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© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. November 12, 2025 Summary of Financial Results for 1HFY2025
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2© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. This presentation material contains information that constitutes forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in the forward-looking statements as a result of various factors including changes in managerial circumstances. This material includes summary figures that have not been audited so the numbers may change. Please refer to the most recent relevant materials including financial results (“Kessan Tanshin”)(including attached explanatory materials), the securities report and other presentations disclosed by Sumitomo Mitsui Trust Group and its group companies, for further information that could significantly influence its financial position and operating results as well as investment decisions by investors. Information regarding companies and other entities outside the group in this document has been obtained from publicly available information and other sources. The accuracy and appropriateness of that information has not been verified by the group and cannot be guaranteed. This presentation material does not constitute an offer to sell or a solicitation of an offer to subscribe for or purchase any securities. Definitions of terms in this document Sumitomo Mitsui Trust Group (Consolidated): “Consolidated “ or “SuMiTG” Sumitomo Mitsui Trust Bank (Non-consolidated): “Non-consolidated “ or “SuMiTB” Sumitomo Mitsui Trust Asset Management: “SuMiTAM” Net income (on consolidated basis) : “Net income attributable to owners of the parent” NPL (Non performing loans): “Problem assets based on the Financial Reconstruction Act” Change of Trade Name On September 1, 2025, Nikko Asset Management changed its trade name to Amova Asset Management.
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3© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. (Yen) Change change from FY24 change from initial forecast 12 Earnings per share (EPS) 184 242 + 57 418 + 58 + 27 13 Dividend per share (DPS) 72.5 80 + 7.5 170 + 15 + 10 (Yen) Change 14 Net assets per share (BPS) 4,354 4,634 + 279 1HFY24 Actual 1HFY25 Actual FY25 Forecast Mar. 25 Sep. 25 (Yen bn) Change change from FY24 change from initial forecast 1 169.5 181.9 + 12.3 370.0 + 7.9 - 2 450.8 478.3 + 27.4 975.0 + 40.7 - 3 Substantial G&A Expenses (281.2) (296.3) (15.1) (605.0) (32.8) - 4 Total credit costs (6.2) 2.7 + 8.9 (20.0) + 4.6 + 10.0 5 Net gains on stocks 39.9 39.8 (0.1) 80.0 (1.4) + 10.0 6 (20.2) 10.6 + 30.9 (20.0) + 44.3 - 7 Net income 132.8 171.3 + 38.4 295.0 + 37.3 + 15.0 8 Fee income ratio 54.4% 53.1% (1.3%) 9 Overhead ratio 62.3% 61.9% (0.4%) 62.0% + 0.8％ - 10 Return on equity 8.43% 10.75% + 2.32% 11 11.90% 11.93% + 0.03%Common Equity Tier 1 capital ratio* 1HFY24 Actual 1HFY25 Actual FY25 Forecast Other net non-recurring profit, Extraordinary profit Net business profit before credit costs Substantial gross business profit Financial results for 1HFY2025 ◼ Net business profit achieved 49% progress. Net income reached record-high profits for 1H ◼ Net income: Revised full year forecast to ¥295.0bn (increased by ¥15.0bn vs FY25 initial forecast) in line with steady performance for 1H ◼ Dividend per share forecast : ¥170, upward revision of ¥10 vs FY25 initial forecast. Increased by ¥15 YoY ◼ CET1 capital ratio on finalized Basel III (fully phased basis): 10.9％. Announced share repurchase of up to ¥30.0bn <Major KPIs> <Per share information> *: CET1 capital ratio on finalized Basel III (fully phased basis) as of Sep. 2025 is 10.9%
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4© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. YoY Changes (Net business profit before credit costs and Net income) ◼ Net business profit before credit costs: Increased by ¥12.3bn YoY (Increased by ¥19.0bn YoY , excluding the impact of divestment) ◼ Net income: Increased by ¥38.4bn YoY , mainly due to solid growth in Net business profit before credit costs, total credit cost, and gains on sales of stocks of subsidiaries and affiliates Income taxes, etc.*2 Net business profit before credit costs Total credit cost Net gains on stocks Net fees and commissions and related profit *1: “Effective interest related earnings” is sum of “Net interest income and related profit” and “Profit attributable to deployment of surplus foreign currency funds”, included in “Other profit”. Refer to P.20 for a detailed explanation of “Profit attributable to deployment of surplus foreign currency funds” *2: Includes “total income taxes”. Effective interest related earnings*1 Other profit Substantial G&A expenses Gains on sales of stocks of subsidiaries and affiliates +41.2 Net business profit before credit costs (Yen bn) Net income (Yen bn) 169.5 181.9 +12.3 132.8 171.3 (13.5) (0.1) +8.9 +3.4 +6.3 (15.1) (18.2) +15.1 +20.7 +8.8 +10.1 Other net non-recurring profit, Extraordinary profit +30.9 Figures in italics exclude the impact of divestment (approx. (¥7.0 bn) YoY)
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5© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. ・ Increased by ¥8.9bn YoY, due to limited new expenses and the release of reserves Total credit costs (#10) Overview of profits (Yen bn) Change 1 Net business profit before credit costs *2 169.5 181.9 12.3 370.0 2 Substantial gross business profit *2 450.8 478.3 27.4 975.0 3 Effective interest related earnings*3 175.1 190.3 15.1 4 Net fees and commissions and related profit 245.2 254.1 8.8 5 30.3 33.8 3.4 6 Substantial G&A expenses *2 (281.2) (296.3) (15.1) (605.0) 7 Personnel expenses (123.8) (127.0) (3.2) 8 Non-personnel expenses excluding taxes (147.8) (159.3) (11.5) 9 Taxes other than income taxes (9.5) (9.9) (0.3) 10 Total credit costs (6.2) 2.7 8.9 (20.0) 11 Net gains on stocks 39.9 39.8 (0.1) 80.0 12 Other net non-recurring profit (20.3) (28.0) (7.7) (55.0) 13 Ordinary profit 183.0 196.4 13.4 375.0 14 Extraordinary profit 0.0 38.7 38.6 15 Income before income taxes 183.0 235.1 52.1 16 Total income taxes (49.4) (60.7) (11.3) 17 Income attributable to non-controlling interests (0.7) (3.0) (2.3) 18 Net income 132.8 171.3 38.4 295.0 19 Earnings per share (EPS) (Yen) 184 242 57 20 Number of shares issued (mn shares) *4 719.1 706.2 (12.9) 1HFY24 1HFY25 FY25 Forecast *1 Other profit Net gains on stocks (#11) Net income (#18) ・Achieved ¥171.3bn of 61% vs FY25 initial forecast of ¥280.0bn ・Revised full year forecast to ¥295.0bn(increased by ¥15.0bn) due to steady first half performance ・ Achieved ¥39.8bn of 50% vs FY25 forecast of ¥80.0bn (57% progress vs FY25 initial forecast of ¥70.0bn) ・ Gain on sales of strategic shareholdings: ¥50.6bn Realized losses from cancellation of bear funds: ¥(15.7)bn Net business profit before credit costs (#1) *1: Revised on November 12, 2025 *2: “Net business profit before credit costs”, “Substantial gross business profit”, and “Substantial G&A expenses” are based on managerial accounting, taking gross income and expenses from affiliates into consideration *3: “Effective interest related earnings” is sum of “Net interest income and related profit” and "Profit attributable to deployment of surplus foreign currency funds”, included in “Other profit.” Refer to P.20 for a detailed explanation of “Profit attributable to deployment of surplus foreign currency funds” *4: Average number of common shares outstanding (excluding treasury stocks) during the period Other net non-recurring profit, Extraordinary profit (#12 and #14) ・(#12: Other net non-recurring profit) Decreased by ¥(7.7)bn YoY, due to decline in amortization of net actuarial losses and decrease of investment in partnership losses ・(#14: Extraordinary profit) Increased by ¥38.6bn YoY due to gains on sales of stocks of subsidiaries and affiliates, factored into annual forecast ・Achieved ¥181.9bn of 49% vs FY25 forecast of ¥370.0bn ・(#3: Effective interest related earnings) Increased by ¥15.1bn YoY due to the impact of domestic interest rate hike as well as an increase of earnings related to investment partnership ・(#4: Net fees and commissions and related profit) Increased by ¥8.8bn YoY due to the higher fee income from stock transfer agency services business and corporate lending business ・(#5: Other profit) Increased by ¥3.4bn YoY, due to net gains on bonds ・(#6: Substantial G&A expenses) Increased by ¥15.1bn YoY, mainly due to higher IT system related costs. Progress largely in line with the plan (49% progress)
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6© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. Loan - deposit ratio (SuMiTB) Overview of balance sheet (Yen bn) Change 1 Assets 78,247.1 82,614.8 4,367.7 2 Cash and due from banks 25,173.6 26,884.5 1,710.9 3 Securities 11,496.1 14,766.2 3,270.0 4 Loans and bills discounted 32,206.9 32,019.2 (187.6) 5 Other assets 9,370.3 8,944.8 (425.4) 6 Liabilities 75,119.7 79,320.6 4,200.8 7 Deposits and NCD 47,366.0 49,826.0 2,459.9 8 Borrowed money from trust account 3,492.2 3,716.5 224.2 9 Other liabilities 24,261.4 25,778.0 1,516.5 10 Total net assets 3,127.3 3,294.2 166.8 11 Total shareholders' equity 2,699.9 2,783.7 83.7 12 Total accumulated OCI 396.2 477.1 80.9 13 Minority interests, etc. 31.1 33.3 2.1 14 Net assets per share (BPS) (Yen) 4,354 4,634 279 15 Number of shares issued (mn shares) *1 710.9 703.5 (7.4) (Reference) 16 Loan-deposit ratio (SuMiTB) 68.5% 65.6% (2.9%) 17 NPL ratio (SuMiTB)*2 0.3% 0.2% (0.1%) *1: Number of common shares issued (excluding treasury stocks) as of the end of the month above *2: Banking a/c and principal guaranteed trust a/c combined Mar. 25 Sep. 25 （left）
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7© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. (Yen bn) Change 1 Net business profit before credit costs *1 169.5 181.9 12.3 2 o/w SuMiTB*2 123.2 151.3 28.0 3 SuMiTAM 4.1 4.6 0.4 4 Amova Asset Management*3 8.2 10.1 1.9 5 SuMi TRUST Realty 4.6 4.5 (0.1) 6 SuMi TRUST Panasonic Finance*3 5.4 6.1 0.6 7 Sumitomo Mitsui Trust Bank (U.S.A.) 7.5 6.4 (1.0) 8 Sumitomo Mitsui Trust (Hong Kong) 1.8 1.8 0.0 9 SuMi TRUST Guarantee*3 5.5 5.5 (0.0) 10 SuMi TRUST Club 0.3 0.7 0.3 11 UBS SuMi TRUST Wealth Management 2.2 2.5 0.3 12 Net income*1 132.8 171.3 38.4 13 o/w SuMiTB*2 101.7 154.7 52.9 14 SuMiTAM 2.8 3.3 0.5 15 Amova Asset Management*3 5.1 7.1 1.9 16 SuMi TRUST Realty 3.2 3.2 0.0 17 SuMi TRUST Panasonic Finance*3*4 3.9 17.0 13.0 18 Sumitomo Mitsui Trust Bank (U.S.A.) 5.9 5.1 (0.8) 19 Sumitomo Mitsui Trust (Hong Kong) 1.5 1.5 0.0 20 SuMi TRUST Guarantee*3 3.8 3.9 0.1 21 SuMi TRUST Club 0.1 0.2 0.0 22 UBS SuMi TRUST Wealth Management 1.8 2.0 0.2 1HFY24 1HFY25 Profit by group company *1: Figures on the table above are contribution of group companies, which are substantive amount excluding consolidation adjustment that do not relate directly to the group companies’ business results. *2: Including dividends from group companies (1HFY24: ¥17.7bn, 1HFY25: ¥30.2bn, YoY change: ¥12.4bn) *3: Consolidated basis *4: The increase was mainly due to extraordinary gains from the Share transfer of North American railcar leasing business Breakdown of Net business profit before credit costs Breakdown of Net income
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8© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. (Yen bn) 1 Total 169.5 478.3 27.4 (296.3) 181.9 12.3 370.0 2 Wealth Management Business 22.7 122.2 9.7 (94.5) 27.7 4.9 44.0 3 SuMiTB 12.6 83.7 8.1 (66.8) 16.9 4.2 26.0 4 Other group companies 10.0 38.4 1.5 (27.6) 10.7 0.7 18.0 5 Corporate Business 83.7 154.0 15.0 (57.0) 96.9 13.2 173.0 6 SuMiTB 67.2 118.5 23.6 (31.9) 86.6 19.3 149.0 7 Other group companies 16.4 35.4 (8.6) (25.1) 10.3 (6.1) 24.0 8 Investor Services Business 42.7 80.1 (4.6) (43.7) 36.4 (6.3) 72.0 9 SuMiTB 29.8 45.6 (3.4) (19.9) 25.7 (4.1) 54.0 10 Other group companies 12.9 34.5 (1.1) (23.8) 10.7 (2.2) 18.0 11 Real Estate Business 16.7 31.9 (0.6) (16.6) 15.3 (1.4) 43.0 12 SuMiTB 11.7 16.3 (1.1) (6.0) 10.2 (1.4) 32.0 13 Other group companies 5.0 15.5 0.4 (10.5) 5.0 (0.0) 11.0 14 Global Markets Business 16.4 27.5 1.0 (11.5) 16.0 (0.3) 51.0 15 SuMiTB 16.4 26.9 0.4 (11.5) 15.4 (0.9) 51.0 16 Other group companies - 0.6 0.6 (0.0) 0.5 0.5 - 17 Asset Management Business*2 12.6 52.5 3.7 (37.5) 14.9 2.3 27.0 1HFY24 Net business profit before credit costs*1 1HFY25 Net business profit before credit costs*1 FY25 Plan Net business profit before credit costs*1 Substantial gross business profit*1*3 Substantial G&A expensesChange Change Profit by business segment *1: Substantial gross business profit and net business profit include a part of non-recurring profit (net gains on stocks, net gains on stocks related derivatives and others) and adjust at total *2: Sum of Asset management companies (SuMiTAM (consolidated), Amova AM (consolidated), Sky Ocean AM, JP AM) *3: Including fees paid out for outsourcing
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9© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. Overview of profit (SuMiTB) (Yen bn) Change 1 Net business profit before credit costs 123.2 151.3 28.0 2 Gross business profit 275.4 317.9 42.5 3 Effective interest related earnings 162.6 193.6 30.9 4 o/w Dividend from subsidiaries * 17.7 30.2 12.4 5 105.1 114.6 9.4 6 6.5 10.1 3.6 7 Net trading profit 60.0 45.0 (15.0) 8 (53.5) (34.8) 18.7 9 Net gains on bonds 3.1 12.8 9.7 10 Net gains from derivatives (0.3) (12.4) (12.1) 11 General and administrative expenses (152.2) (166.6) (14.4) 12 Total credit costs (4.8) 3.6 8.5 13 Other non-recurring profit 21.1 22.3 1.1 14 o/w Net gains on stocks 31.0 41.4 10.3 15 Amortization of net actuarial losses 1.3 (3.8) (5.2) 16 Ordinary profit 139.4 177.2 37.7 17 Extraordinary profit (0.8) 26.6 27.4 18 Income before income taxes 138.6 203.9 65.2 19 Total income taxes (36.9) (49.2) (12.2) 20 Net income 101.7 154.7 52.9 Net gains on foreign exchange transactions (Excluding Profit attributable to deployment of surplus foreign currency funds) 1HFY24 1HFY25 Net fees and commissions and related profit Net trading profit Net gains on foreign exchange transactions Change 21 Net fees and commissions and related profit 105.1 114.6 9.4 22 o/w Investment management consulting 23.1 23.9 0.7 23 Asset management/administration 41.1 40.9 (0.1) 24 Real estate brokerage 13.7 12.0 (1.7) 25 Stock transfer agency services 14.6 17.0 2.4 26 Inheritance related services 1.9 2.2 0.2 27 Corporate credit related 17.5 25.6 8.0 28 Net gains on bonds 3.1 12.8 9.7 29 Domestic bonds (1.6) (0.5) 1.1 30 Foreign bonds 4.7 13.4 8.6 31 General and administrative expenses (152.2) (166.6) (14.4) 32 Personnel expenses (64.9) (68.6) (3.7) 33 Salaries etc. (60.8) (63.3) (2.5) 34 Retirement benefit expenses 6.4 5.6 (0.8) 35 Others (10.5) (10.9) (0.3) 36 (81.4) (91.7) (10.3) 37 IT system related costs (32.2) (40.1) (7.9) 38 Others (49.2) (51.5) (2.3) 39 Taxes other than income taxes (5.8) (6.2) (0.4) Non-personnel expenses excluding taxes 1HFY24 1HFY25 *: Offset and eliminated as intercompany transactions on a consolidated basis
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10© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. [Total credit costs] (Yen bn) 1 SuMiTB (4.8) 3.6 2 General allowance for loan losses 11.9 4.8 3 Specific allowance for loan losses (17.0) (0.6) 4 Recoveries of written-off claims 0.3 0.7 5 Losses on sales of claims, written-off (0.2) (1.3) 6 Other group companies, etc. (1.3) (0.9) 7 Total (6.2) 2.7 [Non-performing loans (NPLs) based on Banking Act and Reconstruction Act] Banking a/c and principal guaranteed trust a/c combined (Yen bn) Coverage ratio*1 Allowance ratio*2 8 Total 81.2 76.6% 56.1% (4.4) 9 NPL ratio 0.2% --- --- (0.1%) 10 Bankrupt and practically bankrupt 11.5 100.0% 100.0% (1.4) 11 Doubtful 42.0 84.7% 71.7% (6.3) 12 Substandard 27.6 54.4% 14.7% 3.4 13 Loans past due 3 months or more 4.4 --- --- 4.4 14 Restructured loans 23.3 --- --- (1.0) 15 350.3 --- --- (47.5) 16 Assets to normal borrowers 32,768.6 --- --- 215.1 17 Grand total 33,200.0 --- --- 163.2 *1: (Collateral value after considering haircuts + allowance for loan losses) / Loan balance *2: Allowance for loan losses / (Loan balance - Collateral value after considering haircuts) Major factors (1HFY25) Assets to borrowers requiring caution(excluding Substandard) 1HFY24 Sep. 25 1HFY25 Change from Mar. 25 Total credit costs and Non-Performing Loans (NPLs) based on Banking Act and Reconstruction Act SuMi TRUST Club ¥(0.4)bn SuMi TRUST Panasonic Finance ¥(0.3)bn Special loan loss provision of approx. ¥25.0bn (As of September 2025) Total Balance and ratio of NPL Downgraded: Approx. ¥(2.5)bn Upgraded: Approx. ¥1.0bn Decrease in loan balance, etc. (including recoveries): Approx. ¥5.0bn
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11© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. Loan/Investment： Credit portfolio (SuMiTB) 1HFY24 1HFY25 (Yen bn) Change 1 Annual amount of new loans to individuals 348.8 262.4 (86.3) 2 Mortgage loans 298.6 187.6 (111.0) Mar. 25 Sep. 25 (Yen bn) Change 3 Outstanding of individual loans 10,834.7 10,663.5 (171.1) 4 Mortgage loans 10,159.3 9,970.5 (188.7) ◼ Individual： Continue operations with a focus on capital efficiency. Decreased new execution amount and loan balance YoY ◼ Corporate: Pursue the shift to profitable product related lending while controlling total balance of credit Mar. 25 Sep. 25 (Yen bn) Change *2 5 Corporate lending (Yen) 10,717.7 10,811.2 93.4 6 Corporate lending (Foreign Currency) 2,988.4 2,741.7 (246.6) 7 Product related (Yen) 3,472.6 3,646.5 173.8 8 Product related (Foreign Currency) 5,477.0 5,868.7 391.6 9 Total balance of credit for corporates*1 22,655.8 23,068.3 412.4 10 Product related 8,949.7 9,515.3 565.5 Sum of Corporate Credit ¥23.0trn Corporate clients Individual clients Credit portfolio balance *1: Balance of equity investment(excluding strategic shareholdings) is approx. ¥690.0bn on Sep. 25 *2: Impact of foreign exchange: Corporate lending (Foreign Currency) approx. ¥6.0bn, Product related (Foreign Currency) approx. ¥38.0bn
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12© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. 10BPV*7 Duration (years)*7 (Yen bn) Sep. 25 Change from Mar. 25 Sep. 25 Change from Mar. 25 19 JPY 11.5 2.9 1.6 0.0 20 Others*8 5.3 1.4 1.6 (0.4) (*2) (*3) （*1） Securities portfolio [Consolidated]*1 Costs (Yen bn) Sep. 25 Change from Mar. 25 Sep. 25 Change from Mar. 25 1 Available-for-sale securities 13,116.4 3,177.2 556.0 59.6 2 Japanese stocks 331.8 (29.7) 607.4 83.7 3 Japanese bonds 7,398.4 1,564.5 (78.4) (31.9) 4 Others 5,386.2 1,642.3 27.1 7.8 5 Held-to-maturity securities 179.2 (5.2) 1.8 (0.8) [SuMiTB (Available-for-sale securities)]*1 6 Available-for-sale securities 12,802.2 3,025.5 563.6 58.4 7 Japanese stocks 314.4 (28.1) 624.7 82.2 8 Japanese bonds 7,398.4 1,564.5 (78.4) (31.9) 9 o/w Government bonds*2 6,707.9 1,586.7 (69.1) (31.6) 10 Others 5,089.3 1,489.1 17.3 8.1 11 Domestic investment 100.9 (2.9) 0.0 (0.1) 12 International investment 4,619.5 1,537.8 11.5 8.5 13 o/w US Treasury*3 2,130.7 350.5 13.7 10.3 14 Others (Investment trust, etc.) 368.7 (45.7) 5.7 (0.2) 15 o/w for hedging of strategic shareholdings*4 53.7 (87.7) (7.6) (2.1) [SuMiTB (Held-to-maturity securities)] 16 Held-to-maturity securities 179.2 (5.2) 1.8 (0.8) 17 o/w Government bonds 126.1 9.6 1.8 (0.9) 18 International investment 17.5 (10.6) 0.0 (0.0) Unrealized gains/losses *1: Not include stocks with no market price and investment partnership and others *2: Unrealized losses on Government bonds after adjusting PL from hedging transactions is ¥(29.2)bn *3: Unrealized losses on US Treasury after adjusting PL from hedging transactions is ¥(11.5)bn *4: TOPIX typed bear funds. Hedge ratio of strategic shareholdings: Approx. 8% Unrealized gains/losses of AFS securities with fair value*1 *5: SuMiTB Securities portfolio of Global markets*6 *6: Managerial reporting basis; "HTM securities" and "AFS securities" are combined *7: In the calculation of 10BPV and duration, investment balance hedging transactions were excluded *8: Total of securities denominated in USD, EUR and GBP
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13© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. Reduction of strategic shareholdings ◼ The number of client companies with strategic shareholdings decreased by approx. 50% over the past four and a half years since March 2021. Reducing ¥29.5bn (cost basis) in 1HFY25, the same level as in 1HFY24 ◼ Balance of strategic shareholdings (market value) vs consolidated total net assets rose to 44% due to favorable market conditions. Strategic shareholdings (cost basis) continue to decline steadily Dialogue with clients Market value and cost basis balance of strategic shareholdings (consolidated basis) Reduction (consolidated basis) Number of client companies (Mar.21) 870 *3: Including repurchased shares and some shares other than strategic shareholding as a conventional stable shareholder *4: Including deemed shares and unlisted shares Number of corporate clients of which we have strategic shareholdings 870 （Mar. 21） 445（Sep. 25） *1: Domestic Listed Stocks *2: Amount agreed to be sold during FY25 as of the end of Sep. 25 *1 Market value balance of strategic shareholdings*3,4 ÷ Consolidated total net assets Market value balance of strategic shareholdings *3,4 Cost basis balance of Domestic Listed Stocks (Banking a/c)*3 approx. ¥23.0bn To be sold*2 Approximately half of client companies are sold completely
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14© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. Net fees and commissions and related profit SuMiTB SuMiTG*1 (Yen bn) Change from 1HFY24 Change from 1HFY24 1 Net fees and commisions and related profit 114.6 9.4 254.1 8.8 2 Investment trust and insurance sales 23.9 0.7 23.9 0.7 3 Card - - 21.7 0.7 4 Asset management / administration 40.9 (0.1) 114.0 0.6 5 Profit 61.0 (0.7) 128.7 0.4 6 Fees paid out for outsourcing (20.0) 0.5 (14.7) 0.2 7 Stock transfer agency services 17.0 2.4 30.7 2.5 8 Profit 26.7 3.4 30.7 2.5 9 Fees paid out for outsourcing (9.7) (1.0) - - 10 Real estate 16.0 (1.3) 31.6 (0.9) 11 Others (Loan arrangement fees, etc.) 16.6 7.7 32.0 5.0 12 Fee income ratio *2 36.0% (2.2%) 53.1% (1.3%) *1: Figures are after eliminations of intra-group transactions *2: Net fees and commissions and related profit / Gross business profit 1HFY25 1HFY2025 Fee income ratio (SuMiTG)
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15© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. 1HFY24 1HFY25 (Yen bn) Change 1 Income total 23.1 23.9 0.7 2 Sales fees of investment trust 0.6 1.1 0.4 3 Sales fees of insurance 5.2 4.2 (0.9) 4 Administration fees 17.2 18.5 1.3 1HFY24 1HFY25 (Yen bn) Change 5 Sales volume total 823.2 748.7 (74.4) 6 Investment trust 497.8 460.8 (36.9) 7 Fund wrap, SMA 151.2 120.8 (30.4) 8 Insurance 174.1 167.0 (7.0) Mar. 25 Sep. 25 (Yen bn) Change 9 Balance total 9,237.4 10,231.2 993.8 10 Investment trust 5,121.6 5,840.0 718.4 11 Fund wrap, SMA 1,598.5 1,782.4 183.9 12 Insurance 2,517.2 2,608.7 91.4 ◼ Income total increased by ¥0.7bn YoY to ¥23.9bn, mainly due to consistent increase in administration fees as the balance grows ◼ Balance total increased by ¥0.9trn from Mar. 2025 to ¥10.2trn, mainly due to growth of market value Fee business: Invest management consulting Income from marketing of investment products Sales volume / balance Income from marketing (quarterly) Balance
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16© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. (Yen trn) Change 1 Assets under management 140.6 163.7 23.0 2 SuMiTB*1 11.7 12.1 0.3 3 Private asset*2 8.8 9.3 0.4 4 SuMiTAM 93.9 111.6 17.7 5 Amova AM 34.9 39.9 4.9 - *2: AUM of Sumitomo Mitsui Trust Real Estate Investment Management are added from Sep. 24 and the past figures are reflected in this slide. Mar. 25 Sep. 25 *1: Not include duplicate amount from re-entrustment to SuMiTAM and Amova AM Fee business: Asset management/administration ◼ AUM increased by ¥23.0trn from Mar. 2025 to ¥163.7trn, mainly due to growth of market value ◼ Both domestic and overseas AUC increased due to growth of market value and the steady accumulation of contracts USD/JPY 133.54 151.42 149.48 148.79 TOPIX 2,003.50 2,768.62 2,658.73 3,137.60 Assets under management (AUM) Assets under custody/administration (AUC) [Domestic] (Yen trn) Change 6 Investment trust*3 106.7 116.3 9.6 7 Non investment trust*3 99.8 102.4 2.6 [Overseas] (USD 10bn) 8 Global custody*4 42.7 47.3 4.5 9 Fund administration 10.3 11.1 0.7 SuMi TRUST Bank (Lux.) *3: Entrusted balance of SuMiTB *4: Combined figures of SuMiTB, SuMi TRUST Bank (U.S.A) and Mar. 25 Sep. 25
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17© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. 1HFY24 1HFY25 (Yen bn) Change 1 Real estate brokerage fees 27.9 26.5 (1.3) 2 SuMiTB 13.7 12.0 (1.7) 3 SuMi TRUST Realty 14.1 14.5 0.3 4 Real estate trust fees, etc. 3.7 4.0 0.3 5 Net other real estate profit 0.9 1.0 0.0 6 SuMiTB - - - 7 Group companies 0.9 1.0 0.0 8 Total 32.5 31.6 (0.9) 9 o/w SuMiTB 17.4 16.0 (1.3) Mar. 25 Sep. 25 (Yen bn) Change 10 Securitized real estate 29,990.3 31,134.1 1,143.8 11 Assets under custody from J-REITs 18,631.7 18,986.9 355.2 12 Assets under management 873.6 1,024.2 150.5 13 Private placement funds 581.3 730.8 149.5 14 J-REITs 292.3 293.4 1.0 Fee business: Real estate ◼ Corporate real estate brokerage: Decreased by ¥1.7bn YoY to ¥12.0bn (Increased by ¥1.1bn vs 1HFY2023) ◼ Retail real estate brokerage: Increased by ¥0.3bn YoY to ¥14.5bn. Achieved record-high profits for a second consecutive year Income (group base) Assets under management / administration Real estate brokerage fees (quarterly) *: Figures have been adjusted, including those for the previous fiscal year, due to a partial revision
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18© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. 1HFY25 Change from 1HFY24 Change from 1HFY24 Change from 1HFY24 1 Effective interest related earnings 193.6 30.9 2 Domestic business 139.4 27.5 3 Interest-earning assets 54.56 2.96 0.92% 0.37% 254.1 111.2 4 o/w Loans and bills discounted 24.09 (0.94) 1.03% 0.31% 125.4 34.2 5 o/w Securities 6.80 2.00 2.04% 0.52% 69.6 32.9 6 Interest-bearing liabilities 54.05 2.77 0.45% 0.30% (122.9) (83.3) 7 o/w Deposits 30.09 (0.08) 0.33% 0.23% (50.7) (34.5) 8 o/w Borrowings from trust a/c 3.50 (0.39) 0.72% 0.26% (12.6) (3.5) 9 o/w Swaps --- --- --- --- (11.8) (11.4) 10 Trust fees from principal guaranteed trust a/c 8.3 (0.4) 11 International business 54.1 3.4 12 Interest-earning assets 23.71 2.27 3.20% (0.72%) 381.5 (40.0) 13 o/w Loans and bills discounted 7.93 0.20 5.14% (1.10%) 204.5 (37.4) 14 Due from banks 1.87 (0.16) 4.17% (1.20%) 39.3 (15.6) 15 o/w Securities 5.36 0.79 4.13% (0.54%) 111.2 4.1 16 Interest-bearing liabilities 23.42 2.93 4.43% (1.42%) (521.2) 79.9 17 o/w Deposits 7.65 0.78 3.64% (1.18%) (139.9) 26.1 18 o/w NCD / USCP 10.26 1.52 4.14% (1.49%) (213.1) 33.8 19 o/w Repo 2.81 0.53 4.30% (1.18%) (60.5) 2.0 20 o/w Expenses on swaps --- --- --- --- (49.5) 23.1 21 Profit attributable to deployment of surplus foreign currency funds 193.8 (36.4) 22 Loan-deposit spread / income in domestic business 0.70% 0.08% 74.7 (0.2) 23 Loan-deposit spread / income in international business 1.50% 0.08% 64.6 (11.3) (Average balance: Yen trn) (Income/Expenses: Yen bn) Average Balance Average Yield Income/ Expenses (Reference) Effective interest related earnings (SuMiTB) Domestic loan-deposit spread (YoY) International loan-deposit spread (YoY) *: Changes from FY24/1Q in “Effective interest related earnings” excluding dividends from subsidiaries: ¥18.5bn “Securities” include dividends from subsidiaries (1HFY24: ¥17.7bn, 1HFY25: ¥30.2bn, YoY change: +¥12.4bn). Dividends from subsidiaries are offset and eliminated as intercompany transactions on a consolidated basis
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19© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. approx. ¥2trn (Reference) Status of JPY balance sheet (SuMiTB) ◼ Stable funding structure mainly based on term deposits from individual clients ◼ Annual impact of 10bp policy rate hike on Net business profits is estimated approx. +¥6.0bn Impact of interest rate hike (estimate. As of November, 2025) Assumptions of FY25 (FY25 impact over FY24) Sensitivity Impact (Net business profit) + approx. ¥13.0bn Per 10bp increase in Policy rate + approx. ¥6.0bnBreakdown/ Premise ◼ Premise Policy rate held at 50bp ◼ Mainly client deposits impacts Deposits Loans *1: Managerial reporting basis. Deposits and trust principal, excluding negotiable deposits *2: Current deposits include liquid deposits, separate deposits, non-resident yen deposits, etc. *2 approx. 25％ approx. 75％ approx. 25％ approx. 35％ approx. 40％ JPY balance sheet (as of Sep. 25) Breakdown of Loans and Deposits (as of Sep. 25) Deposits*1 approx. ¥35trn About 50% is 1 year or longer term deposits Others *1 Negotiable deposits JGB approx. ¥7trn Loans approx. ¥25trn BOJ deposits approx. ¥24trn Others
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20© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. Core investment Loans Credit securities USD 63.2 bn Profit attributable to deployment of surplus foreign currency funds (Reference) Status of foreign currency balance sheet (SuMiTB) • Decreased gross funding costs and investment profits due to lower rates although trade volume increased. Net profit was roughly unchanged ◼ Medium- to long-term and stable funding covers core investments, while liquidity risk is controlled through conservative management ◼ Funds sourced through the NCD/USCP markets are categorized as contingent funding buffer, and are utilized as short-term operations such as interbank placement or market deployment of surplus foreign currency Foreign currency Balance sheet (as of Sep. 25) Profit structure of market deployment of surplus foreign currency (FX Swap) Net zero *: The contents are simplified to promote understanding the structure of the operations, although actual profitability of market placement of surplus foreign currency changes depending on market environment. Figures show gross profits as sum of basis swap spread factor and interest gap factor. Funding costs are estimated by Bloomberg Short-term Bank Yield Index （BSBY）until FY24/2Q and by USCP rate from FY24/3Q. JPY Investment yield is nearly unsecured Overnight Call Rate Profit attributable to deployment of surplus foreign currency funds* （Yen bn） Basis swap spread factor Interest rate gap factor Funding cost of foreign currency - JPY Investment profit Foreign currency funding (NCD/USCP, etc.) Market deployment of surplus foreign currency Posted “Net other operating profit” Funds transaction Posted “Net interest income and related profit” JPY investment Foreign currency investment JPY funding FX market Money market BOJ deposits, etc. ＜Basis swap spread factor＞ Stable demand of USD observed even though it depends on market fluctuations FX Swap ＜Interest rate gap factor＞ Gap between foreign currency funding costs and JPY investment yield Bond investments USD 25.1 bn Profit attributable to deployment of surplus foreign currency funds etc. FX Swap etc. USD 68.3 bn Net I/B depo, etc. USD 13.7 bn NCD/USCP USD 73.1 bn Stable funding Client deposits, Repo utilizing client assets, Deposits from central banks, etc. USD 50.5 bn Repo USD 16.3 bn Medium-long term funding CCS/Senior bond, etc. USD 30.3 bn
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21© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. (Reference) Real Estate Brokerage Market Trends ◼ Tenant commitments are progressing steadily for buildings scheduled for completion in 2028–2029, with limited vacancies and upward pressure on rents. ◼ Market sentiment continues to improve ◼ Remain stable ◼ Rents reflect wage growth with the impact spreading beyond the metropolitan area to surrounding areas ◼ Inbound tourism demand remains resilient ◼ Upward trend in transactions involving leasehold land ◼ Efforts to realize gains on hotel assets acquired during the COVID-19 pandemic 1Q Office Logistics facilities Data Centers Retail facilities Hotels Rental housing ◼ Demand for small-scale and collective investment in prime real estate remains strong ◼ Growing interest in higher-return investments (such as value-added investments) as interest rates rise Trends by client typeTrends by type of asset Corporations Overseas investors Domestic investors FY25 2Q FY25 ◼ Demand for housing purchase remains steady, despite of concern over rising interest rates ◼ Demand for investment properties among wealthy individuals remains strong Individuals ◼ Abundant dry powder While concerns over rising interest rates persist, capital continues to flow into the Japanese market, supported by low interest rates and limited geopolitical risk ◼ Maintain the intention of selling large properties and reinvesting in other domestic properties ◼ Continue reassessing assets to improve capital efficiency, prompted by shareholder proposals ◼ Office relocation demand, including for headquarters, remains resilient, driven by recruitment and branding considerations ◼ Weak rents in some areas due to oversupply in FY24 ◼ Development slows due to soaring construction costs, while future supply-demand balance expected to improve Retail facilities Hotels Data centers Logistics (development prime) Logistics (in operation)
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22© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. Capital ◼ Common Equity Tier 1 (CET1) ratio:11.93%. Up0.41 ppt from Mar. 25 mainly due to increase in retained earnings and increase in capital associated with stock price rise. ◼ CET1 capital ratio on finalized Basel III (fully phased basis): 10.9% (up 0.3 ppt from Mar. 25) ◼ Both Leverage ratio and Liquidity coverage ratio maintained levels well in excess of regulatory requirements Mar. 25 Sep. 25 (Yen bn) Change 1 Total capital ratio 14.34% 15.03% 0.69% 2 Tier 1 capital ratio 12.96% 13.57% 0.61% 3 Common Equity Tier 1 capital ratio 11.52% 11.93% 0.41% 4 Total capital 3,317.9 3,529.5 211.5 5 Tier 1 capital 3,000.0 3,188.0 187.9 6 Common Equity Tier 1 capital 2,665.6 2,803.2 137.6 (1) 7 Instruments and reserves 3,038.1 3,205.2 167.1 8 Accumulated other comprehensive income *2 396.2 477.1 80.9 9 Regulatory adjustments (372.5) (402.0) (29.5) 10 Additional Tier 1 capital 334.4 384.8 50.3 11 Tier 2 capital 317.8 341.5 23.6 12 Total risk-weighted assets 23,132.7 23,479.1 346.3 13 Credit risk 20,341.4 20,643.1 301.7 (2) 14 Market risk 1,229.1 1,146.0 (83.1) 15 Operational risk 1,562.1 1,689.9 127.7 16 Floor adjustment - - - (Yen bn) Change from Mar. 25 17 Leverage ratio*1 5.38% 0.10% 18 Including due from the Bank of Japan 3.81% 0.02% 19 Tier 1 capital 3,188.0 187.9 20 Total exposure 59,217.7 2,481.9 21 Including due from the Bank of Japan 83,579.5 4,484.0 22 Liquidity coverage ratio*3 185.4% 9.1% 23 Total high-quality liquid assets 26,865.3 3,330.5 24 Net cash outflows 14,486.4 1,137.5 Sep. 25 <Major factors of change in capital adequacy ratios> [Capital] (1) Common Equity Tier 1 capital: +¥137.6bn ・Net income: +¥171.3bn ・Valuation differences on AFS (considering valuation differences on hedging items): +¥63.2bn ・Dividend: ¥(56.3)bn ・Repurchase of own shares: ¥(29.9)bn [Risk-weighted assets] (2) Credit Risk: +¥301.7bn ・Completion of sales of stocks of subsidiaries and affiliates*4: approx. ¥(200.0)bn ・Increase of securities for international investment: approx. +¥180.0bn ・Increase in equity investments related: approx. +¥150.0bn <Capital and total risk-weighted assets (consolidated)>*1 <Other ratios required in prudential regulations (consolidated)> *1: Implemented finalized Basel III from Mar.24 *2: Valuation differences on Available-for-Sale Securities (Sep. 2025): ¥395.3bn (Change from Mar. 2025: +¥43.7bn) *3: Average figures in 2QFY2025. "Change from Mar. 25" represents the comparison to figure for 4QFY2024 calculated in the same manner *4: Sumitomo Mitsui Trust Loan & Finance Co., Ltd. (former trade name) and Marubeni SuMiT Rail Transport Inc.
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23© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. FY25 (Yen bn) Forecast Change from initial plan Net business profit before credit costs 370.0 ー Total credit costs (20.0) + 10.0 Net gains on stocks 80.0 + 10.0 Ordinary profit 375.0 + 20.0 Net income 295.0 + 15.0 Return on equity Lower 9％ range FY2025 Earnings Forecast, Dividends, and Capital Utilization ◼ Net income revised upward by ¥15.0bn, in line with steady performance for 1H. Anticipate ROE in the lower 9% range ◼ Enhance shareholder return in line with profit growth. Capital utilization enters a new phase Upward revision of FY25 forecast Dividend per share (common shares) Capital Utilization Growth investment (Under consideration) Share repurchase Impact on CET1 ratio*2 (Estimated) Approx. (0.2)% Impact on CET1 ratio*2 Approx. (0.1)% ◼ Considering additional investment in SBI Sumishin Net Bank to reinforce business alliance (Targeted within the fiscal year) ◼ Implement to enhance capital efficiency, taking into account the undervalued stock price level ◼ Plan to cancel all acquired shares ◼ The second implementation in FY2025, following the ¥30bn share repurchase announced in May Investment Amount (Estimated) ¥80bn Total amount of repurchase Up to ¥30bn ¥105 ¥110 ¥155 ¥170 x1.6 Initial forecast ¥160 Net income: ¥295.0bn (+¥15.0bn)*1 Forecast ROE in the lower 9% range Forecast dividend increase of ¥15 YoY Increased by 1.6 times over three years Capital utilization enters a new phase [Market environment assumption (2HFY25)] Stock Price (Nikkei225) ¥45,000 JPY/USD ¥145 Policy rate (BOJ) Held at 50bp *1: Change from initial forecast *2: Finalized Basel III. Includes valuation difference on AFS
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24© 2025 SUMITOMO MITSUI TRUST GROUP, INC. All rights reserved. Upward revision of earnings forecasts for FY2025 (breakdown) *: SuMiTB includes dividends from subsidiaries (FY24(actual) :¥62.0bn, FY25(forecast) :approx.¥34.0bn) Other group companies includes offset elimination of transaction between group companies related above dividends (FY24(actual): ¥(62.0)bn, FY25(forecast): approx. ¥(34.0)bn) (Yen bn) 1 Net business profit before credit costs 362.0 370.0 + 7.9 - 2 SuMiTB 288.9 290.0 + 1.0 - 3 Substantial gross business profit 934.2 975.0 + 40.7 - 4 SuMiTB 601.1 630.0 + 28.8 - 5 Other group companies 333.0 345.0 + 11.9 - 6 Substantial G&A Expenses (572.1) (605.0) (32.8) - 7 SuMiTB (312.2) (340.0) (27.7) - 8 Other group companies (259.9) (265.0) (5.0) - 9 Total credit costs (24.6) (20.0) + 4.6 + 10.0 10 Net gains on stocks 81.4 80.0 (1.4) + 10.0 11 Other non-recurring profit (51.1) (55.0) (3.8) - 12 Ordinary profit 367.6 375.0 + 7.3 + 20.0 13 Net income 257.6 295.0 + 37.3 + 15.0 14 SuMiTB 239.5 245.0 + 5.4 + 15.0 15 Dividend per common share (Yen) 155 170 + 15 + 10 Change from FY24 Change from initial forecast FY24 Actual FY25 Forecast