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December 2025 Tokyo Century Corporation (Security code: 8439) Investor’s Guide
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All Rights Reserved, Copyright © Tokyo Century Corporation Tokyo Century’s Vision for Social Contribution 2 Real Estate Aircraft Solar Power Generation Electric Vehicle- Related Services Storage Batteries Ships Wind Power Generation Data Centers Trucks ICT Equipment Recycling ICT Equipment Construction Machinery Automobiles Tokyo Century develops business focused on providing the various assets that support our lives and society. We are contributing to the enrichment of people’s lives with our expertise for determining asset value and our life cycle management capabilities for managing post-use assets. Assets and Services Provided Through Tokyo Century’s Business Activities
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All Rights Reserved, Copyright © Tokyo Century Corporation History Tokyo Century formed through the merger of two major leasing companies 1964 1969 Birth of Tokyo Century Corporation Tokyo Leasing Co., Ltd. Merged 1 2 2009 1 2 Century Leasing System, Inc. Shareholders 1. Nippon Kangyo Bank, Ltd.（currently Mizuho Bank, Ltd.） 2. Kangin Tochi-Tatemono Co., Ltd. (currently Chuo- Nittochi Co., Ltd.) 3. Nanoh Co., Ltd. (currently Chuo-Nittochi Co., Ltd.) Shareholders 1. ITOCHU Corporation 2. Daiichi Bank, Ltd. (currently Mizuho Bank, Ltd.) 3. Nippon Life Insurance Company 4. Asahi Mutual Life Insurance Company 2016 CSI Leasing, Inc., a leading U.S. independent leasing company, became a consolidated subsidiary 2019 Aviation Capital Group LLC, a major U.S. commercial aircraft lessor, became a consolidated subsidiary 2020 Capital and business alliance agreement with NTT ITOCHU 30% Chuo-Nittochi 14% NTT 10% Major shareholders (as of March 31, 2025) established established 3
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All Rights Reserved, Copyright © Tokyo Century Corporation 22.3 33.4 44.2 46.3 46.3 55.2 60.7 68.0 73.5 79.0 86.3 91.1 78.1 90.5 106.2 117.3 132.3 10.0 25.5 23.6 26.2 28.9 33.1 34.1 40.0 43.6 51.3 52.3 56.3 49.1 50.3 4.8 72.1 85.3 100.0 0 200 400 600 800 1,000 1,200 1,400 1,600 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 （予想）*1 *2 Performance Trends Key growth drivers: Aviation, car rental, and overseas IT equipment leasing businesses (Billions of yen) *1: FY2008 figures represent the simple sum of the two pre-merger companies. *2: Recorded ¥58.0 billion of extraordinary loss (after tax) related to the exposures to Russia Russia’s invasion of Ukraine Outbreak of COVID-19 Driving Growth Through Resilience: Our diversified, 5-segment portfolio absorbed the impacts of COVID-19 and the Ukraine conflict through cross- segmental mutual support, ensuring a return to a strong growth trajectory. 1 2 Ordinary income Net income attributable to owners of parent Forecast 1 2 4
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All Rights Reserved, Copyright © Tokyo Century Corporation 81% 3% 12% 4% ¥2.1 trillion March 31, 2009*1 21% 8% 49% 16% 5% Transition of Business Portfolio Expanding profitable segments such as Specialty Financing and International Business Equipment Leasing Automobility Specialty Financing International Business *1 The simple sum of the two pre-merger companies At the establishment of the company FY2008 Results*1 Ordinary income ¥22.3 billion Net income attributable to owners of parent ¥10.0 billion ¥6.1 trillion March 31, 2025 FY2025 Forecast Net income attributable to owners of parent ¥100.0 billion Equipment Leasing Automobility Specialty Financing International Business Aviation (33%) Real Estate (13%) Shipping (2%) Environmental Infrastructure Segment Assets 5
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All Rights Reserved, Copyright © Tokyo Century Corporation 105.4 111.9 126.3 67.2 23.4 14.7 15.4 11.4 (22.5) (9.3) (9.4) (1.3) Income Structure Our principal revenue streams consist of stable income gains, mainly from the leasing business, and capital gains from the sale of assets. *1 Total of gains (losses) on sales of real estate and operational investment securities *2 Total of impairment, bad debt expenses, and gain (loss) on valuation of operational investment securities, etc. 106.2 （Billions of yen） 117.3 132.3 77.2 FY2022 FY2023 FY2024 FY2025 Q2 Results Core earnings Recurring income and proceeds from asset disposals (upon lease maturity) Gains on sales Real estate and operational investment securities Impairment and bad debt expenses Ordinary income *1 *2 6
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All Rights Reserved, Copyright © Tokyo Century Corporation AutomobilityAutomobility (Domestic)(Domestic) SpecialtySpecialty International Business International Business Environmental Infrastructure Environmental Infrastructure Leasing, installment payment, and other financial services IT solutions and subscription services Co-creation businesses with partners Corporate auto leasing Car rental services Individual auto leasing Wide-ranging auto services using industry-leading fleet management Aviation (leasing and finance for approx. 90 airlines in approx. 50 countries) Real estate (leasing, finance, and investment in Japan and overseas) Shipping (leasing and finance) Business investment Leasing of IT equipment in more than 50 countries Auto leasing and finance (overseas) Data center business (U.S. and India) ５ Operating Segments Operating Segments Developing financial and other services focusing on asset value in diverse fields Domestic: Solar power generation, biomass power generation, and storage battery business Overseas: Renewable energy business in the U.S. and Europe Equipment Leasing Equipment Leasing (Domestic)(Domestic) Business 7
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All Rights Reserved, Copyright © Tokyo Century Corporation Becoming “a company driving solutions to global social challenges with an entrepreneurial spirit” by leveraging our unique strengths Core Competencies 2 1 3 Tokyo Century Group’s Vision and Core Competencies Identification of Asset Value (Expertise) Expertise for assessing asset value Financial functions for lowering costs for customers Value-added services Partnership (Track Record) Robust customer base Expansion of business scope through joint businesses with partners Creation of new project teams by linking various partners Highly Specialized Professionals (Foundation) Professionals knowledgeable about highly specialized assets People with expertise for identifying asset value Driving force behind joint business with partners Social Challenges Climate change Food problems Environmental destruction Resource depletionLabor shortageUrban-rural divide Economic disparity Aging society Addressing Global Social Challenges Contribution to a decarbonized economy through climate change response and environmental efforts Contribution to development of a circular economy focused on the value of assets Development of social infrastructure, making it resilient, safe, and secure 8
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All Rights Reserved, Copyright © Tokyo Century Corporation Business Models (Asset Value) Business Models Built on Tokyo Century’s Unique Strengths (1) Value Creation Driven by Discerning Eye for Asset Value Businesses Focused on Asset Value 社会への 価値創出 4 3 ２ 1 Sales Activities Provision of ICT equipment, automobiles, aircraft, ships, real estate, trucks, solar panels, etc. Identification of assets and services desired by customers Discernment of Asset Value Appraisal of appropriate value based on resale value calculated by accounting for estimated period of use Reduction of costs necessary for customers to use assets Earnings generated by providing assets customers desire (leasing, rental, financing, etc.) Ability to propose flexible usage methods and prices based on customers’ usage goalsTokyo Century’s Strength Initial Earnings Creation of Value-Added Services One-stop supply of assets and services that realize customer convenience (asset management services for fleet, aircraft, etc., ITAD services, technical management, and more) Re-Leasing or Sale in Secondary Market Re-leasing or sale in secondary market of assets returned by customers Long-accumulated expertise for maximizing sale prices in secondary market Earnings from extension of leasing period or sale in secondary market of assets returned by customers (re-leasing, sales, etc.) Secondary Earnings Creation of Social Value Provision of assets customers desire when needed Management of customers’ assets to reduce their administrative burden Distribution of used assets to promote reuse 9
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All Rights Reserved, Copyright © Tokyo Century Corporation Business Models (Partnership) Business Models Built on Tokyo Century’s Unique Strengths (2) Value Creation Driven by Excellence in Earning Trust of Customers Partnership Businesses 社会への 価値創出 3 ２ 1 Creation of Collaborative Projects Together with Partners Advancement of negotiations for collaborative projects based on understanding of partners’ asset-related challenges and their aspirations for new asset-backed initiatives Provision of Financial Services Earnings from joint businesses, etc. Support for Asset Efficiency Support for asset efficiency through joint ownership of assets and businesses with customers as financer Accumulated Trust and Track Record Trust forged with customers over long history and track record of collaborative partnerships with numerous prime partners encouraging Tokyo Century to be chosen to hold customer assets or act as partner in joint businesses Tokyo Century’s Strength Supply of funding for collaborative projects as financer Joint investment and business operation with partners Undertaking of asset management Involvement of prime partners Income Gains Business Growth for Synergies Maximization of earnings through business growth while sharing risks via joint investment Utilization of Tokyo Century’s customer network and mutual coordination among five operating segments Principal investment businesses, etc.Capital Gains Promotion of large-scale projects with social significance Support for new pursuits of customers Provision of social infrastructure indispensable to economic activities Creation of Social Value 10
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All Rights Reserved, Copyright © Tokyo Century Corporation DomesticOverseas Environmental InfrastructureSpecialty FinancingEquipment Leasing Environmental InfrastructureInternational Business Specialty Financing Strategic Alliances with Prime Partners Business collaborations with prime partners expanding in Japan and overseas Business Collaboration Map NTT TC Leasing FLCS NX・TC Lease & Finance IHI Finance Support ITOCHU TC Construction Machinery Amada Lease FFG Lease Leasing & Finance Leasing (ICT) Leasing (incl. real estate) Leasing & Finance Construction Equipment Sales & Rental Leasing with maintenance services Leasing Urban Redevelopment Project, etc. Principal Investment Tokiwabashi Project (near Tokyo Station) Business Investment Real Estate Solar Power Generation TC Tsukishima Energy Solution Solar Power Generation Digestion gas power generation US: Data Center Development, Fund Investment Europe: Fund Investment U.S., Europe Renewable Energy U.S. and Europe Data Center Construction Machinery Finance Truck leasing and finance Leasing U.S. and India U.S. and Asia U.S. and Australia Asia Biomass Power Generation / Storage Batteries Note: Corporate names under the logos are JVs with our business partners. 11
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All Rights Reserved, Copyright © Tokyo Century Corporation Growth Strategies: (1) Global Business of CSI Leasing Globally consistent services drive the expansion of business bases $26 million FY2016 FY2024 $93 million Ordinary income growth About CSI Establishment 1972 Business bases More than 30 countries No. of employees More than 1,900 Advantage IT asset life cycle management services Leasing and ITAD*1 services provided in more than 50 countriesAreas of operation Business base *1 IT asset disposition service (disposal of IT equipment through safe and environmentally appropriate methods) Approx. 40 bases in the U.S. New head office in MissouriMiami, Florida (U.S.) Acquisition of a GSE*2 business (Refurbishment, rental, etc.) Acquisition of a forklift rental company Brazil *2 GSE （Ground Support Equipment）: Specialized vehicles and equipment used for aircraft ground operations (cargo handling, towing, power supply, etc.) at an airport 12
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All Rights Reserved, Copyright © Tokyo Century Corporation Aircraft Market Outlook a. Medium- to long-term expansion of passenger demand b. More airlines are committed to reducing environmental impact ②Growing demand for replacement with new technology aircraft More use of fuel-efficient aircraft to contribute to a decarbonized society Growing leisure demand due to the increase in the middle-income class, especially in Asia (The number of aircraft) Portfolio Focus: High-Demand Narrowbody* Aircraft ACG’s Strengths (Figures as of September 30, 2025) Marketing Capabilities and Extensive Customer Base Future Aircraft Commitments ACG’s main aircraft A320neo Family - Narrowbody by NBV: 83 %（by count: 95%） - High market demand due to narrow-body dominance (approx. 70% of global fleet in service, both passenger & freighter). - Worldwide presence: To approx. 90 airlines in approx. 50 countries - A wide range of customers from flag carriers to LCCs - An extensive client base allows for flexible marketing activities. - Industry-leading pipeline of 150+ aircraft to be acquired (including orderbook). - Securing scarce delivery slots through long-term relationships with Airbus and Boeing. Growth Strategies: (2) Aircraft Leasing Business Aviation Capital Group (ACG), a global top 10 aircraft lessor, drives growth Aircraft demand forecast for the next 20 years 2024 2044 (Forecast) 24,730 49,220 New Demand Replacement Demand Source: Airbus (announced in 2025) Existing aircraft Existing aircraft a b Driven by Narrowbody aircraft Forecast: Over 70% Narrowbody * Small- to medium-sized aircraft primarily utilized for short- to * medium-haul routes. 13
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All Rights Reserved, Copyright © Tokyo Century Corporation -40,000 -20,000 0 20,00 0 40,00 0 60,00 0 -800,000 -600,000 -400,000 -200,000 0 200,0 00 400,0 00 600,0 00 800,0 00 1,000 ,0 00 1年目 2年目 3年目 4年目 5年目 6年目 7年目 8年目 9年目 10年目 Growth Strategies: (3) Data Center Business with the NTT Group Expanding data center (DC) business, utilizing strengths of the NTT DATA Group and Tokyo Century Tokyo Century’s acquisition costs: $459 million (ownership ratio: 80%） *1 Based on sales in the colocation market, excluding Chinese providers Profitability of DC Business in the U.S. (according to a survey by a research firm）Collaboration with the NTT DATA Group - Collaboration in DC business started in June 2021 - Joint investment in a promising U.S. market from February 2024 - Management of risk and return by replacing assets BOM8 (2nd project, already sold) （3rd project) 20242021 - Despite upfront costs in the development phase, DC business generates stable cash flow and high EBITDA margins after DC starts operations. - As it continues, unrealized gains increase, reaching approx. 40% of the total investment in seven years. Profits of DC Business Project assets Consolidated*2 ordinary income Unrealized gains of DC business*3 (percentage of total investment) (Created by Tokyo Century based on data from a U.S. data center research firm) ・・・ • The world’s third-largest*1 DC provider • The scale of business and expertise required to secure extensive development sites and sufficient electric power that are key competitive factors in DC construction • Server racks available for heat-generating GPUs to meet expanding AI demand, in addition to global network and managed services (1st project) NAV2 CH1, CH2, and CH3 *2 The DC project’s profit/loss after taking account of interest expenses related to invested capital and goodwill amortization *3 Calculated using actual cap rates for DCs in the U.S. as a reference (according to data from a research firm) Approx. 40% Unrealized gains increase in line with periodic profits Year 7 Generate stable cash flow in 3 years, achieving high EBITDA margins Year 1 Year 2 Year 3 Year 4 Year 5 Year 8 Year 9 Year 10Year 6 Approx. 20％ Developers need to bear upfront cost until completion The NTT DATA Group’s Core Competencies 14
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All Rights Reserved, Copyright © Tokyo Century Corporation 204 267 261 377 2023年 3月末 2024年 3月末 2025年 3月末 2025年 9月末 数年後 Targeting significant expansion of investments in companies, with the Advantage Partners (AP) Group as a core player Vision for Enhanced Partnership with AP Driving the investment and return cycle to achieve gains on sales ＋ Key Investments in FY2025 Aug.: Acquisition of a stake in ACT-ONE Yamaichi Sept.: Acquisition of a stake in MAFTEC Sept.: Completion of TOB for Furukawa Battery Outlook Increase in consultations on carve-out, business succession, privatization, etc. (Billions of yen) Targeting approx. ¥100.0 billion *1 Excl. investments in AP itself Segment Asset Changes and Outlook*1 Investment Outline Growth Strategies: (4) Collaboration with Advantage Partners Lead the way in resolving social structural issues by combining AP’s expertise in corporate value improvement and management support with Tokyo Century’s networks Business Succession Corporate RevitalizationLabor Shortage Stagnant Productivity Regional Revitalization Overseas Expansion Social Issues and more… Making AP an Equity-Method Affiliate - Acquisition of an additional stake in Advantage Partners Pte. Ltd. (the holding company of the AP Group) announced in September 2025 - Ownership after acquisition: 33.3% (on a fully diluted basis) - Aim: To expand investments in companies through an enhanced partnership with AP while maintaining its independence Investment Period： Approx. 5 years Amount per project: ¥5.0–10.0 billion Target ROA*2: More than 10% *2 Ordinary income-based March 31, 2023 March 31, 2024 March 31, 2025 In a few years Approx. ¥10 billion 20.4 26.7 26.1 37.7 September 30, 2025 15
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All Rights Reserved, Copyright © Tokyo Century Corporation ¥52.00 ¥62.00 ¥8.00 ¥10.00 ¥11.00 ¥12.00 ¥13.00 ¥16.25 ¥20.00 ¥25.00 ¥28.50 ¥31.00 ¥34.00 ¥34.50 ¥35.75 ¥35.75 13.4% 18.0% 17.9% 17.6% 16.7% 20.1% 21.1% 24.2% 23.5% 25.1% 25.9% 34.2% 34.7% 367% 35.3% 35.5% 35.2% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% ¥0.00 ¥10.00 ¥20.00 ¥30.00 ¥40.00 ¥50.00 ¥60.00 ¥70.00 ¥80.00 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 Shareholder Returns (Dividend) Policy Basic policy: Provide stable, long-term returns to shareholders. Medium-Term Management Plan 2027: Maintain stable returns to shareholders while balancing with growth investment and financial base. While adopting a progressive dividend policy as our basic stance, we aim to increase dividends per share with profit growth and target a payout ratio of approximately 35%. The shareholder special benefit plan was terminated on a record date of March 31, 2025 in order to ensure equitable treatment of shareholders. Payout ratio Dividends* Plan to increase dividends with profit growth Forecast ¥72 * A 4-for-1 stock split of common stock was conducted effective January 1, 2024. Dividends shown in the graph below are figures after retroactively applying the amendments resulting from the impact of the stock split. 16
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All Rights Reserved, Copyright © Tokyo Century Corporation Reform Projects Led by the President Reform projects underway to achieve our 10-year vision Corporate transformation along a consistent story based on the Management Philosophy, aiming to improve corporate value Vision formulation and embedding Shift to corporate culture of encouraging employees’ ambitions Development of business portfolio to ensure ROE above cost of shareholders’ equity Strategic selection of businesses Advancement of managerial accounting Development of risk appetite framework Advancement of Group governance and organizational structure Digital transformation and utilization of AI Cultivation of human resources full of ambition, intellectual curiosity, and vitality Fostering of future leaders Corporate Culture Business Portfolio Financial Management Management Infrastructure Human Resources Management Philosophy 17
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All Rights Reserved, Copyright © Tokyo Century Corporation Public Relations & Investor Relations Division Tel：+81-3-5209-6710 Web site: https://www.tokyocentury.co.jp/en/ Contact Information • Any statements in this document, other than those of historical facts, are forward-looking statements about the future performance of Tokyo Century Corporation and its Group companies, which are based on management’s assumptions and beliefs in light of information currently available, and involve risks and uncertainties. Actual results may differ materially from these forecasts. • All final investment decisions should be made at the investor's own judgment and risk. • All numerical terms and names presented in this report conform to the “short scale” numerical system. (i.e., “billion” = “109” and “trillion” = “1012”) Disclaimer