FYE20 FYE21 FYE22 FYE23 FYE24 Dec-25
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33 3 Data －Breakdown of Banking Subsidiaries－
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34 3 Breakdown of Banking Subsidiaries （１）P/L for 3Q25 （￥ｂｎ） J+A YoY Joyo YoY Ashikaga YoY Gross business profit 157.8 +22.7 90.2 +13.7 67.6 +8.9 196.2 +46.0 109.8 +22.1 86.3 +23.9 Net interest income 154.7 +37.3 82.8 +13.2 71.9 +24.0 15.6 +13.0 1.8 +0.0 13.8 +12.9 Net fees and commissions 30.3 +0.8 16.7 +0.5 13.6 +0.3 Net other business income and Net trading income -27.2 -15.4 -9.3 -0.0 -17.9 -15.4 (o/w gains/losses on bond transactions) -38.3 -23.3 -19.6 -8.3 -18.6 -14.9 Expenses 85.5 +4.7 47.9 +2.9 37.5 +1.8 o/w Personnel expenses 47.0 +3.3 26.2 +1.6 20.8 +1.6 o/w Non-personnel expenses 32.8 +0.7 18.5 +0.8 14.3 -0.1 72.3 +17.9 42.2 +10.8 30.0 +7.1 Core net business income 110.6 +41.2 61.9 +19.1 48.7 +22.1 95.0 +28.2 60.1 +19.1 34.9 +9.1 86.9 +19.9 52.0 +10.7 34.9 +9.1 Net transfer to general allowance for loan losses (a) -0.7 +0.4 0.2 +0.5 -1.0 -0.0 Net business income 73.0 +17.4 41.9 +10.2 31.1 +7.2 Net non-recurrent gains/losses 12.6 +3.1 12.4 +3.1 0.1 +0.0 o/w Disposal of non-performing loans (b) 7.2 +1.0 2.8 -0.1 4.4 +1.2 o/w Gains/losses related to stocks, etc. 17.6 +5.1 13.4 +3.8 4.1 +1.2 Ordinary profit 85.6 +20.6 54.4 +13.3 31.2 +7.2 Extraordinary income/losses 2.9 +2.9 2.9 +2.9 -0.0 -0.0 Net income 62.5 +16.6 40.4 +11.4 22.0 +5.2 Profit from customer services＊1 41.9 +3.3 24.3 +0.8 17.6 +2.4 Credit related costs (a)+(b) 6.4 +1.4 3.1 +0.3 3.3 +1.1 *1 Difference of interests betw een loans and deposits＋Fees from Customers＋Expenses（-） (Core Gross business profit) o/w Gains/losses on Cancellation of Investment trusts Net business income (before general allowance for loan Core net Business Income （exclu. Gains/losses on Cancellation of Investment trusts） （exclu. Gains/losses on "Cancellation of investment trusts", "Futures" and "Options"） （２）Average Yield on Loans(excluding loans to special account of MoF) FY21 FY22 FY23 FY24 3Q25 YoY 3Q24 Domestics 0.93% 0.91% 0.90% 0.97% 1.17% +0.23% 0.94% Overseas 1.04% 3.02% 5.02% 4.75% 4.25% -0.65% 4.90% Total 0.94% 0.95% 0.97% 1.03% 1.22% +0.21% 1.00% Domestics 0.91% 0.90% 0.88% 0.95% 1.15% +0.22% 0.92% Overseas 1.05% 3.11% 5.21% 4.94% 4.40% -0.70% 5.10% Total 0.92% 0.96% 1.00% 1.05% 1.23% +0.19% 1.03% Domestics 0.96% 0.93% 0.92% 0.99% 1.20% +0.23% 0.96% Overseas 0.98% 2.23% 3.17% 2.80% 2.88% +0.06% 2.82% Total 0.96% 0.94% 0.93% 0.99% 1.20% +0.23% 0.96% J+A Joyo Ashikaga （３）Loans Term-end Balance （￥ｂｎ） FYE21 FYE22 FYE23 FYE24 Dec-25 YoY Dec-24 Individual 5,045.4 5,136.7 5,214.3 5,321.2 5,410.3 +122.0 5,288.3 Corporate 5,347.4 5,694.8 6,099.4 6,620.8 6,968.1 +405.6 6,562.5 Public 915.9 988.5 1,029.6 1,077.1 1,023.1 +94.3 928.7 Total 11,308.8 11,820.1 12,343.4 13,019.3 13,401.6 +622.0 12,779.6 Individual 2,740.2 2,786.4 2,823.7 2,895.9 2,955.8 +78.6 2,877.1 Corporate 3,091.3 3,313.1 3,566.2 3,885.3 4,088.9 +276.1 3,812.8 Public 498.1 548.8 591.5 611.7 645.8 +49.9 595.9 Total 6,329.7 6,648.4 6,981.6 7,393.0 7,690.6 +404.7 7,285.8 Individual 2,305.1 2,350.3 2,390.5 2,425.2 2,454.5 +43.3 2,411.1 Corporate 2,256.0 2,381.6 2,533.2 2,735.5 2,879.1 +129.4 2,749.6 Public 417.8 439.6 438.0 465.4 377.2 +44.4 332.8 Total 4,979.0 5,171.6 5,361.8 5,626.2 5,711.0 +217.2 5,493.7 ＊Not including loans to special account of MoF Foreign Currency Denominated Loans （￥ｂｎ） FYE21 FYE22 FYE23 FYE24 Dec-25 YoY Dec-24 J+A 150.6 151.0 153.4 132.4 136.4 -0.4 136.8 Joyo 139.5 140.4 145.7 125.6 128.3 -1.3 129.7 Ashikaga 11.0 10.5 7.6 6.8 8.0 +0.9 7.0 J+A Joyo Ashikaga
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35 3 Breakdown of Banking Subsidiaries （4）Loans Individual Housing Related Loans Term-end Balance （￥ｂｎ） FYE21 FYE22 FYE23 FYE24 Dec-25 YoY Dec-24 Housing Loans 3,860.8 3,972.9 4,049.4 4,148.7 4,232.4 +106.9 4,125.4 Apartment Loans 871.2 845.2 823.4 805.0 795.0 -11.5 806.5 Asset building loans 2.4 1.9 1.6 1.2 1.1 -0.2 1.3 Total 4,734.5 4,820.2 4,874.5 4,955.1 5,028.5 +95.2 4,933.3 Housing Loans 1,889.9 1,955.2 2,001.6 2,082.6 2,148.8 +81.7 2,067.0 Apartment Loans 694.2 672.8 653.3 633.4 623.0 -13.1 636.2 Asset building loans 2.4 1.9 1.6 1.2 1.1 -0.2 1.3 Total 2,586.5 2,630.0 2,656.6 2,717.3 2,772.9 +68.3 2,704.6 Housing Loans 1,970.9 2,017.6 2,047.8 2,066.1 2,083.5 +25.1 2,058.3 Apartment Loans 177.0 172.4 170.1 171.6 172.0 +1.6 170.3 Asset building loans - - - - - - - Total 2,147.9 2,190.1 2,217.9 2,237.7 2,255.6 +26.8 2,228.7 J+A Joyo Ashikaga （7）Loans Corporate Term-end Balance by Area （￥ｂｎ） FYE21 FYE22 FYE23 FYE24 Dec-25 YoY Dec-24 Tokyo 2,009.4 2,235.5 2,507.5 2,799.9 2,980.0 +204.4 2,775.6 Local 3,337.9 3,459.3 3,591.9 3,820.8 3,988.1 +201.2 3,786.8 Total 5,347.4 5,694.8 6,099.4 6,620.8 6,968.1 +405.6 6,562.5 Tokyo 1,468.9 1,603.1 1,760.2 1,924.7 2,031.2 +131.4 1,899.8 Local 1,622.4 1,709.9 1,806.0 1,960.5 2,057.7 +144.7 1,913.0 Total 3,091.3 3,313.1 3,566.2 3,885.3 4,088.9 +276.1 3,812.8 Tokyo 540.5 632.3 747.2 875.2 948.8 +72.9 875.8 Local 1,715.5 1,749.3 1,785.9 1,860.3 1,930.3 +56.4 1,873.8 Total 2,256.0 2,381.6 2,533.2 2,735.5 2,879.1 +129.4 2,749.6 J+A Joyo Ashikaga （6）Loans Corporate Term-end Balance by Company Size （￥ｂｎ） FYE21 FYE22 FYE23 FYE24 Dec-25 YoY Dec-24 Large 1,674.3 1,890.4 2,140.5 2,447.5 2,611.5 +178.8 2,432.6 Medium/SMEs 3,673.0 3,804.4 3,958.9 4,173.2 4,356.5 +226.7 4,129.8 Total 5,347.4 5,694.8 6,099.4 6,620.8 6,968.1 +405.6 6,562.5 Large 1,206.9 1,338.7 1,475.8 1,675.9 1,755.7 +104.2 1,651.4 Medium/SMEs 1,884.3 1,974.3 2,090.4 2,209.3 2,333.2 +171.8 2,161.4 Total 3,091.3 3,313.1 3,566.2 3,885.3 4,088.9 +276.1 3,812.8 Large 467.3 551.6 664.7 771.6 855.8 +74.5 781.2 Medium/SMEs 1,788.7 1,830.0 1,868.5 1,963.9 2,023.3 +54.8 1,968.4 Total 2,256.0 2,381.6 2,533.2 2,735.5 2,879.1 +129.4 2,749.6 J+A Joyo Ashikaga （5）Unsecured Loans Term-end Balance （￥ｂｎ） FYE21 FYE22 FYE23 FYE24 Dec-25 YoY Dec-24 Car Loans 71.4 79.0 95.7 113.6 124.3 +15.4 108.9 Educational Loans 45.4 49.3 55.8 62.2 66.1 +6.2 59.8 Free Loans 9.3 9.7 10.8 10.9 11.2 +0.3 10.9 Card Loans 62.4 66.0 70.1 75.4 79.5 +6.3 73.2 Total 188.6 204.2 232.5 262.3 281.3 +28.4 252.8 Car Loans 50.6 53.2 59.4 67.4 72.7 +7.5 65.2 Educational Loans 35.5 38.1 41.9 45.5 47.6 +3.5 44.1 Free Loans 3.8 4.1 4.3 4.2 4.1 -0.1 4.2 Card Loans 24.8 26.7 28.4 30.8 33.1 +3.4 29.7 Total 114.8 122.2 134.2 148.1 157.7 +14.3 143.3 Car Loans 20.8 25.8 36.2 46.2 51.6 +7.8 43.7 Educational Loans 9.9 11.2 13.9 16.7 18.4 +2.7 15.7 Free Loans 5.5 5.6 6.4 6.7 7.1 +0.5 6.6 Card Loans 37.5 39.2 41.6 44.5 46.3 +2.9 43.4 Total 73.8 82.0 98.3 114.2 123.5 +14.0 109.5 J+A Joyo Ashikaga
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36 3 Breakdown of Banking Subsidiaries （８）Deposits Term-end Balance *1(Yen-denominated + Foreign currency denominated) （￥bn） FYE21 FYE22 FYE23 FYE24 Dec-25 YoY Dec-24 Individual 11,787.3 12,035.1 12,222.5 12,272.1 12,522.8 +51.5 12,471.2 Corporate 4,049.1 4,085.0 4,235.7 4,306.3 4,321.4 +19.2 4,302.1 Public 1,380.6 1,455.2 1,414.6 1,420.8 1,228.5 +136.2 1,092.2 Total 17,217.1 17,575.4 17,872.9 17,999.2 18,072.8 +207.0 17,865.7 Individual 7,272.7 7,412.6 7,514.1 7,523.9 7,673.5 +24.4 7,649.0 Corporate 2,237.4 2,263.0 2,380.4 2,396.7 2,393.7 +23.8 2,369.9 Public 713.9 778.3 757.0 758.6 784.9 +120.1 664.7 Total 10,224.0 10,454.0 10,651.7 10,679.3 10,852.1 +168.4 10,683.7 Individual 4,514.5 4,622.5 4,708.3 4,745.1 4,849.3 +27.0 4,822.2 Corporate 1,811.7 1,821.9 1,855.2 1,912.5 1,927.6 -4.5 1,932.2 Public 666.7 676.9 657.5 662.2 443.5 +16.0 427.5 Total 6,993.0 7,121.4 7,221.2 7,319.9 7,220.6 +38.6 7,181.9 Foreign Currency Deposit （￥bn） FYE21 FYE22 FYE23 FYE24 Dec-25 YoY Dec-24 J+A 168.2 96.5 102.4 98.8 90.9 -18.2 109.2 Joyo 139.6 76.1 85.5 78.7 79.6 -11.4 91.0 Ashikaga 28.5 20.3 16.8 20.1 11.3 -6.8 18.1 *1 Including NCD. J+A Joyo Ashikaga （9）Customer Assets under Custody Balance （￥ｂｎ） FYE21 FYE22 FYE23 FYE24 Dec-25 YoY Dec-24 Investment trusts 632.5 654.0 822.5 878.8 1,084.5 +181.2 903.3 Insurance 858.5 884.0 927.6 918.2 983.9 +51.9 932.0 Foreign currency deposits 131.1 91.1 101.7 98.9 90.9 -18.2 109.2 JGB etc. 154.5 131.7 147.6 196.1 219.9 +32.1 187.7 Mebuki Securities 429.5 414.2 409.9 419.2 479.6 +40.8 438.8 Total 2,206.3 2,175.1 2,409.5 2,511.5 2,859.0 +287.9 2,571.1 Investment trusts 302.6 318.7 391.2 409.3 503.8 +83.1 420.7 Insurance 511.5 519.7 527.7 512.1 549.7 +30.3 519.3 Foreign currency deposits 102.6 70.7 84.8 78.8 79.6 -11.4 91.0 JGB etc. 102.7 88.4 101.6 145.1 162.6 +24.8 137.7 Total 1,019.4 997.7 1,105.5 1,145.4 1,295.7 +126.9 1,168.8 Investment trusts 329.8 335.2 431.3 469.5 580.7 +98.1 482.6 Insurance 347.0 364.3 399.8 406.1 434.2 +21.5 412.6 Foreign currency deposits 28.5 20.3 16.8 20.1 11.3 -6.8 18.1 JGB etc. 51.7 43.2 45.9 50.9 57.3 +7.3 50.0 Total 757.3 763.1 894.0 946.7 1,083.6 +120.1 963.4 Group total Joyo Ashikaga
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37 3 Breakdown of Banking Subsidiaries （１1）Fees from Corporate Customers （￥ｂｎ） FY21 FY22 FY23 FY24 3Q25 YoY 3Q24 Credit Related(*1) 8.15 10.87 10.81 11.83 8.17 -0.56 8.73 Consulting Related 3.29 3.72 4.26 4.55 3.73 +0.57 3.16 total 11.44 14.59 15.08 16.39 11.90 +0.00 11.90 Credit Related(*1) 4.71 6.70 6.28 6.42 4.31 -0.35 4.67 Consulting Related 2.14 2.02 2.31 2.68 2.11 +0.35 1.75 total 6.86 8.73 8.59 9.10 6.43 +0.00 6.43 Credit Related(*1) 3.43 4.17 4.53 5.40 3.85 -0.21 4.06 Consulting Related 1.14 1.69 1.94 1.87 1.62 +0.21 1.40 total 4.57 5.86 6.48 7.28 5.47 +0.00 5.47 ＊１：Inclding derivatives CVA J+A Joyo Ashikaga （１0）Customer Assets under Custody Commissions （￥ｂｎ） FY21 FY22 FY23 FY24 3Q25 YoY 3Q24 Investment trusts(*1) 7.93 6.52 7.75 8.58 6.05 -0.33 6.39 Insurance(*2) 3.25 5.59 4.26 3.10 2.18 -0.17 2.36 Foreign currency deposits 0.61 0.68 0.39 0.20 0.19 +0.05 0.14 JGB etc. 0.01 0.04 0.09 0.06 0.09 +0.04 0.04 Financial instrument intermediary service 1.19 0.57 0.66 0.71 0.66 +0.14 0.52 Mebuki Securities 3.87 1.98 2.15 2.37 2.04 +0.28 1.75 Total 16.90 15.41 15.32 15.04 11.24 +0.01 11.22 Investment trusts(*1) 4.10 3.32 3.69 4.18 2.58 -0.56 3.15 Insurance(*2) 2.00 3.53 2.22 1.85 1.35 -0.04 1.39 Foreign currency deposits 0.39 0.39 0.26 0.15 0.15 +0.02 0.12 JGB etc. 0.01 0.02 0.07 0.04 0.08 +0.06 0.01 Financial instrument intermediary service 0.89 0.46 0.61 0.66 0.63 +0.15 0.48 Total 7.41 7.74 6.86 6.91 4.81 -0.36 5.17 Investment trusts(*1) 3.83 3.20 4.06 4.39 3.46 +0.22 3.23 Insurance(*2) 1.25 2.06 2.04 1.25 0.83 -0.13 0.96 Foreign currency deposits 0.22 0.28 0.13 0.04 0.03 +0.02 0.01 JGB etc. 0.00 0.01 0.02 0.02 0.01 -0.01 0.03 Financial instrument intermediary service 0.29 0.10 0.04 0.04 0.03 -0.00 0.03 Total 5.61 5.68 6.30 5.76 4.38 +0.08 4.29 ＊１：Sales commission+ Trust fee ＊２：Excl. executive life insurance Group Total Joyo Ashikaga （12）Securities Balance(Balance Sheet Amount) （￥ｂｎ） FYE21 FYE22 FYE23 FYE24 Dec-25 YoY Domestic bonds 2,745.1 2,205.9 2,363.8 2,512.4 2,301.5 -210.8 Foreign bonds 967.3 622.8 836.0 797.5 826.0 +28.4 Stocks 254.1 211.3 278.7 243.8 280.5 +36.7 Investment trusts,etc. 715.5 622.2 654.8 659.3 599.5 -59.8 Total 4,682.3 3,662.3 4,133.5 4,213.2 4,007.7 -205.5 Domestic bonds 2,002.5 1,438.8 1,588.8 1,561.4 1,428.3 -133.0 Foreign bonds 597.9 319.1 455.7 462.0 500.0 +37.9 Stocks 226.8 183.8 243.4 215.8 245.7 +29.9 Investment trusts,etc. 439.9 401.3 418.7 435.6 433.0 -2.5 Total 3,267.3 2,343.1 2,706.8 2,675.0 2,607.3 -67.7 Domestic bonds 734.1 758.0 766.5 941.9 862.6 -79.2 Foreign bonds 369.3 303.7 380.3 335.5 325.9 -9.5 Stocks 33.6 34.4 41.1 34.3 41.0 +6.7 Investment trusts,etc. 271.5 216.5 231.8 219.3 162.1 -57.2 Total 1,408.8 1,312.7 1,419.7 1,531.1 1,391.8 -139.3 Mebuki FG (Consolid ated) Joyo Ashikaga
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38 3 Breakdown of Banking Subsidiaries （13）Securities Unrealized Valuation Gains/Losses on Available for Sale Securities （￥bｎ） FYE21 FYE22 FYE23 FYE24 Dec-25 YoY Stocks -21.3 -34.4 -33.3 -103.5 -168.1 -64.5 Domestic bonds -14.2 -13.9 -14.6 -8.3 -2.0 +6.2 Investment trusts,etc. 131.5 101.7 151.9 113.6 161.8 +48.1 Foreign bonds 32.9 -28.4 4.6 8.8 72.7 +63.8 Total 128.9 24.9 108.6 10.6 64.4 +53.7 Stocks -16.3 -19.2 -19.5 -52.2 -87.1 -34.9 Domestic bonds -12.8 -5.7 -5.5 -5.1 -3.3 +1.7 Investment trusts,etc. 123.6 91.5 133.7 101.6 142.2 +40.5 Foreign bonds 27.4 -15.2 3.5 1.0 43.5 +42.4 Total 122.0 51.2 112.2 45.3 95.1 +49.8 Stocks 1.9 -10.1 -10.3 -48.8 -78.8 -30.0 Domestic bonds -0.1 -8.0 -9.0 -3.1 1.3 +4.4 Investment trusts,etc. 21.0 22.1 29.9 23.4 30.5 +7.1 Foreign bonds 6.7 -11.8 2.4 9.1 30.4 +21.3 Total 29.7 -7.8 12.9 -19.3 -16.4 +2.8 Mebuki FG (Consolida ted) Joyo Ashikaga (１5) Foreign Bonds ($million, €million ,million of Australia dollars, ￥bn) Currency Interest rate type Securities type FYE23 FYE24 Dec-25 YoY 3Q25 gains/ losses Government, Government-guaranteed bonds, etc 1,528 1,735 1,774 +38 Corporate bonds, etc 1,910 1,325 1,258 -67 Floating CLO/Government-guaranteed bonds, etc 1,982 2,181 2,121 -60 5,422 5,241 5,153 -88 Euro Fixed Government, Government-guaranteed bonds, etc 0 0 0 ±0 － AUD Fixed Corporate bonds, etc 30 0 0 ±0 － Yen(*1) Fixed Corporate bonds, etc 26.7 22.1 21.3 -0.8 － Government, Government-guaranteed bonds, etc 1,071 1,286 1,323 +37 Corporate bonds, etc 239 313 330 +17 Floating CLO/Government-guaranteed bonds, etc 1,544 1,377 1,425 +48 2,856 2,976 3,079 +103 Euro Fixed Government, Government-guaranteed bonds, etc 0 0 0 ±0 － AUD Fixed Corporate bonds, etc 30 0 0 ±0 － Yen(*1) Fixed Corporate bonds, etc 25.8 22.1 21.3 -0.8 － Government, Government-guaranteed bonds, etc 456 449 450 +1 Corporate bonds, etc 1,671 1,012 927 -84 Floating CLO/Government-guaranteed bonds, etc 437 804 695 -108 2,565 2,265 2,073 -191 Euro Fixed Government, Government-guaranteed bonds, etc 0 0 0 ±0 － AUD Fixed Corporate bonds, etc 0 0 0 ±0 － Yen(*1) Fixed Corporate bonds, etc 0.9 0.0 0.0 ±0.0 － (*1)All Yen denominated foreign bonds are regarded as fixed bonds. Joyo U.S. dollar Fixed -1 Sub Total Total U.S. dollar Fixed -3 Sub Total Ashikaga U.S. dollar Fixed -2 Sub Total （14）Gains/Losses on Securities （￥bｎ） FY21 FY22 FY23 FY24 3Q25 YoY 3Q24 Stocks -7.1 -87.3 -39.2 -40.4 -38.3 -23.3 -15.0 Domestic bonds 3.5 45.0 18.7 22.7 17.6 +5.1 12.5 Investment trusts,etc. 1.7 7.1 5.2 3.6 15.6 +13.0 2.5 Total -1.8 -35.1 -15.2 -14.0 -5.1 -5.1 0.0 Stocks -4.8 -72.6 -27.9 -26.3 -19.6 -8.3 -11.2 Domestic bonds 3.5 43.9 16.9 18.8 13.4 +3.8 9.6 Investment trusts,etc. 1.7 5.0 4.2 2.3 1.8 +0.0 1.7 Total 0.4 -23.6 -6.7 -5.1 -4.4 -4.5 0.0 Stocks -2.2 -14.7 -11.2 -14.1 -18.6 -14.9 -3.7 Domestic bonds 0.0 1.1 1.7 3.9 4.1 +1.2 2.9 Investment trusts,etc. 0.0 2.1 1.0 1.2 13.8 +12.9 0.8 Total -2.3 -11.4 -8.4 -8.9 -0.6 -0.6 0.0 J+A Joyo Ashikaga
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39 3 Breakdown of Banking Subsidiaries （16）Strategic shareholdings (Balance) （￥ｂｎ） FYE21 FYE22 FYE23 FYE24 Dec-25 YoY J+A Balance 225.2 184.8 205.3 172.7 207.2 +34.4 Joyo Balance 191.9 150.9 164.6 139.1 166.6 +27.4 Ashikaga Balance 33.3 33.9 40.6 33.6 40.5 +6.9 (17) Expenses （￥ｂｎ） FY21 FY22 FY23 FY24 3Q25 YoY 3Q24 Personnel 58.2 57.2 57.0 58.7 47.0 +3.3 43.7 Non-Personnel 43.4 40.0 41.7 44.0 32.8 +0.7 32.1 Taxes 6.5 6.0 6.4 6.5 5.5 +0.6 4.9 Total 108.1 103.3 105.2 109.3 85.5 +4.7 80.8 Personnel 32.7 32.2 32.1 32.6 26.2 +1.6 24.5 Non-Personnel 24.1 22.0 22.7 24.9 18.5 +0.8 17.7 Taxes 3.6 3.3 3.7 3.7 3.1 +0.3 2.7 Total 60.5 57.6 58.5 61.3 47.9 +2.9 45.0 Personnel 25.4 24.9 24.8 26.0 20.8 +1.6 19.1 Non-Personnel 19.2 18.0 19.0 19.1 14.3 -0.1 14.4 Taxes 2.9 2.6 2.7 2.7 2.4 +0.2 2.1 Total 47.6 45.6 46.6 47.9 37.5 +1.8 35.7 J+A Joyo Ashikaga （18）Credit related cost （￥ｂｎ） FY21 FY22 FY23 FY24 3Q25 YoY 3Q24 J+A 19.6 9.1 3.4 5.9 6.4 +1.4 4.9 Joyo 9.8 5.0 0.6 2.9 3.1 +0.3 2.7 Ashikaga 9.7 4.0 2.8 2.9 3.3 +1.1 2.2 （20）Non-accrual delinquent loans（to Business）(1 month or more) （￥ｂｎ） FYE21 FYE22 FYE23 FYE24 Dec-25 YoY Dec-24 J+A 1.3 1.0 2.1 0.9 2.6 +1.2 1.3 Joyo 0.8 0.7 1.6 0.8 1.0 -0.0 1.1 Ashikaga 0.5 0.2 0.4 0.1 1.5 +1.3 0.2 （19）Disclosed Claims under the Financial Revitalization Law （￥ｂｎ） FYE21 FYE22 FYE23 FYE24 Dec-25 YoY Bankrupt claims 13.8 12.5 14.6 13.4 13.0 -0.3 Doubtful claims 151.1 153.0 151.4 137.9 139.0 +1.1 Claims requiring monitoring 27.6 31.5 29.1 27.5 22.8 -4.6 (Loans past due 3 month or more) 0.0 0.2 0.1 0.1 0.2 +0.0 (Restructured loans) 27.5 31.3 28.9 27.3 22.6 -4.7 Total 192.6 197.1 195.2 178.9 174.9 -3.9 Bankrupt claims 5.4 5.1 4.9 5.7 4.7 -0.9 Doubtful claims 86.5 84.8 82.6 71.3 73.5 +2.1 Claims requiring monitoring 13.3 12.1 9.7 8.3 6.9 -1.4 (Loans past due 3 month or more) 0.0 0.0 0.0 0.1 0.0 -0.0 (Restructured loans) 13.2 12.0 9.6 8.2 6.8 -1.4 Total 105.2 102.1 97.3 85.5 85.2 -0.3 Bankrupt claims 7.7 6.7 9.2 6.8 7.5 +0.6 Doubtful claims 64.6 68.1 68.7 66.5 65.5 -1.0 Claims requiring monitoring 14.2 19.4 19.3 19.1 15.9 -3.1 (Loans past due 3 month or more) 0.0 0.1 0.0 0.0 0.1 +0.1 (Restructured loans) 14.2 19.2 19.3 19.0 15.7 -3.2 Total 86.7 94.2 97.3 92.5 88.9 -3.5 J+A Joyo Ashikaga
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40 Mebuki Financial Group, Inc. Corporate Planning Department TEL +81-29-233-1151 E-mail ir@mebuki-fg.co.jp URL https://www.mebuki-fg.co.jp/ Inquiries This document has been prepared for information purposes only and does not form part of a solicitation to sell or purchase any securities. Information contained herein may be changed or revised without prior notice. This document may contain forward-looking statements as to future results of operations. No forward-looking statement can be guaranteed and actual results of operations may differ from those projected.