Tokyo Century Corporation · TSE:8439
Tokyo Century — Q2 FY2026 Earnings Presentation
49 slides from Tokyo Century's earnings presentation, Nov 9, 2026
Slide 1: IR Presentation for Q2 FY2026
IR Presentation for Q2 FY2026 Tokyo Century Corporation (8439) Copyright © 2026 Tokyo Century Corporation. All Rights Reserved.
Slide 2: Contents
Contents Financial Highlights p. 3 Topics p. 9 Results by Operating Segment p. 13 Long-Term Vision 2035 and Medium-Term Management Plan 2030 p. 31 (Excerpt) Appendix Tokyo Century’s Strengths and Partnerships p. 40 Copyright © 2026 Tokyo Century Corporation. All Rights Reserved. 2
Slide 3: Financial Highlights
Financial Highlights Copyright © 2026 Tokyo Century Corporation. All Rights Reserved. 3
Slide 4: Executive Summary
Executive Summary ┃Net Income*1: ¥68.5 billion, down ¥24.3 billion YoY; ROE: 11.7% Declined mainly due to the non-recurrence of prior-year litigation settlement proceeds related to Russia Q2 FY2026 exposure (¥51.9 billion after tax) in Transport Results ┃Underlying earnings (net income excl. extraor
Slide 5: Financial Highlights
Financial Highlights ✓ Net Income: ¥68.5 billion (−¥24.3 billion YoY); ROE: 11.7% (−6.4 pts YoY) Declined mainly due to the non-recurrence of prior-year litigation settlement proceeds related to Russia exposure (¥51.9 billion after tax) ✓ Underlying earnings (net income excl. extraordinary income/lo
Slide 6: Net Income Bridge for Q1–Q2 FY2026 (YoY)
Net Income Bridge for Q1–Q2 FY2026 (YoY) <Base Earnings Power> Underlying earnings*1 increased by ¥20.8 billion YoY, mainly driven by higher gains on aircraft and vessel sales in Transport and higher secondary-market earnings at CSI. *1 Net income excluding extraordinary income/losses Non-recurrence
Slide 7: Upward Revision to FY2026 Forecast
Upward Revision to FY2026 Forecast ✓ FY2026 net income forecast: ¥145.0 billion, up ¥22.0 billion from the initial forecast Annual dividend forecast: ¥104 per share, up ¥14 from the initial forecast Raised mainly due to expected extraordinary income from the transfer of an equity interest in ACG (ap
Slide 8: Results by Operating Segment
Results by Operating Segment ✓ Transport segment earnings declined, mainly due to the non-recurrence of prior-year litigation settlement proceeds related to Russia exposure (¥51.9 billion). ✓ Underlying earnings (net income excl. extraordinary income/losses) remained solid, mainly due to Transport a
Slide 9: Topics: Medium-Term Management Plan 2030 Progress Update
Topics Medium-Term Management Plan 2030 Progress Update Copyright © 2026 Tokyo Century Corporation. All Rights Reserved. 9
Slide 10: Progress on the Medium-Term Management Plan
Progress on the Medium-Term Management Plan Conversion of ACG into an Equity-Method Affiliate ✓ Announced the transfer of a 50% stake in ACG to ITOCHU in August 2026, shifting to a joint management structure ✓ Driving growth in aircraft leasing while enhancing capital efficiency. B us i ne ss Buildi
Slide 11: Portfolio Transformation: ACG as a Joint Business
Portfolio Transformation Achieving higher profitability in the Recovery & Improvement Businesses through ACG's conversion into an equity-method affiliate Segment Assets ACG as a Joint Business (Trillions of yen) ACG's conversion into an equity- 7.2 Expanding Capital Capacity While Accelerating ACG's
Slide 12: Growth Investment Plan
Growth Investment Plan Leverage capital capacity created by converting ACG into an equity-method affiliate and accelerate investment in Growth & Strategic Businesses Segment Assets Growth Investment Plan Under the Medium-Term Management Plan 2030*2 Approx. ¥ 2 trillion (Trillions of yen) ¥2.6 7.2 Br
Slide 13: Results by Operating Segment
Results by Operating Segment Copyright © 2026 Tokyo Century Corporation. All Rights Reserved. 13
Slide 14: Results of Domestic Business
Results of Domestic Business FY2025 FY2026 FY2026 (Billions of yen) YoY Progress *3 Q1–Q2 Q1–Q2 Initial Forecast Net income 13.0 16.4 3.5 25.3 65% ┃Key Factors NTT TC Leasing 3.3 3.7 0.4 Ownership: 50% Higher Gains on Asset Sales FLCS 1.2 1.3 0.1 Ownership: 80% *1 After-tax basis Income increased, d
Slide 15: Results of Global Business
Results of Global Business FY2025 FY2026 FY2026 YoY Progress *3 (Billions of yen) Q1–Q2 Q1–Q2 Initial Forecast ┃Key Factors Net income 6.9 10.3 3.4 26.5 39% CSI 2.9 7.3 4.4 Higher earnings at CSI *1 After-tax basis *2 Estimated figure Capital gains/losses and one-time gains/losses *1 1.8 0.8 (1.0) *
Slide 16: CSI's Financial Performance
CSI’s Financial Performance ✓ Significant income growth, driven by new large-scale ITAD contracts and solid leasing transactions in North America; segment assets also expanded steadily M&A Strategy FY2025 FY2026 (USD million) YoY Q1–Q2 Q1–Q2 • Positioned FMV leasing*2 as a growth business under the
Slide 17: Results of Social Infrastructure
Results of Social Infrastructure FY2025 FY2026 FY2026 YoY Progress *3 (Billions of yen) Q1–Q2 Q1–Q2 Initial Forecast ┃Key Factors Net income 5.7 6.5 0.8 18.9 35% Real estate 3.0 4.1 1.1 *1 After-tax basis Real Estate Higher Capital Gains Environmental infrastructure 1.4 1.0 (0.4) *2 Estimated figure
Slide 18: Real Estate Business
Real Estate Business ✓ Expanding collaboration with partners and promoting asset recycling to enhance earnings power Changes in Portfolio Project Track Record & Completion Schedule Japan Many development projects underway together with prime partners Collaboration with prime partners underway for la
Slide 19: Data Center Business
Data Center Business ✓ Expanding data center (DC) business through partnership with the NTT Group and Mitsubishi Estate Profitability of DC Projects in the U.S. DC Projects with NTT and Mitsubishi Estate (Source: a study by a research firm) Tokyo Century's DC Projects While funding costs precede ear
Slide 20: Domestic Energy Storage Business Strategies
Domestic Energy Storage Business Strategies Overview of Grid-Scale Energy Storage Business Revenue Diversification and Future Outlook Approx. 600 MW business foundation secured Earnings from Gains on Sales & Ownership & Operation Recurring Revenues Operating Committed & Under Development ① Electrici
Slide 21: Results of Transport
Results of Transport FY2025 FY2026 FY2026 (Billions of yen) YoY Progress *3 Q1–Q2 Q1–Q2 Initial Forecast ┃Key Factors Net income 62.6 29.0 (33.6) 35.4 82% Aviation Aviation 64.7 22.9 (41.8) *1 After-tax basis Shipping (1.6) 7.3 9.0 *2 Estimated figure Non-Recurrence of Prior-Year One-Time Gains *3 v
Slide 22: ACG's Financial Performance
ACG’s Financial Performance (USD million) ACG's Result FY2025 FY2026 Q1–Q2 Q1–Q2 YoY Global Operations （As of June 30, 2026) Total revenues 612 668 56 Middle East & Africa United Operating lease revenue 511 558 47 States & 8% Gain on sale of flight equipment, net 49 52 3 Canada Total expenses (0) 56
Slide 23: ACG's Earnings Power
ACG’s Earnings Power 1. Operating Lease Revenue, Interest Expense and Federal Funds Rate （USD million） Annual 1,006 901 879 887 1,059 1,040 1,049 Total 300 283 285 283 283 8.00% 272 266 275 262 249 253 253 251 250 249 256 258 253 258 247 249 7.00% 250 233 217 215 220 216 209 212 216 204 204 6.00% 20
Slide 24: Results of Mobility
Results of Mobility FY2025 FY2026 FY2026 (Billions of yen) Q1–Q2 Q1–Q2 YoY Initial Forecast Progress *3 ┃Key Factors Net income 6.7 10.9 4.2 20.6 53% NCS NCS 1.0 6.0 5.0 Ownership: 59.5% Non-Recurrence of prior-year impairment losses NRS 5.3 5.5 0.2 Ownership: 88.6% *1 After-tax basis Higher Gains o
Slide 25: Results of Corporate Investment
Results of Corporate Investment FY2025 FY2026 FY2026 (Billions of yen) YoY Progress *3 Q1–Q2 Q1–Q2 Initial Forecast ┃Key Factors Net income 1.6 2.1 0.5 6.1 35% Higher Equity-Method Earnings *1 After-tax basis *1 Capital gains/losses and one-time gains/losses 1.9 2.1 0.2 *2 Estimated figure Impairmen
Slide 26: Q1–Q2 FY2026 Achievements Under Three Growth Strategies
Q1–Q2 FY2026 | Achievements Under Three Growth Strategies Key Initiatives by Operating Segment Mobility Investment in Seibii, a Mobile Vehicle Maintenance Platform Expansion of the Functional vehicle maintenance Expansion Maintaining the existing maintenance network while building a new mobile value
Slide 27: Breakdown of Results by Operating Segment
Breakdown of Results by Operating Segment （Billions of yen） FY2025 FY2026 YoY Q1 Q2 Total Q1 Q2 Total Domestic Business 6.9 6.1 13.0 8.1 8.3 16.4 3.5 Gains on asset sales (underlying earnings)*1,2 1.9 (0.2) 1.7 2.0 2.8 4.9 3.1 Capital gains and one-time gains/losses *1,3 - - - - 0.3 0.3 0.3 Impairme
Slide 28: Balance Sheet
Balance Sheet Total Assets Interest-Bearing Debt / Financing Cost Mar. 31, Mar. 31, Sep. 30, (Billions of yen) Change Mar. 31, Sep. 30, 2025 2026 2026 Change o/w (Billions of yen) 2026 2026 Interest-bearing debt 4,912.6 5,142.5 5,355.8 213.3 FX Impact *1 Total assets 7,214.8 7,512.6 297.8 Japanese y
Slide 29: Shareholder Returns
Shareholder Returns Dividend ◼ Maintain progressive dividends as our basic stance, balancing investment in future growth with stable and continuous shareholder returns to achieve sustainable enhancement of shareholder value. Policy ◼ Target payout ratio of 35% or higher while seeking dividend growth
Slide 30: Reclassification of Operating Segments
Reclassification of Operating Segments Effective from FY2026 (Fiscal Year Ending March 2027) ✓ Consolidation of specialized knowledge and expertise into six business units Previous Segments New Segments Equipment Leasing Domestic leasing Domestic Business Domestic leasing Automobility Auto (domestic
Slide 31: Long-Term Vision 2035 and Medium-Term Management Plan 2030 (Excerpt)
Long-Term Vision 2035 and Medium-Term Management Plan 2030 (Excerpt) Copyright © 2026 Tokyo Century Corporation. All Rights Reserved. 31
Slide 32: Fundamental Pillars for the Long-Term Vision
Fundamental Pillars for the Long-Term Vision Beyond finance: Addressing social issues by creating unprecedented businesses and ecosystems with world-class partners Identification Selection of Reform of Business Structure Maximization of of Social Business Corporate Issues Domains Achieving Our Finan
Slide 33: Positioning of New Medium-Term Management Plan
Positioning of New Medium-Term Management Plan First Phase of Long-Term Strategy for Fiscal 2035 Previous plan period New plan period To 2035 ◼ Achieved ¥100.0 billion net income Functional Geographic target ahead of schedule expansion expansion Target market cap: ◼ Expanded business scope and accel
Slide 34: Business Structure Transformation
Business Structure Transformation Core Asset Business Long-Term Vision 2035 2026 2030 Social Issues Solar Power Generation Medium-Term Management Plan 2030 in 10 Years (Domestic and Overseas) Value Chain Development Energy Storage Data and Energy Energy Management Intellectual Property IT Equipment
Slide 35: Disciplined Portfolio Management
Disciplined Portfolio Management ◼ Drive optimization and structural reform of business portfolio with a focus on capital efficiency and growth potential Growth Businesses Our Competitive • Areas of high profitability and market potential, High Advantage targeted for active investment Strategic Grow
Slide 36: FY2030 Profit Targets by Operating Segment (Net Income and ROE)
FY2030 Profit Targets by Operating Segment (Net Income and ROE) FY2025 Results vs. FY2030 Targets （Billions of yen） Net Income *1 ROE*1 FY2025 FY2025 FY2030 Change FY2030 Change Result Result Domestic Business 23.4 32.0 8.6 18% 24% 6 pts Global Business 10.4 35.0 24.6 10% 11% 1 pt Social Infrastruct
Slide 37: Improving Capital Efficiency to Achieve ROE of 12.5% or higher by FY2030
Improving Capital Efficiency to Achieve ROE of 12.5% or higher by FY2030 ◼ Promoting business expansion in each segment with a focus on capital efficiency 50% ROE FY2030 ◼ Social Infrastructure: Upside potential from gains on the sale of assets such as 5%, 44%, 300 data centers Mobility Domestic Bus
Slide 38: Growth Investment Plan Through FY2030
Growth Investment Plan Through FY2030 ◼ New growth investments of ¥2 trillion or more: Focus on M&A and JVs in collaboration with partners Profit Contribution Investment Amount on a Category Details / Scope Timing / Holding Segment Asset Basis* Policy Lead time for Investments in high-growth segment
Slide 39: Capital Allocation and Balance Sheet Management
Capital Allocation and Balance Sheet Management ◼ Enhancing credit ratings through financial discipline: Strategic management of growth investment & asset control Capital Allocation Balance Sheet Management Total Assets: Approx. ¥ 8.2 trillion Cumulative Payout ratio ROE: 12.5% (Approx. +¥1 trillion
Slide 40: Tokyo Century's Strengths and Partnerships
Appendix Tokyo Century’s Strengths and Partnerships Copyright © 2026 Tokyo Century Corporation. All Rights Reserved. 40
Slide 41: Businesses Focused on Asset Value
Businesses Focused on 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 1 Sales Activities Provision of ICT equipment, automobiles, aircraft, vessels, real estate, trucks, solar panels
Slide 42: Partnership Businesses
Partnership Businesses ✓ Business Models Built on Tokyo Century’s Unique Strengths (2) Value Creation Driven by Excellence in Earning Trust of Customers Partnership Businesses 1 Creation of Collaborative Projects Together with Partners Advancement of negotiations for developing collaborative project
Slide 43: Strategic Alliances with Prime Partners
Strategic Alliances with Prime Partners ✓ Business collaborations with prime partners expanding in Japan and overseas Note: The names shown below the logos are those of Business Collaboration Map joint ventures or joint businesses with our partners. Leasing & Finance Leasing Tokiwabashi Project ICT
Slide 44: Partnership with the NTT Group
Partnership with the NTT Group Expansion of Collaboration in Growth Areas Evolving into a strategic partnership across business segments 2021: Start of Data Center Business Promoting joint data center operations in the U.S. and India Collaboration Areas 2020: Capital & Business Alliance Leasing 2005
Slide 45: Partnership with ITOCHU
Partnership with ITOCHU ✓ Launching joint initiatives in aviation in FY2026, alongside ongoing projects in construction machinery finance, environment, and energy. Expanding collaboration further into promising growth sectors. Key Initiatives Construction Machinery & Finance Renewable Energy & Stora
Slide 46: Collaboration & Synergies Across the Aviation Value Chain
Collaboration & Synergies Across the Aviation Value Chain Further enhance ACG's presence by leveraging both shareholders' aviation value chains. Extensive High-Quality Portfolio Customer Base Japanese Operating Lease Aircraft Leasing for Domestic Investors Enhanced Cooperation Financial and Aviation
Slide 47: Examples of Collaboration with Partners
Examples of Collaboration with Partners Shareholders Region Investee Company Main Businesses TC Partners FLCS Co., Ltd. 80% Fujitsu Limited: 20％ IT equipment leasing IHI Finance Support Corporation 66.5% IHI Corporation: 33.5% General leasing and finance Sale of electricity generated using TC Tsukis
Slide 48: Disclaimer and Definitions
Disclaimer and Definitions ⚫ 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 curren
Slide 49: Investor Relations Office
Contact Information Investor Relations Office Tel: +81-3-5209-6710 Website: https://www.tokyocentury.co.jp/en/ Copyright © 2026 Tokyo Century Corporation. All Rights Reserved.