Slides
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IR Presentation for Q2 FY2025
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All Rights Reserved, Copyright © Tokyo Century Corporation Contents 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Results for Q2 FY2025 p. 3 Topics by Operating Segment p. 15 Highlights of Medium-Term Management Plan 2027 p. 35 Tokyo Century’s Strengths and Partnerships p. 42 Topics p. 10 Appendix 1 Appendix 2 Appendix 3
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濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Results for Q2 FY2025
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Executive Summary 4 * Net income indicates net income attributable to owners of parent. Q2 Results Reform Projects (Update) Growth Investment ✓ Net income: ¥92.8 billion (up ¥49.7 billion or 115% YoY) ROE: 18.1％ ✓ ¥51.9 billion insurance settlement proceeds (after-tax) recorded Upward Revision to Annual Forecast ✓ Revising annual forecast upward due to higher insurance settlement proceeds than initially expected and solid business performance Net income: ¥100.0 billion (up ¥7.0 billion) Annual dividend: ¥72 (up ¥4) ✓ No risks in the risk buffer recorded in Q2; No change to the initially planned ¥32.0 billion risk buffer ✓ Making Advantage Partners an equity-method affiliate ✓ Steady expansion of pipelines for new investment in storage battery and other businesses ✓ Transformation based on a consistent story to achieve our 10-year vision: - Corporate culture - Business portfolio - Financial management - Corporate infrastructure - Human resources ✓ Net income, excluding extraordinary income/losses, up ¥8.0 billion YoY
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All Rights Reserved, Copyright © Tokyo Century Corporation （Billions of yen） Announced on May 14, 2025 Progress 63.7 77.2 13.5 21.3% 43.1 92.8 49.7 115.2% 93.0 99.8% ¥88.09 ¥190.04 ¥101.95 115.7% ¥190.62 99.7% 1.3% 2.7% 1.4 pt 9.1% 18.1% 9.0 pt 38.5 46.5 8.0 20.8% 1.2% 1.4% 0.2 pt 8.1% 9.0% 0.9 pt ¥152.36 ¥148.41 6,862.9 6,848.8 -14.1 -0.2% 6,059.9 5,971.6 -88.3 -1.5% 1,029.6 1,025.5 -4.1 -0.4% 15.0% 15.0% - ¥158.17 ¥144.82 (Average exchange rate for January-June used for major overseas subsidiaries) Shareholders' equity ratio Exchange rate at the end of the period (USD1) FY2024 Q1-2 FY2025 Q1-2 Sep. 30, 2025 (Exchange rate at the end of June used for major overseas subsidiaries) YoY Change Change Balance of segment assets Mar. 31, 2025 FY2025 Initial Forecast Net income (loss) attributable to owners of parent Shareholders' equity Ordinary income Net income (loss) attributable to owners of parent ROA (Net income / Total assets) ROE（Net income / Shareholders' equity) Average exchange rate (USD1) EPS Total assets ROA (Net income / Total assets) ROE（Net income / Shareholders' equity) 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Financial Highlights Net income increased significantly due to insurance settlement proceeds, and earnings power, excluding extraordinary income/losses, grew steadily 5 Foreign Exchange Sensitivity Net income: approx. ±0.3 billion yen*2 *2 Calculated based on the Q2 FY2025 result, assuming a ¥1 currency fluctuation (vs. USD), excluding one-time factors such as insurance settlement proceeds related to Russia exposure *1 Forecast figures announced on May 14, 2025, rather than those revised on November 7 Estimated average exchange rate and fiscal-year-end exchange rate USD1＝¥140 Reference: Figures excluding extraordinary income and losses 5 *1
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All Rights Reserved, Copyright © Tokyo Century Corporation 85.3 93.0 100.0 14.7 17.3% 7.0 7.5% ¥174.51 ¥190.62 ¥204.69 ¥30.18 17.3% ¥14.07 7.4% ¥62 ¥68 ¥72 ¥10 16.1% ¥4 5.9% 35.5% 35.7% 35.2% -0.3pt -0.5pt Net income attributable to owners of parent Net income per share Annual dividends Dividend payout ratio % Change Change % Change FY2024 Result FY2025 Initial Forecast FY2025 Forecast (revised on November 7, 2025) YoY vs. FY2025 Initial Forecast Change 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Upward Revision of FY2025 Forecast Revising annual forecast for net income and dividends upward ✓ Net Income: ¥100.0 billion （up ¥7.0 billion） Annual dividend: ¥72 （up ¥4) Factors behind Upward Revision: - Higher insurance settlement proceeds than initially expected - Solid performance, etc. 6 (Billions of yen) * The interim dividend and the year-end dividend for the fiscal year ending March 31, 2026, are each expected to be ¥36 per share, up ¥2. *
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All Rights Reserved, Copyright © Tokyo Century Corporation YoY Changes in Net Income Steadily growing earnings power Net Income +419億円 2024年度 1-2Q実績 前期 特別損益 NCS等 特別損益 各事業分野による 利益積み上げ ロシア保険和解金 2025年度 1-2Q実績 0 100 200 300 400 500 600 700 800 900 1,000 11.9 38.5 46.5 Net income excl. one-time factors (extraordinary income/losses) 43.1 92.8 −4.6 +8.0 +51.9 Extraordinary losses related to a subsidiary’s IT systems and others Absence of gains on sales of cross-held shares recorded in FY2024 Income accumulated in operating segments Insurance settlement proceeds 40.0 Q1–Q2 FY2024 Q1–Q2 FY2025Earnings power has grown steadily Higher than planned One-time factors (extraordinary profit/losses) 46.3 +8.0 ✓ Earnings power, excluding one-time factors, has grown in all the operating segments, with net income up ¥8.0 billion. −5.5 7 (Billions of yen)
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Results by Operating Segment Significant income increase in Specialty Financing, mainly due to insurance settlement proceeds, and solid performance in all other operating segments, excluding one-time factors Net Income Attributable to Owners of Parent * Incl. insurance settlement proceeds related to Russia exposure (approx. ¥40.0 billion) （Billions of yen） YoY Major Factors behind Changes Progress Equipment Leasing 11.3 12.8 1.5 24.0 53% Automobility 10.3 6.3 -4.0 18.0 35% Specialty Financing 17.0 69.9 52.9 74.5 94% International Business 4.9 7.1 2.3 18.0 40% Environmental Infrastructure 0.9 2.3 1.4 2.0 115% Other -1.2 -5.7 -4.5 -43.5 - Total (Net income) 43.1 92.8 49.7 93.0 100% FY2024 Q1-2 FY2025 Q1-2 FY2025 Forecast (+) Higher profits from joint investment businesses with partners (+) NRS’s improvement in profit margins due to various initiatives and capturing of inbound tourism demand (−) Extraordinary losses related to a subsidiary’s IT systems (+) Insurance settlement proceeds and higher core earnings in aviation business (−) Impact of exchange rates in shipping business (+) Higher gains on sales of operational investment securities (−) CSI’s lower income due to lower secondary earnings (+) Higher gains on sales in solar power business Achievement of profitability in biomass co-firing power plant * 8
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Segment Assets by Operating Segment Decreased ¥88.3 billion from the previous fiscal year end due to the impact of foreign exchange, primarily in Specialty Financing and International Business Mar. 31, 2022 Mar. 31, 2023 Mar. 31, 2024 Mar. 31, 2025 Sep. 30, 2025 -254.7* Equipment Leasing 1,379.7 1,287.1 1,273.5 1,275.0 1,276.6 Composition 28.3% 24.0% 22.3% 21.0% 21.4% Automobility 611.8 611.6 479.0 500.8 510.8 Composition 12.5% 11.4% 8.4% 8.3% 8.6% Specialty Financing 2,152.5 2,490.6 2,825.3 2,972.9 2,911.5 Composition 44.1% 46.4% 49.4% 49.1% 48.7% -191.1* International Business 557.1 655.7 822.7 977.2 945.6 Composition 11.4% 12.2% 14.4% 16.1% 15.8% -62.8* Environmental Infrastructure 159.4 277.9 273.9 285.2 279.4 Composition 3.3% 5.2% 4.8% 4.7% 4.7% -0.8* Other 19.0 41.0 46.0 48.8 47.6 Composition 0.4% 0.8% 0.7% 0.8% 0.8% （Billions of yen） -5.8 -1.2 -31.6 -61.4 Balance of segment assets 4,879.4 5,363.8 5,971.6 -88.3 5,720.4 6,059.9 Change from Prior FYE 10.1 1.7 * Exchange rate factors 9
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Topics
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All Rights Reserved, Copyright © Tokyo Century Corporation Making Advantage Partners as an equity-method affiliate ➢ Strengthening collaboration with Advantage Partners to expand investments in companies CSI’s acquisition of forklift and GSE* businesses ➢ Leveraging CSI’s strength in FMV expertise to diversify the assets beyond IT equipment Increasing investments in storage battery business in Japan ➢ Actively investing in grid-scale storage battery business in partnership with knowledgeable partners Investments in overseas hotel development projects ➢ Joint development with OUE of a hotel at Singapore Changi Airport （To be opened in 2028) Launching truck leasing in Australia in partnership with Isuzu Motors ➢ Joint development of financial and other services in Australia, a market where Isuzu holds the top share Key Topics Steady implementation of growth investments to enhance business portfolio Key Investments （H1 FY2025） Asset Value Partner Partner Asset Value Asset Value Partner Asset Value 11 Partner * GSE （Ground Support Equipment） business mainly provides the management, maintenance, and sales of specialized vehicles and equipment used for aircraft ground operations (cargo handling, towing, power supply, etc.) at an airport.
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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) 独立性は維持しつつ、 Targeting approx. ¥100.0 billion *1 Excl. investments in AP itself 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Segment Asset Changes and Outlook*1 Investment Outline Advantage Partners as an Equity-Method Affiliate 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 12 37.7 September 30, 2025
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All Rights Reserved, Copyright © Tokyo Century Corporation Insurance Settlement Proceeds Related to Russia Exposure Received Insurance Settlement Proceeds Related to ACG’s Exposure to Russian Airlines 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ ✓ With the progress in the settlement negotiations, insurance settlement proceeds increased to $545 million (total of – shown below), up $147 million from $398 million, the amount announced on May 7, 2025. ✓ Extraordinary income (worth $506 million) was recorded in Q2 due to insurance settlement proceeds and shown below. ✓ In addition, extraordinary income (worth $38 million) is expected to be recorded in Q3 or later due to an additional agreement in July for insurance settlement proceeds shown below. ✓ With these, ACG has reached settlement agreements with all of its war risk insurers that were party to the litigation in California, USA. Breakdown of Insurance Settlement Proceeds*1 *2: Included in the annual plan Subtotal: Approx. $506 million Recorded in Q2 $ 398 million + ＝ Additional settlements $ 108 million $ 38 million+ Additional settlementsSettlements announced on May 7*2 Expected to be recorded in Q3 1 2 3 Total $ 545 million 1 3 1 2 3 *1: All dollar amounts are in U.S. dollars. Subtotal: $147 million 13
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All Rights Reserved, Copyright © Tokyo Century Corporation Update on Reform Projects Led by the President Reform projects underway to achieve our 10-year vision 14 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Corporate transformation along a consistent story based on the Management Philosophy, aiming to improve corporate value Management Philosophy ◼ Development of business portfolio to ensure ROE above cost of shareholders’ equity ◼ Identification of businesses to focus on and to review ◼ Advancement of managerial accounting ◼ Development of risk appetite framework ◼ Cultivation of human resources full of ambition, intellectual curiosity, and vitality ◼ Fostering of future leaders Financial Issues Management Infrastructure Business Portfolio Human Resource Strategy Corporate Culture ◼ Advancement of Group governance and organizational structure ◼ Full-scale adoption of ROIC ◼ Vision formulation and embedding ◼ Shift to corporate culture of encouraging employees’ ambitions ◼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 14
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Topics by Operating Segment Appendix 1
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Higher core earnings driven by Specialty Financing and Environmental Infrastructure, and higher gains on sales in International Business Breakdown of Ordinary Income by Operating Segment (Core Earnings, Gains on Sales, Impairment, Etc.) （Billions of yen） Total Annual Total (Q1-Q2) Total (Q1-Q2) Equipment Leasing 8.0 7.2 7.5 7.9 15.2 30.6 8.6 7.9 16.6 1.3 Core earnings 8.1 7.2 7.8 9.1 15.3 32.2 8.7 7.9 16.6 1.3 Gain on sales*1 - - - - - - - - - - Impairment, bad debt, etc.*2 0.0 -0.1 -0.3 -1.2 -0.1 -1.6 -0.1 0.0 -0.1 0.1 Automobility 12.5 9.1 8.7 5.1 21.6 35.3 12.8 9.4 22.2 0.6 Core earnings 12.5 9.0 8.7 5.1 21.6 35.4 12.8 9.3 22.2 0.6 Gain on sales - - - - - - - - - - Impairment, bad debt, etc. 0.0 0.0 -0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.0 Specialty Financing 16.3 7.3 20.9 16.0 23.7 60.6 12.3 15.9 28.2 4.5 Core earnings 12.8 7.6 17.9 15.6 20.3 53.8 8.4 15.5 23.9 3.5 Gain on sales 3.8 0.9 3.3 4.4 4.7 12.4 4.0 1.9 5.9 1.2 Impairment, bad debt, etc. -0.2 -1.1 -0.2 -4.0 -1.3 -5.6 -0.1 -1.5 -1.6 -0.2 International Business 3.9 4.2 6.1 5.8 8.1 19.9 6.0 5.6 11.6 3.5 Core earnings 3.9 4.2 6.4 5.7 8.1 20.1 3.9 4.2 8.1 0.0 Gain on sales - - - 3.0 - 3.0 2.2 1.3 3.5 3.5 Impairment, bad debt, etc. 0.0 0.0 -0.3 -2.9 0.0 -3.2 -0.1 0.2 0.0 0.0 Environmental Infrastructure 1.1 1.7 -0.6 -0.2 2.8 1.9 1.6 4.7 6.3 3.5 Core earnings 1.1 1.7 -0.6 -0.2 2.8 1.9 1.6 2.7 4.3 1.5 Gain on sales - - - - - - - 2.0 2.0 2.0 Impairment, bad debt, etc. - - - - - - 0.0 - 0.0 0.0 Other -3.7 -4.0 -4.6 -3.9 -7.6 -16.1 -4.0 -3.6 -7.6 0.1 Core earnings -3.9 -4.2 -4.7 -4.2 -8.1 -17.0 -4.1 -3.7 -7.8 0.3 Gain on sales - - - - - - - - - - Impairment, bad debt, etc. 0.2 0.3 0.2 0.2 0.5 0.9 0.1 0.1 0.2 -0.3 Total 38.2 25.5 38.0 30.6 63.7 132.3 37.3 40.0 77.2 13.5 Core earnings 34.4 25.6 35.4 31.0 59.9 126.3 31.2 35.9 67.2 7.2 Gain on sales 3.8 0.9 3.3 7.4 4.7 15.4 6.3 5.1 11.4 6.7 Impairment, bad debt, etc. 0.0 -1.0 -0.7 -7.8 -0.9 -9.4 -0.2 -1.1 -1.3 -0.4 Q1 Q2 Q3 Q4 Q1 Q2 *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. FY2024 FY2025 YoY Change Ordinary Income 16
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Results of Equipment Leasing ROA*2 *2 ROA is annualized based on ordinary income for each quarter. ∎ Increased mainly by offsetting higher funding costs with increases in both spread and profits from joint investments with partners (higher gains on sales) Ordinary Income (YoY) Measures to Improve ROA Ordinary income ¥31.7 billion Ordinary income ¥32.1 billion Ordinary income ¥30.6 billion Major Factors behind Changes - Flexibly allocate resources to focus areas, such as storage batteries in high demand and carbon neutrality solutions for municipalities provided by a new organization*1 - Enhance cooperation with affiliated companies - Implement inorganic growth strategies (M&A), etc. *1 The Regional Co-Creation Business Division was established in April 2025. Ordinary income (Billions of yen) Segment assets (Billions of yen) YoY Initial Forecast Gap 224.5 229.5 5.0 19.0 19.9 1.0 12.0 12.9 0.9 15.2 16.6 1.3 3.0 3.3 0.3 50% 11.3 12.8 1.5 24.0 11.2 2.4% 2.6% 0.2 pt 1.8% 2.0% 0.2 pt 1,275.0 1,276.6 1.7 Sep. 30, 2025 ROA（％） (Net income / Segment assets) Segment assets FY2025 Progress on forecast: 53% Ownership ratio Net income attributable to owners of parent ROA（％） (Ordinary income / Segment assets) (Billions of yen) ChangeMar. 31, 2025 FY2024 Q1-2 FY2025 Q1-2 Revenues Gross profit Operating income Ordinary income NTT TC Leasing 1,347.6 1,318.0 1,312.8 1,287.1 1,273.8 1,211.8 1,210.6 1,273.5 1,247.7 1,212.9 1,221.7 1,275.0 1,267.2 1,276.6 9.1 8.2 6.8 7.7 8.8 7.3 7.0 9.0 8.0 7.2 7.5 7.9 8.6 7.9 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 FY2022 FY2023 FY2024 FY2025 2.7% 2.5% 2.1% 2.4% 2.7% 2.4% 2.3% 2.9% 2.6% 2.3% 2.5% 2.5% 2.7% 2.5% 17
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All Rights Reserved, Copyright © Tokyo Century Corporation 122 110 70 96 106 93 83 104 104 142 167 142 140 152 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2022年度 2023年度 2024年度 2025年度 0 500 1,000 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Changes in Spread Equipment Leasing’s initiatives led spread on an upward trend, despite higher funding cost due to yen interest rate hike * Spread on a contract amount basis (%) = (Lease yield including service fee) − (Cost including funding cost and other expenses), excluding re-leasing Policy interest rate Changes in spread* （on a non-consolidated basis; excl. consolidated subsidiaries and equity-method affiliates） Contract amount （left axis) Spread (indices) (Base: Spread for FY2022 = 100) Spread for each year （indices） Contract amount (Billions of yen) Maintenance, communications, and other services added to leasing contracts have improved customer convenience Factors contributing to improved spread −0.10％ 0.1％ Mar. 2024 0.25％ Jul. 2024 0.50％ Jan. 2025 100 96 140 FY2022 FY2023 FY2024 FY2025 18 146 100.0 50.0
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All Rights Reserved, Copyright © Tokyo Century Corporation 2024年度 1-2Q 2025年度 1-2Q 2020年度 2021年度 2022年度 2023年度 2024年度 2025年度 1Q 今後 Changes in Segment Assets Strategic initiatives have been steadily driving segment asset growth every year. ¥1.2 trillion 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Performance of NTT TC Leasing (NTL) Solid increase in NTL’s operating income, despite higher funding costs 116 Financial Results for Q2 FY2025 Focus Areas ¥2.2 trillion FY2020 FY2021 FY2022 FY2023 FY2024 Future NTL’s Operating Income Increased despite higher funding costs due to yen interest rate hike Tokyo Century’s Equity in NTL’s Earnings Increased mainly due to lower foreign exchange impact FY2025 Q2 3.0 3.3 +0.3 Q1–Q2 FY2024 (Billions of yen) Q1–Q2 FY2025 NTL aims to increase quality operational assets primarily in the three pillars of business strategy. (Billions of yen) 191.4 208.5 17.1 9% 19.9 19.9 0.0 0% 9.8 10.1 0.2 2% 8.6 9.5 1.0 11% 6.0 6.6 0.6 10% 3.0 3.3 0.3 10% Mar. 31, 2025 Sep. 30, 2025 2,170.2 2,180.6 10.5 0% FY2024 Q1-2 Revenues Gross profit Operating income Ordinary income Net income attributable to owners of parent TC's equity in NTL's earnings Segment assets FY2025 Q1-2 YoY Change Change Enhancement of the NTT Group-Related Businesses ⚫ Expansion of collaborative businesses within the NTT Group and contribution to asset strategy ⇒ Finance for overseas data centers, ITAD services, etc. Expansion of Growth Areas ⚫ Co-creation and collaboration with Tokyo Century and other partners in environment, real estate, education, etc. ⇒ Air conditioners at schools, public-private partnership (PPP), GIGA School Program, etc. Strengthening of Collaborative Leasing ⚫ Exploration of new dealers and products ⇒ Collaboration with dealers introduced by Tokyo Century and enhanced partnership within the NTT Group 19
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Results of Automobility Average Price of Used Vehicles 201 for September 2025 when compared to April 2019 Q1–Q3 ¥14.1 billion Q1–Q3 ¥12.4 billion Q1–Q3 Approx. ¥15.4 billion (+1.4 billion YoY) Major Factors behind Changes Other Ordinary Income (YoY) ∎ Nippon Car Solutions (NCS) Decreased due to higher funding costs and SG&A expenses, despite increases in both income from leasing and gains on sales of vehicles ∎ Nippon Rent-A-Car Service (NRS) Hit a new Q2 record due to increases in not only gains on sales of used cars but car rental prices per unit as a result of higher sales from inbound tourism NRS’s Ordinary Income (Billions of yen) ∎ H1 net income decreased due to extraordinary losses related to a subsidiary’s IT system. 20 4.4 2.6 5.4 2.0 5.0 3.4 5.7 3.0 5.4 3.8 6.2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 FY2023 FY2024 FY2025 Forecast Approx. 6.2 75 100 125 150 175 200 2019/4 2020/4 2021/4 2022/4 2023/4 2024/4 2025/4 (Source) Created by Tokyo Century based on auction data (on prices of vehicles sold) of USS that provides one of the largest used car auctions in Japan Indices (Base: April 2019 = 100) (Billions of yen) YoY Initial Forecast Gap 154.5 160.1 5.6 49.3 51.2 1.9 21.3 21.9 0.6 21.6 22.2 0.6 13.2 12.8 -0.4 59.5% 8.4 9.3 0.9 88.6% 0.2 0.1 -0.1 34.0% -0.3 0.0 0.3 10.3 6.3 -4.0 18.0 11.7 Progress on forecast: 35% 9.0% 8.8% -0.2 pt 7.3% 6.7% -0.6 pt 38.6% 42.3% 3.7 pt 0.6% 0.3% -0.3 pt 4.3% 2.5% -1.8 pt 500.8 510.8 10.1 Ownership ratio ROA（％） (Net income / Segment assets) Ordinary income NCS NRS OAL Other Mar. 31, 2025 Sep. 30, 2025 Change FY2025FY2024 Q1-2 FY2025 Q1-2 Revenues Gross profit Operating income NRS OAL Segment assets Net income attributable to owners of parent ROA（％） (Ordinary income / Segment assets) NCS
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Results of Specialty Financing Ordinary Income (YoY) Major Factors behind Changes ∎ Aviation ACG: Increased mainly due to higher gains on sales of aircraft, etc. Others: Increased, driven by GA Telesis that trades in aircraft parts ∎ Shipping Decreased mainly due to foreign exchange losses at equity-method affiliates ∎ Real Estate Decreased mainly due to lower gains on sales ∎ Principal Investment and Others Increased mainly due to higher capital gains in principal investment Insurance Settlement Proceeds Related to Russia Exposure Tokyo Century recorded ¥51.9 billion insurance settlement proceeds (after-tax) in its Q2 consolidated financial results and expects to record an additional proceeds of approximately $38 million in Q3. (Billions of yen) YoY Initial Forecast Gap 150.4 155.2 4.8 33.8 41.3 7.6 19.9 27.1 7.2 23.7 28.2 4.5 10.2 17.8 7.6 4.5 11.2 6.8 5.8 6.6 0.8 3.3 -1.4 -4.7 6.4 6.3 -0.1 3.7 5.5 1.8 2.3 4.2 1.9 1.4 1.3 -0.1 17.0 69.9 52.9 74.5 4.6 Progress on forecast: 94% 1.6% 1.9% 0.3 pt 1.0% 1.8% 0.8 pt 0.5% 1.3% 0.8 pt 5.4% 6.6% 1.2 pt 7.4% - - 1.8% 1.7% -0.1 pt 5.8% 8.3% 2.5 pt 1.1% 4.7% 3.6 pt 2,972.9 2,911.5 -61.4 FY2025 ROA（％） (Net income / Segment assets) Segment assets ACG Others FY2024 Q1-2 FY2025 Q1-2 Mar. 31, 2025 Sep. 30, 2025 Revenues Gross profit Operating income Net income attributable to owners of parent ROA（％） (Ordinary income / Segment assets) Aviation Shipping Real Estate Principal Investment and Others Ordinary income Aviation ACG Others Shipping Real Estate Principal Investment and Others Gain on Sales*1 Others Change *1 Gain (loss) on sales of Principal Investment and operational investment securities 21
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All Rights Reserved, Copyright © Tokyo Century Corporation ACG’s Financial Performance Significant increase in pre-tax income due to insurance settlements related to Russia exposure * Calculated excluding one-time factors associated with insurance settlement proceeds related * to Russia exposure Financial Results (Nine Months Ended September 30, 2025) ∎ Major Factors behind Changes Pre-tax income significantly increased YoY due to reversal of expenses as a result of the receipt of insurance settlement proceeds related to Russia exposure. ∎ Segment Assets Increased due to acquisition of more aircraft than those sold ∎ Expected Aircraft Acquisition and Sales (FY2025) Aim to acquire aircraft worth approx. $3.5 billion through the order book, sale-and-leaseback, and the secondary market. (Plan to increase segment assets, net by approx. $1 billion, taking asset sales into account) ∎ Insurance Settlement Proceeds Related to Russia Exposure In July 2025, ACG entered into an additional agreement for insurance settlement proceeds (USD 38 million). With this agreement, it has reached settlements with all of its war risk insurers that were party to the litigation in California, USA. The Q3 results (for nine months ended September 30) will replace the Q2 results on Thursday, November 13. 22 ACG's Result (USD million) 923 935 12 1% 794 783 -11 -1% 75 87 13 17% 800 266 -534 -67% 315 288 -27 -8% 5 53 48 898% - -545 -545 - 2 1 -1 -47% 123 669 546 444% 123 124 1 1% 114 629 516 453% 1.4% 7.7% 6.3 pt 1.4% 1.4% - Dec. 31, 2024 Sep. 30, 2025 10,977 12,316 1,338 12% 271 278 7 3% Operating lease revenue Gain on sale of flight equipment, net Total expenses Interest expense, net Asset impairment Losses incurred from Russia exposure Bad debt expense Income/loss before income taxes Net Income/Loss ROA (%) Number of owned aircraft Segment assets Income/loss before income taxes * ROA (%) * FY2024 Q1-3 FY2025 Q1-3 YoY Change Change Total revenues Updated on November 13
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All Rights Reserved, Copyright © Tokyo Century Corporation ACG’s Earnings Power FY2023FY2022FY2021FY2020FY2019 1,006 901 1,059 417 286 887 269 879 281297 FY2024 1,040 410 FY2019 70 12 18 6 16 FY2020 FY2021 FY2022 FY2023 FY2024 118 2. Quarterly Changes in Gains on Sales of Flight Equipment, Net FY2025 FY2025 1. Quarterly Changes in Operating Lease Revenue, Interest Expense and Federal Funds Rate Annual total （USD million） （USD million） Enhanced trading driving a positive trend in gains on aircraft sales compared to previous years 23 249 253 253 251 250 217 215 220 216 209 204 249 212 204 216 256 233 258 283 285 283 253 258 247 249 262 272 72 73 74 77 67 69 73 72 76 64 62 67 58 63 76 90 96 103 108 109 103 105 107 96 94 97 98 4.25% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 0 50 100 150 200 250 300 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q オペリ売上 支払利息 FF金利Federal funds rate Interest expense, net Operating lease revenue 0 10 14 46 10 1 0 1 12 4 4 △2 1 0 0 5 1 1 10 4 15 5 54 44 27 22 38 (10) 0 10 20 30 40 50 60 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Annual total Updated on November 13
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All Rights Reserved, Copyright © Tokyo Century Corporation 3% 4% 6% 4% 4% 13% 12% 7% 11% 36% 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 以降 800 1,500 1,050 1,100 600 1,000 114 155 705 405 555 0 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 FY2025 FY2026 FY2027 FY2028 FY2029 FY2030 金融機関 社債 20 10 13 22 15 11 16 10 11 42 25 2025 2026 2027 2028 2029以降 受領済み ボーイング エアバス 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Reference: ACG’s Portfolio 24 Owned, managed and committed aircraft: 490 (Owned: 279; Managed: 41; Committed aircraft: 170) Weighted-average fleet age: 5.7 years Narrowbody by NBV: 87％ (Narrowbody by count: 96%) - The majority are new technology narrowbody aircraft with higher fuel efficiency - Strong demand exists among airlines due to fuel costs and decarbonization (New technology aircraft in owned fleet: 71%) Portfolio Concentration Based on Net Book Value Weighted-average remaining lease term: 6.9 years （Aircraft） More contracts made during COVID-19 will mature in 2026–2027 Diversified portfolio with a focus on liquid narrowbody aircraft in approx. 50 countries worldwide Portfolio Overview (as of June 30, 2025) Financing Situations (as of June 30, 2025) Delivery Schedule of Committed Aircraft (as of June 30, 2025) Portfolio Concentration by Lease Maturity (as of June 30, 2025) beyond Delivered Boeing Airbus 56 26 23 33 57 2029 beyond Average financing cost* : 4.8% * Annualized; Interest expense / {(Interest-bearing debt as of the previous fiscal year end + Interest-bearing debt as of this fiscal year end) / 2｝ （USD million) Interest rates of the senior notes maturing in October: 4.88% Recent issue of senior notes: $750 million in July Maturity: 2030 Coupon rate: 4.800% Term Loan Senior Notes
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All Rights Reserved, Copyright © Tokyo Century Corporation 484.7 559.9 675.5 758.8 747.3 Mar. 31, 2022 Mar. 31, 2023 Mar. 31, 2024 Mar. 31, 2025 Jun. 30, 2025 TC Kobelco Real Estate Overseas (fund investments, etc.) Japan (leasing, development projects, etc.) 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Real Estate Business: Portfolio Strategy Expand collaboration with partners and promote asset turnover to enhance earnings power Changes in Segment Assets Project Completion ScheduleChanges in Portfolio Japan Collaboration with prime partners underway for large-scale urban development projects, etc. Overseas Key components: data centers that are expected to grow in demand, logistics facilities and rental housing experiencing ongoing stable growth TC Kobelco Real Estate Steady increase in project pipelines such as logistics facilities ‒ Many development projects underway together with prime partners in Japan and overseas （Billions of yen） 205.3 (27.5%) 196.9 (26.4%) 344.9 (46.2%) 747.1 Tokiwabashi Project near Tokyo Station 2026 and beyond2025 Harajuku Quest (Completed in August 2025 Yao Logistics Center （Completed in August 2025） NTT Urban Development OUE Hotel Indigo Changi Airport in Singapore Legendary-luxury brand Dorchester Collection Torch Tower (Building B) Data Center Development in the U.S. South Tower in South block Mitsubishi Estate Uchisaiwaicho 1-Chome District Sept. 30, 2025 25 357.6 (47.1%) 200.5 (26.4%) 200.7 (26.4%)
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Results of International Business （佐々木さんへ） ①～ドミナント戦略の推進 ②乗用車、商用車の順番 ③リース・ファイナンス拡大→グローバル展開 ③戦略的パートナーシップ～を加えています → 対応しました Major Factors behind Changes Ordinary Income (YoY) ∎ Increased mainly due to higher gains on sales of operational investment securities, despite CSI’s lower income due to decreased secondary earnings Measures to Increase Income ■ Improvement and Enhancement of IT Business Value Chain FMV lease and ITAD businesses: Promoting global standardization and dominant strategies Data center business and managed services: Expanding by driving collaboration with the NTT Group ■ Bolstering of Transportation Business Global business development for passenger cars, commercial vehicles, construction machinery, etc. through cooperation with manufacturers and partners ■ Strategic Partnerships and Active Utilization of M&A 26 (Billions of yen) YoY Initial Forecast Gap 104.7 109.2 4.6 30.1 36.0 5.9 8.1 11.7 3.7 8.1 11.6 3.5 5.7 4.6 -1.1 4.9 7.1 2.3 18.0 10.9 Progress on forecast: 40% 1.8% 2.4% 0.6 pt 2.8% 2.1% -0.7 pt 1.1% 1.5% 0.4 pt 977.2 945.6 -31.6 FY2025 Revenues Gross profit Operating income Ordinary income CSI FY2024 Q1-2 FY2025 Q1-2 CSI ROA（％） (Net income / Segment assets) Net income attributable to owners of parent ROA（％） (Ordinary income / Segment assets) Sep. 30, 2025 Change Segment assets Mar. 31, 2025
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All Rights Reserved, Copyright © Tokyo Century Corporation 780 1,360 415 807 299 696 21 98 完全子会社化した 2016年 12月期末 2022年 12月末 2023年 12月末 2024年 12月末 2025年 6月末 2027年 12月末 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Performance of CSI Leasing (CSI) YoY income decrease due to the absence of large-scale contracts, but solid increase in segment assets contributing to future income Financial Results (Six Months Ended June 30, 2025) - Since becoming our wholly owned subsidiary in 2016, CSI has expanded its global bases, with its segment assets on the rise. - CSI plans to increase segment assets in all the regions in FY2025. Major Factors behind Changes 1,515 − Low gains on sales of assets and other secondary earnings mainly in the U.S.; secondary earnings are expected to recover in the second half. − Higher contract value and segment assets, driven by enhanced activities for performance improvement (USD million) Segment Assets by Region (USD million) 433 455 22 5% 208 218 10 5% 41 35 -6 -15% 28 23 -5 -18% 3.1% 2.5% -0.6 pt 10.9% 8.2% -2.7 pt 698 853 155 22% Dec. 31, 2024 Jun. 30, 2025 2,727 2,960 233 9% Contract value Segment assets Gross profit Ordinary income Net income ROA (％) *1 RORA (％) *1, 2 YoY Change Change *1 Based on pre-tax income *2 Pre-tax ROA after deducting non-recourse loan FY2024 Q1-2 FY2025 Q1-2 Revenues 88.7 89.1 93.0 1,515 2,318 2,659 2,727 ・・・ 2,960 North America Latin America Europe Asia ・・・ Ordinary income ＝ 25.9 An increase in segment assets contributes to income in 2–3 years 10/29 11：00 グラフ変更しました →対応しました * CSI Leasing became Tokyo Century’s wholly owned subsidiary. Dec. 31. 2016* Jun. 30 2025 Dec. 31 2024 Dec. 31 2023 Dec. 31 2022 Dec. 31 2027 10/29 11：00 文章一部変更しました →対応しました 10/29 11：00 文章一部変更しました →対応しました 27 602 91 743 1,291
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All Rights Reserved, Copyright © Tokyo Century Corporation 1． Company Name Aeroservicios USA, Inc. 2. Locations Head office in Miami, Florida, U.S. and offices in Guatemala 3. Business GSE refurbishment, sales, rental, OEM businesses, etc. 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ CSI’s M&A Strategies Entry into the GSE market, following the forklift market in Q1, accelerating the diversification of FMV lease products for future growth M&A Examples Specialized Nature of Assets • Contract formation and management processes established for FMV lease • Versatile business model that is not dependent on particular products and markets • Geographical coverage across 50 countries • Substantial track record of M&A and overseas business development Key Points of Investment (1) Entry into the Growing GSE Market CSI has handled GSE, which is suitable for FMV lease, since 2018. The GSE market is expected to grow steadily, driven by increases in investments in airport infrastructure and the number of passengers. Company Profile (2) GSE Lifecycle Management CSI is expanding its business domain from FMV lease to GSE lifecycle management by acquiring Aeroservicios USA specializing in GSE repair and refurbishment. In August 2025, CSI acquired Aeroservicios USA, Inc., a company that develops GSE business* by leveraging its refurbishing capabilities in the U.S. and Latin America. * FMV lease: A flexible lease agreement that allows customers to select an option from among return, purchase, extension, etc. at the end of their lease term, where the price for the option is decided based on the then-current fair market value (FMV) M&A Targets CSI targets products suitable for FMV lease*, leveraging CSI’s strengths while enhancing IT equipment leasing. High CSI’s Strengths and Expertise Ex.: IT equipment and material handling equipment FMV Lease Finance Lease M&A Targets 28 * GSE （Ground Support Equipment） business mainly provides the management, maintenance, and sales of specialized vehicles and equipment used for aircraft ground operations (cargo handling, towing, power supply, etc.) at an airport.
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All Rights Reserved, Copyright © Tokyo Century Corporation -60,000 -40,000 -20,000 0 20,00 0 40,00 0 60,00 0 -1,000,00 0 -800,000 -600,000 -400,000 -200,000 0 200 , 0 00 400 , 0 00 600 , 0 00 800 , 0 00 1,000 ,000 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 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ 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 andgoodwill 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 29
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Results of Environmental Infrastructure Major Factors behind Changes Ordinary Income (YoY) ∎ Increased mainly due to higher gains on sales in solar power generation business and the biomass co-firing power generation business achieving profitability Measures to Improve ROA ■ Expansion of Storage Battery-Related Businesses Increase income by accessing three market (capacity, balancing, and wholesale) in the grid-scale battery business, while considering asset turnover. ■ Expansion of Overseas Renewable Energy Business Increase income by expanding overseas businesses in partnership with prime partners while driving asset turnover. 30 YoY Initial Forecast Gap 32.3 39.9 7.6 4.4 8.0 3.6 2.8 6.3 3.5 2.8 6.3 3.5 Biomass co-firing power generation* -1.0 0.3 1.3 0.9 2.3 1.4 2.0 -0.3 Progress on forecast: 115% 2.0% 4.4% 2.4 pt Biomass co-firing power generation - 0.7% - 0.6% 1.6% 1.0 pt 285.2 279.4 -5.8 Biomass co-firing power generation 81.5 79.5 -2.0 * A biomass co-firing power generation plant operated by Shunan Power Corporation Segment assets ROA（％） (Net income / Segment assets) FY2025FY2024 Q1-2 FY2025 Q1-2 Mar. 31, 2025 Sep. 30, 2025 Change Revenues Gross profit Operating income Ordinary income Net income attributable to owners of parent ROA（％） (Ordinary income / Segment assets)
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All Rights Reserved, Copyright © Tokyo Century Corporation 0 100 200 300 400 500 600 700 2025年度2Q （稼働中および建設中） 2029年度 （見通し） Demand for storage batteries expanding due to increasing renewable energy supply Plan bidding strategies based on market situations and decide about operations Plan to maximize revenues by contributing to stabilizing the power grid and preventing and reducing the curtailment of output from solar power plants (1) Proactive business development focusing on grid-scale batteries in cooperation with knowledgeable partners, aiming to launch approx. 600 MW operation (2) Advantage in the early start of operationsdue to advance acquisition of land and grid (3) Installation of storage batteries at our existing solar power plants Charging/discharging and bidding instructions Bidding on the market, creation and submission of power generation plans, and other operations Electricity Market (1) Wholesale market (2) Balancing market (3) Capacity market Storage Batteries Installation at the power plant Grid-scale Aggregation Operations Overview of Storage Battery Business Tokyo Century’s Strengths Key Partners Approx. 2–50 MW per unit (1) Power supply through the wholesale market (2) Balancing (3) Provision of future supply capacity Payment for (1)–(3) Storage Battery Business Strategies in Japan Q2 FY2025 (Operating and under construction) FY2029 Forecast 佐々木さん 右下のグラフのところが 変わっております →対応しました 31 Approx. 400 MW Approx. 600 MW Output of Grid-Scale Batteries Operated by Tokyo Century
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Q2 FY2025 Net Income & ROA by Operating Segment Solid performance in all operating segments, except Automobility, due to extraordinary losses Net Income Attributable to Owners of Parent ROA (Net Income / Segment Assets) （Billions of yen） YoY Progress YoY Equipment Leasing 11.3 12.8 1.5 24.0 53% 2.0% 0.2 pt Automobility 10.3 6.3 -4.0 18.0 35% 2.5% -1.8 pt Specialty Financing 17.0 69.9 52.9 74.5 94% 4.7% 3.6 pt International Business 4.9 7.1 2.3 18.0 40% 1.5% 0.4 pt Environmental Infrastructure 0.9 2.3 1.4 2.0 115% 1.6% 1.0 pt Other -1.2 -5.7 -4.5 -43.5 - Total (Net income) 43.1 92.8 49.7 93.0 100% 3.1% 1.7 pt 2.7% 1.4 pt ROA (Net income / Total assets) FY2024 Q1-2 FY2025 Q1-2 FY2025 Q1-2 FY2025 Forecast 32
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All Rights Reserved, Copyright © Tokyo Century Corporation 67億円 400億円 ▲70億円 ▲320億円853億円 930億円 2024年度 実績 基礎収益 (各事業分野の積み上げ) ロシア保険和解金 前期の政策保有株式 売却益の剥落 リスクバッファー等 2025年度 計画 600 700 800 900 1,000 1,100 1,200 1,300 1,400 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Profits accumulated in operating segments Insurance settlement proceeds Absence of gains on sales of cross-held shares recorded in FY2024 Risk buffer, etc. （Billions of yen) 約 930 億円 各事業分野による 利益積み上げ 853 億円85.3 6.7 FY2025 Initial Performance Forecast （YoY Changes) Profit growth and insurance settlement proceeds expected, but risk buffer factored in (−) Risk buffer ¥32.0 billion, factoring in lower gains on sales due to the impact of US tariffs, lower profitability in Environmental Infrastructure, and others (+) Insurance settlement proceeds Approximately ¥40.0 billion is to be recorded due to insurance settlement proceeds ACG is to receive from some of its insurers regarding its exposure to Russian airlines. Breakdown of the ¥7.7 Billion Increase in Net Income Attributable to Owners of Parent Approx. 40.0 −7.0 −32.0 93.0 FY2024 Result FY2025 Initial Forecast+７.７ 33
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Net Income Attributable to Owners of Parent （Billions of yen) 93.0 85.3 24.0 18.0 74.5 18.0 2.0 −43.5 22.8 17.7 32.9 16.3 0.1 −4.5 Estimated average exchange rate and fiscal-year-end exchange rate USD1＝¥140 +7.7 Equipment Leasing (+1.2 compared to FY2024) (+) Absence of one-time losses recorded in FY2024, and accumulation of core earnings of NTT TC Leasing and others (−) Higher SG&A expenses Automobility (+0.3 compared to FY2024) (+) NRS: Increase in income due to branch improvement strategies and capturing of inbound tourism demand (−) NCS: Increase in costs (funding cost, SG&A expenses, etc.) Specialty Financing (+41.6 compared to FY2024) (+) Extraordinary income from insurance settlement proceeds related to ACG’s exposure to Russian airlines International Business (+1.7 compared to FY2024) (+) Accumulation of core earnings mainly by CSI Leasing and asset turnover (−) Absence of one-time gains (foreign exchange gains in Asia business) recorded in FY2024 Environmental Infrastructure （+1.9 compared to FY2024） (+) Recovery in income from biomass co-firing power generation Other (−39.0 compared to FY2024) (−) Risk buffer for: lower gains on sales due to the impact of U.S. tariffs; lower profitability in Environmental Infrastructure; and others Absence of gains on sales of cross-held shares recorded in FY2024 FY2025 Initial Performance Forecast by Operating Segment Aiming to set a new record high, all the operating segments will accumulate income despite the impact of external factors FY2024 Result FY2025 Initial Forecast 34
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Highlights of Medium-Term Management Plan 2027 Appendix 2
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Management Targets: Financial and Non-financial Targets 36 Financial KPI*1 Net income attributable to owners of parent (billions of yen) 100.0 ROA (ratio of net income to total assets) 1.4％ ROE 10％ Non-financial KPI Initiatives for realizing 50% GHG emissions reduction by FY2030*2 33％−50% Employee engagement index*3 (deviation value) Improvement of employee engagement scores and rating Net income of ¥100.0 billion, ROE of 10%, and P/B ratio above 1.0 ◼ Align financial targets with net income-based figures ◼ Recognize the current cost of equity at 10% and aim to reduce it ◼ Set non-financial targets to promote ESG initiatives *1 FY2027 estimated foreign exchange rate: 1US$＝¥130 *2 Target of a 50% reduction in greenhouse gas (GHG) emissions by FY2030 from base year of FY2021 announced *3 The measurement method was changed to Motivation Cloud provided by Link and Motivation Inc. in 2024. 36
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Balance Sheet Management (Medium-Term Management Plan 2027) International Business approx. +250 Environmental Infrastructure approx. +200Automobility approx. +150 FY2022 Total assets: approx.6 trillion yen FY2027 Total assets: approx.7trillion yen Assets Liabilities 0.8 Equity Segment assets 5.4 Assets Liabilities Segment assets Approx. 6.4 Interest- bearing debt Approx. 5.3Interest- bearing debt 4.5 Other Other Approx. 1.0 Equity Other Investment in growth areas (+) Segment Assets （approx. ＋1.0） Portfolio restructuring (–) & Liabilities and Equity （approx. ＋1.0） Control Interest- bearing debt Other (Trillions of yen) Shareholders’ equity ratio: 12.5％ Shareholders’ equity ratio: 14％ Profit growth (+) ＆ Dividend increase (–) Equipment Leasing approx. +50 Specialty Financing approx. +400 Breakdown of segment assets (approx. +1 trillion yen) (Billions of yen) Increase in total assets by approx. 1 trillion yen 37
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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 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ 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, 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. 38
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All Rights Reserved, Copyright © Tokyo Century Corporation 14.0% 13.9% 12.5% 13.1% 12.9% 13.7% 12.7% 11.5% 8.7% 8.1% 0.7% 8.8% 9.0% 10.0% 1.2 1.2 1.3 1.4 1.1 1.8 1.2 0.7 1.6 0.8 0.7 0.9 0.7 1.0 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2027 Net income / Shareholders’ equity (ROE) Price-to-book value ratio (P/B ratio) 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ ROE and P/B Ratio Medium-Term Management Plan 2027 10％ Analysis for P/B ratio above 1.0 Maintained a high ROE and realized profit growth by expanding the Specialty Financing, Automobility, and International Business segments Price-to-book value ratio (P/B ratio) maintained above 1.0 Impact of COVID-19 and Russia’s invasion of Ukraine Aim for a P/B ratio above 1.0 by improving ROE and reducing the cost of shareholders’ equity with TCX (TC Transformation) More than 1.0 * The above P/B ratios are calculated based on the closing stock price at the end of each fiscal year. 39
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Initiatives for Improving the P/B Ratio Latest P/B Ratio Cost of shareholders’ equity taking into account expected growth rate, etc. ROE Aim to achieve ROE above 10% and reduce cost of shareholders’ equity by promoting TCX (TC Transformation) and eliminating information asymmetry through constructive dialogue with shareholders and investors, leading to P/B ratio above 1.0 9.0%* Approx. 10%0.8–0.9 Diagrams illustrate initiatives for achieving P/B ratio above 1.0 Latest P/B ratio P/B ratio above 1.0 DecreaseCost of shareholders’ equity 10% 0.8–0.9 ROE 10％ Strengthening of human resources and organizations Resolution of social issues pertaining to carbon neutrality Heightening of value of existing businesses Enhancement of investor relations activities Reinforcement of risk management Exploration of new business fields (including green transformation and digital transformation) Development of operating foundations utilizing digital transformation Replacement/divestment of low-efficiency assets Facilitation of asset turnover in business investments Reduction of performance volatility Fostering of sense of anticipation for growth Enhancement of portfolioImprovement of ROE Transformation for Raising P/B Ratio above 1.0 Reduction of cost of shareholders’ equity *ROE of FY2024 40
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Progress of Medium-Term Management Plan 2027 Automobility exceeded the targets and all the segments are striving to increase core earnings Comparison of FY2024 Result and FY2027 Plan (Net Income Attributable to Owners of Parent) FY2024 Result FY2027 Plan Gap Fiscal 2024 results and challenges for achieving the plan Equipment Leasing 22.8 29.0 6.2 Increase in spread of lease rates due to provision of more services Strengthening of TC’s own earnings power, expansion of joint businesses with partners, and enhancement of businesses for municipalities Automobility 17.7 16.0 -1.7* Significant increase in NRS’ income due to higher car rental prices per unit and branch efficiency improvement NCS： Accumulation of quality assets with organic and inorganic measures NRS： Branch improvement strategies boosting earnings power, capturing of inbound tourism demand Specialty Financing 32.9 48.0 15.1 Increase in aviation business’ income, and efficient asset management of shipping and real estate Aviation: Efficient asset management and high-quality portfolio Real estate: Active investment in growth areas (logistics facilities and data centers) International Business 16.3 21.0 4.7 Enhancement of efficiency by reviewing regional strategies CSI: Global strategies leveraging M&A and other alliances Improvement of business models, including bolstering global partnerships Environmental Infrastructure 0.1 7.5 7.5 Joint investment in solar power plants in the U.S. and Europe with partners Earnings expansion from strategic M&A, overseas renewable energy projects, and storage battery business Increase in new earnings opportunities using asset management expertise Other -4.5 -21.5 -17.0 Total 85.3 100.0 14.7 (Billions of yen) * Automobility achieved the FY2027 Plan and exceeded the target income in FY2024. 41
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Tokyo Century’s Strengths and Partnerships Appendix 3
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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濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Core Competencies 2 1 3 気候変動・環境への 取り組みを通じた 脱炭素経済への貢献 モノ価値に着目した サーキュラー・ エコノミー拡大への貢献 強靭かつ安心・ 安全な 社会インフラの構築 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 robust, safe, and secure 43
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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) 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ 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 44
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All Rights Reserved, Copyright © Tokyo Century Corporation Business Models (Partnership) Business Models Built on Tokyo Century’s Unique Strengths (2) 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ 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 developing collaborative projects based on understanding of asset-related issues faced by partners and new business ventures partners want to undertake using assets 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 45
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Partnership with the NTT Group Collaboration started in 2005 and now all five operating segments take part to broaden the scope of collaborative ventures Equipment Leasing Automobility Specialty Financing International Business Environmental Infrastructure Development of co-creative projects combining the NTT Group’s high reliability and vast customer network with Tokyo Century’s financial service expertise Leasing & Financing (Japan, Overseas) FinanceServicesBusinesses Auto Leasing (Japan) Real Estate (Japan) Real estate development and investment jointly with the NTT Group Leasing & Financing (U.S., India, Central & South America, etc.) Data Center Business (U.S. & India) Solar Power Generation Business (Japan) 2005–2020– 2022– 2021– 2020– 2020– Promotion of electric vehicle (EV) use centered on the NTT Group’s fleet Acceleration of proposals of EV services to municipalities Use of CSI’s global network to support NTT’s overseas business expansion Co-creative projects advanced by CSI and NTT TC Leasing Data center projects in the U.S. and India Joint operation of data center businesses in the U.S. and India Joint establishment of fund for investing in domestic renewable energy businesses FY2024 Ordinary Income FY2024 Ordinary Income ¥19.8 billion ¥17.5 billion ページに飛ばす？ 46
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Partnership with ITOCHU Collaboration with the ITOCHU Group expanding in promising fields Construction machinery • Transfer of shares of ITOCHU CONSTRUCTION MACHINERY (now ITOCHU TC CONSTRUCTION MACHINERY) from ITOCHU to Tokyo Century Energy storage • Establishment of a joint venture, IBeeT, to offer a distributed power source subscription service Mobile devices • Launch of Belong One, a used smartphone and tablet device rental service for companies Hydrogen • Investment in Clean H2 Infra Fund, the world’s first large-scale clean hydrogen infrastructure investment fund Construction machinery • Establishment of a joint venture, ZAXIS Finance, to offer finances for construction machinery in North America Solar power • Installation of solar power generation facilities using subsidies in cooperation with FamilyMart Energy storage • Grid-scale battery business with Osaka Gas and ITOCHU Wind power • Investment in an onshore wind power project in Aomori Renewable energy • Investment in a renewable energy fund in North America as a limited partner Renewable energy • Acquisition of the development right over solar power plants in North America Construction machinery • Collaboration with Morooka and ITOCHU to promote sales of construction machinery in North America Clean energy (biomass) • Start of commercial operation of Hyuga Biomass Power Plant in Hyuga, Miyazaki 2019 2021 2022 2023 Collaboration to be expanded in promising fields, such as construction machinery and truck finance, energy and environment, mobile devices, and FamilyMart + 2025 2024 ZAXIS Finance • Entry into the North American construction machinery market, where stable demand is expected in the housing construction and infrastructure fields Shareholding Ratio: ITOCHU 35％, Hitachi Construction Machinery 30%, TC 35％ （equity-method affiliate) • With assets increasing since the foundation of FY2022, ZAXIS Finance became profitable in FY2023, increased profits in FY2024, and expects more profits in FY2025. 0 500 1,000 2023年度 2024年度 （USD million） Steady increase in operating assets FY2023 FY2024 47
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All Rights Reserved, Copyright © Tokyo Century Corporation Examples of Collaboration with Partners 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ * Equity-method affiliates 48 Segment Investee Company Shareholders Main BusinessesTC Partners Equipment Leasing FLCS Co., Ltd. 80% Fujitsu Limited: 20％ IT equipment leasing IHI Finance Support Corporation 66.5% IHI Corporation： 33.5% General leasing and finance TC Tsukishima Energy Solution LLC 90％ TSUKISHIMA HOLDINGS CO., LTD.：10％ Sale of electricity generated using biogas Amada Lease Co., Ltd. 60% AMADA CO., LTD.： 40％ General leasing NTT TC Leasing Co., Ltd.* 50% NTT, Inc.： 40％ NTT FINANCE CORPORATION： 10％ General leasing and finance NX・TC Lease & Finance Co., Ltd.* 49% NIPPON EXPRESS HOLDINGS, INC.: 49％ General leasing and finance FFG Lease Co., Ltd.* 50% Fukuoka Financial Group, Inc.： 50% General leasing Automobility Nippon Car Solutions Co., Ltd. 59.5% NTT, Inc.： 40.5％ Auto leasing Orico Auto Leasing Co., Ltd.* 34% Orient Corporation： 66％ Auto leasing for individuals Specialty Financing TC Kobelco Real Estate Co., Ltd. 70% Kobe Steel, Ltd.： 25％ Chuo-Nittochi Co., Ltd.： 5％ Real estate business International Business NTT Global Data Centers CH, LLC 80% NTT Global Data Centers Americas, Inc.： 20% Data center business ZAXIS Financial Services Americas, LLC* 35% ITOCHU Corporation: 35% Hitachi Construction Machinery Co., Ltd.： 30% Construction machinery finance Environmental Infrastructure Kyocera TCL Solar LLC 81% KYOCERA Corporation: 19％ Power generation Shunan Power Corporation 60% Tokuyama Corporation: 20％ Marubeni Clean Power Corporation: 20％ Power generation A&Tm Corporation 51% Tokyo Gas Engineering Solutions Corporation: 39％ KYOCERA Communication Systems Co., LTd.： 10％ Maintenance and management of power plant business Other MUFG Finance and Leasing Co., Ltd.* 25% MUFG Bank, Ltd.: 38.9％ The Norinchukin Bank: 25％ General leasing and finance
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Financial Data Appendix 4 In addition to this document, financial information updated in DATA BOOK (Excel format) is disclosed in the IR Library on the Company’s website quarterly. https://www.tokyocentury.co.jp/en/ir/library/2025.html
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Statement of Income Major Factors behind Changes ◼ Gross profit Increased mainly driven by Specialty Financing and International Business ◼ SG&A expenses Increased mainly due to International Business ◼ Net income attributable to owners of parent Increased mainly due to extraordinary income from insurance settlement proceeds related to Russia exposure （Billions of yen） 1 665.9 693.3 27.4 4.1% 2 531.4 537.8 6.4 1.2% Funding cost 3 60.7 60.2 -0.5 -0.8% 4 134.5 155.5 21.0 15.6% 5 78.2 83.0 4.8 6.1% Personnel expenses 6 45.0 48.2 3.2 7.2% Non-personnel expenses 7 33.5 35.2 1.7 4.9% Credit costs 8 -0.3 -0.4 -0.1 23.9% 9 56.3 72.5 16.2 28.8% 10 7.4 4.7 -2.7 -36.3% 11 63.7 77.2 13.5 21.3% 12 6.7 63.1 56.4 842.5% 13 70.4 140.3 69.9 99.3% 14 20.3 42.6 22.2 109.4% 15 50.1 97.7 47.7 95.3% 16 6.9 4.9 -2.0 -28.8% 17 43.1 92.8 49.7 115.2% YoY Change# FY2024 Q1-2 FY2025 Q1-2 Revenues Net income attributable to owners of parent Costs Gross profit SG&A expenses Operating income Non-operating income and expenses Ordinary income Extraordinary income and losses Income before income taxes Income taxes Net income Net income attributable to non- controlling interests 50
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Balance Sheet Major Factors behind Changes ◼ Non-current assets, etc. Leased assets: Decreased mainly due to exchange rates in Specialty Financing （Billions of yen） Total assets 1 6,862.9 6,848.8 -14.1 -0.2% Current assets 2 3,076.1 3,091.0 14.9 0.5% Non-current assets, etc. 3 3,786.8 3,757.7 -29.1 -0.8% Leased assets 4 2,641.4 2,620.0 -21.5 -0.8% Leased assets advance payment 5 125.3 110.2 -15.1 -12.1% Other operating assets 6 273.9 264.9 -9.0 -3.3% Investment securities 7 451.4 466.5 15.1 3.4% Others 8 294.8 296.2 1.4 0.5% Total liabilities 9 5,686.0 5,676.3 -9.7 -0.2% Current liabilities 10 1,881.1 2,106.3 225.2 12.0% Long-term liabilities 11 3,804.9 3,570.0 -234.9 -6.2% Total net assets 12 1,176.9 1,172.5 -4.4 -0.4% Shareholders' equity 13 1,029.6 1,025.5 -4.1 -0.4% Non-controlling interests, etc. 14 147.3 147.0 -0.3 -0.2% # Mar. 31, 2025 Sep. 30, 2025 Change 51
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All Rights Reserved, Copyright © Tokyo Century Corporation 2.4 3.8 4.7 5.4 27.9 47.0 60.7 60.2 30.4 50.9 65.4 65.6 1.39% 2.22% 2.66% 2.66% FY2022 Q2 FY2023 Q2 FY2024 Q2 FY2025 Q2 Funding cost Interest expense Financing cost ratio 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ Interest-Bearing Debt Balance of Interest-Bearing Debt Financing Cost Ratio*1, 2 (Billions of yen) *1 Of costs and expenses required for financing, those pertaining to operating transactions are recorded as funding cost, and expenses related to non-operating transactions are recorded as interest expense under non-operating expenses. *2 Financing cost ratio = Financing cost(Funding cost + Interest expense) / { (Interest-bearing debt as of the previous fiscal year end + Interest-bearing debt as of the end of this fiscal year) / 2 ｝ Q1–Q2 FY2022 Q1–Q2 FY2023 Q1–Q2 FY2024 （Billions of yen） 1 4,749.0 4,912.6 4,939.0 26.5 0.5% Japanese yen 2 2,574.2 2,662.9 2,689.6 26.7 1.0% Foreign currency 3 2,174.8 2,249.7 2,249.4 -0.3 -0.0% Foreign currency % 4 45.8% 45.8% 45.5% -0.3 pt 5 343.6 210.6 258.8 48.2 22.9% 6 228.7 210.6 213.2 2.6 1.2% 7 114.9 － 45.6 45.6 - 8 1,219.4 1,247.6 1,183.0 -64.6 -5.2% 9 372.6 422.6 312.6 -110.0 -26.0% 10 846.8 825.0 870.4 45.4 5.5% 11 15.3 14.5 12.9 -1.5 -10.7% 12 3,170.7 3,440.0 3,484.4 44.4 1.3% 13 1,957.6 2,015.3 2,150.9 135.7 6.7% 14 1,213.1 1,424.7 1,333.4 -91.3 -6.4% 15 33.2% 30.0% 29.5% -0.5 pt 16 83.9% 88.2% 87.2% -1.0 pt 17 47.0 60.7 60.2 -0.5 -0.8% 18 3.8 4.7 5.4 0.7 14.8% 19 50.9 65.4 65.6 0.2 0.3% 20 2.22% 2.66% 2.66% - Change Change Foreign currency Securitized lease assets Borrowings Japanese yen Foreign currency FY2025 Q1-2 FY2024 Q1-2 Sep. 30, 2025# Mar. 31, 2024 Mar. 31, 2025 FY2023 Q1-2# Financing cost ratio Direct funding ratio Long-term funding ratio Funding cost Interest expense Financing cost (Funding cost + Interest expense) Interest-bearing debt Commercial papers Japanese yen Foreign currency Corporate bonds Japanese yen （Change of financing cost by fiscal year） （Billions of yen） 21 101.9 123.6 21.6 21.2% 22 7.9 9.7 1.8 23.3% 23 109.8 133.3 23.5 21.4% 24 2.37% 2.76% 0.39 pt FY2024 Result Funding cost Interest expense Financing cost (Funding cost + Interest expense) Financing cost ratio # FY2023 Result YoY Change 52 Q1–Q2 FY2025
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All Rights Reserved, Copyright © Tokyo Century Corporation 濃 ・ 薄 TC ブルー 国 内 リ ー ス ｵｰﾄﾓﾋﾞﾘﾃｨ スペシャルティ 国際 環 境 イ ン フ ラ 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 numerical terms and names presented in this report conform to the “short scale” numerical system. (i.e., “billion” = “109” and “trillion” = “1012 ”) 53