Tokyo Century Corporation · TSE:8439
Tokyo Century — FY2025 Earnings Presentation
41 slides from Tokyo Century's earnings presentation, May 2026
Slide 1: IR Presentation for the Fiscal Year Ended March 31, 2026
IR Presentation for the Fiscal Year Ended March 31, 2026 Tokyo Century Corporation (8439) Copyright © 2026 Tokyo Century Corporation. All Rights Reserved.
Slide 2: Contents
Contents Financial Highlights p. 3 Topics p. 14 Results by Operating Segment p. 20 Appendix Tokyo Century’s Strengths and Partnerships p. 33 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 ┃Record net income of ¥111.3 billion (up ¥26.0 billion YoY), with ROA at 1.6% and ROE at 10.4%: Achieved Medium-Term Management Plan 2027 targets (Net income: ¥100.0 billion; ROA: 1.4%; ROE: 10%) ahead of schedule FY2025 ┃Recorded ¥46.8 billion after-tax impairment loss on biomass
Slide 5: Financial Highlights
Financial Highlights (Unit: Billions of yen) Achieved record-high net income and met the Medium-Term Management Plan 2027 target of ¥100.0 billion 2 years ahead of schedule Improved ROA and ROE steadily by growth strategies and asset recycling Shareholders’ Equity & Net Income & ROE Total Assets & R
Slide 6: YoY Changes in Net Income (FY2025 vs. FY2024)
YoY Changes in Net Income (FY2025 vs. FY2024) Base earnings power excluding non-recurring factors*1 increased ¥18.1 billion YoY, driven by gains on the sale of U.S. data centers in International Business *1 Extraordinary income/losses and non-recurring tax expenses in the aviation business Net Incom
Slide 7: Results by Operating Segment
Results by Operating Segment Net income excluding non-recurring factors increased, driven by International Business Net Income Attributable to Owners of Parent （Billions of yen） FY2024 FY2025 YoY Key Factors Result Result (+) Higher income in NTL and other affiliates Equipment Leasing 22.8 22.8 (0.0
Slide 8: 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 9: FY2026 Profit Plan
FY2026 Profit Plan Target record-high net income by expanding base earnings power, despite the absence of prior-year one-time income/losses Net Income Attributable to Owners of Parent (Billions of yen) USD1=￥150 FY2025 FY2026 YoY Key Factors Result *1 Plan Domestic Business 23.4 25.3 1.9 (+) Higher
Slide 10: Factors Affecting Net Income (FY2026 Profit Plan)
Factors Affecting Net Income (FY2026 Profit Plan) Net income excluding non-recurring factors is projected to increase, despite the absence of major gains on the sale of U.S. data centers in the previous year Net Income Bridge Net income excl. non-recurring factors (Billions of yen) Extraordinary inc
Slide 11: Impact of the Middle East Situation
Impact of the Middle East Situation Impact on FY2026 Profit Plan Direct impact: Assumed to be limited at this time After-tax ¥2.0 billion risk buffer factored in for uncertainty Indirect impact: Closely monitoring risks from a prolonged situation (e.g., rising interest rates/costs, lower demand, cus
Slide 12: Shareholder Returns
Shareholder Returns Maintain progressive dividends as our basic stance, balancing investment in future growth with stable Dividend and continuous shareholder returns to achieve sustainable enhancement of shareholder value. Policy Target payout ratio of 35% or higher while seeking dividend growth thr
Slide 13: Balance Sheet
Balance Sheet Total Assets Interest-Bearing Debt / Financing Cost Mar. 31, Mar. 31, Mar. 31, (Billions of yen) Change Mar. 31, Mar. 31, Mar. 31, 2024 2025 2026 Change o/w (Billions of yen) 2024 2025 2026 FX Impact *1 Interest-bearing debt 4,749.0 4,912.6 5,142.5 229.9 Total assets 6,460.9 6,862.9 7,
Slide 14: Topics
Topics Copyright © 2026 Tokyo Century Corporation. All Rights Reserved. 14
Slide 15: FY2025 Key Topics
FY2025 Key Topics Steady execution of growth investments and strategic asset sales to enhance business portfolio New Topics Divested U.S. data center development project Completed the first joint investment project with Mitsubishi Estate; expanding development investment to strengthen digital infras
Slide 16: Data Center Business
Data Center Business Expanding data center (DC) business through partnership with NTT DATA and Mitsubishi Estate NTT DATA Group: Joint Projects and Investments Mitsubishi Estate Group: Joint Projects and Investments - Collaboration in DC business started in June 2021 Completion of 1st Joint DC Proje
Slide 17: Acquisition of Shares in Australian Car Rental Company
Acquisition of Shares in Australian Car Rental Company First stand-alone investment in an overseas car rental company, establishing a business foundation in the growing Australian mobility market Company Overview Strategic Significance & Objectives of Acquisition Name Bargain Car Rentals Australia P
Slide 18: Strategic Investment in the CTM Group, a Top-Tier Dry Bulk Vessel Pool Operator
Strategic Investment in the CTM Group, a Top-Tier Dry Bulk Vessel Pool Operator Overview Future Strategies Enhance operator functions, building a system that covers everything from vessel Bretta Tokyo Barque AS ownership to operation and management (Norwegian Navigation Century maritime investor) Un
Slide 19: Insurance Settlement Proceeds Related to Russia Exposure
Insurance Settlement Proceeds Related to Russia Exposure Received Insurance Settlement Proceeds Related to ACG’s Exposure to Russian Airlines Breakdown of Insurance Settlement Proceeds*1 *1: All dollar amounts are in U.S. dollars. As a result of settlement negotiations, insurance settlement proceeds
Slide 20: Results by Operating Segment
Results by Operating Segment Copyright © 2026 Tokyo Century Corporation. All Rights Reserved. 20
Slide 21: Results of Equipment Leasing
Results of Equipment Leasing FY2024 FY2025 FY2025 % (Billions of yen) Result Result YoY Forecast Achived ┃Key Factors Net income 22.8 22.8 (0.0) 24.0 95.0% Higher earnings (including gains on sales) from joint ventures with NTL and other partners offset increased NTT TC Leasing (NTL) 6.9 8.5 1.7 ： 5
Slide 22: Results of Automobility
Results of Automobility FY2024 FY2025 FY2025 % (Billions of yen) YoY Result Result Forecast Achived Net income 17.7 12.1 (5.6) 18.0 67.4% ┃Key Factors Nippon Car Solutions (NCS) 7.6 1.6 (6.0) NCS: : 59.5% Nippon Rent-A-Car Service (NRS) 9.7 10.6 0.8 : 88.6% Ownership Income decreased due to higher f
Slide 23: Results of Specialty Financing
Results of Specialty Financing FY2024 FY2025 FY2025 % ┃Key Factors (Billions of yen) YoY Result Result Forecast Achived Net income 32.9 112.2 79.3 74.5 150.6% Aviation Income increased substantially, primarily driven by insurance Aviation 14.1 98.9 84.8 settlement proceeds related to Russia exposure
Slide 24: ACG’s Financial Performance
ACG’s Financial Performance Significant increase in pre-tax income due to insurance settlements related to Russia exposure FY2024 FY2025 Regional Exposure*2 ACG (USD million) YoY Result Result Middle East & Africa United States Income/loss before income taxes 174 751 576 & Canada 8% Income/loss befo
Slide 25: ACG’s Financial Performance (2)
ACG’s Financial Performance (2) Updated on May 19 Pre-tax income up 67% YoY, driven by higher lease revenue and gains on sales ACG's Result (USD million) FY2025 FY2026 YoY Q1 Q1 Change ┃Key Factors Total revenues 281 323 42 Operating lease revenue 249 275 26 Income/loss before income taxes: Gain on
Slide 26: ACG’s Earnings Power
ACG’s Earnings Power Updated on May 19 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 Operating オペリ収入 lease revenue 297 281 269 286 Interest 支払利息 expense, net Federal funds FF金利 rate 417 410 396 2. Gains on Sales of
Slide 27: Real Estate Business: Portfolio Strategy
Real Estate Business: Portfolio Strategy Expand collaboration with partners and promote 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 un
Slide 28: AP as an Equity-Method Affiliate
AP as an Equity-Method Affiliate Targeting significant expansion of investments in companies, with the AP Group as a core player Vision for Enhanced Partnership with AP Segment Asset Changes and Outlook*1 *1 Excl. investments in AP itself Investment Outline Lead the way in resolving social structura
Slide 29: Results of International Business
Results of International Business FY2024 FY2025 FY2025 % (Billions of yen) YoY Result Result Forecast Achived ┃Key Factors Net income 16.3 23.5 7.2 18.0 130.8% Significant income growth driven by robust performance CSI 8.6 9.4 0.8 of CSI, primarily in Latin America, alongside gains on sales of U.S.
Slide 30: CSI’s Financial Performance
CSI’s Financial Performance Strong performance primarily in Latin America and solid increase in segment assets contributing to future income M&A Targets FY2024 FY2025 CSI targets new products suitable for FMV lease*2 by leveraging its CSI Group (USD million) YoY Result Result strengths, while furthe
Slide 31: Results of Environmental Infrastructure
Results of Environmental Infrastructure FY2024 FY2025 FY2025 % (Billions of yen) YoY Result Result Forecast Achived ┃Key Factors Net income 0.1 (44.5) (44.5) 2.0 - Income decreased substantially, primarily due to an impairment loss on biomass co-firing power generation. Gains on sales & Impairment l
Slide 32: Energy Storage Business Strategies in Japan
Energy Storage Business Strategies in Japan Demand for energy storage expanding due to increasing renewable energy supply Overview of Grid-Scale Energy Storage Business Maximize revenues by contributing to power grid stability and solar power curtailment mitigation 電源構成の変化（イメージ図） Shift in the Energy
Slide 33: Tokyo Century’s Strengths and Partnerships
Appendix Tokyo Century’s Strengths and Partnerships Copyright © 2026 Tokyo Century Corporation. All Rights Reserved. 33
Slide 34: 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, ships, real estate, trucks, solar panels, et
Slide 35: 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 projects
Slide 36: Strategic Alliances with Prime Partners
Strategic Alliances with Prime Partners Business collaborations with prime partners expanding in Japan and overseas Note: Corporate names under the logos are joint Business Collaboration Map ventures with our business partners. Leasing Tokiwabashi Project Leasing & Finance ICT Leasing (incl. real es
Slide 37: Partnership with the NTT Group
Partnership with the NTT Group Expansion of Collaboration in Growth Areas Evolving into a strategic partnership across diverse business sectors 2021: Start of Data Center Business Launched joint operations in the U.S. and India Collaboration Areas 2020: Capital & Business Alliance Leasing 2005: Star
Slide 38: Partnership with ITOCHU
Partnership with ITOCHU Update on ZAXIS Finance Steady business expansion in FY2025, with growth in both operating assets and profits ZAXIS Finance: Business Structure Providing rapid credit approval and competitive financing for construction machinery purchases Trend in Operating Assets (Non-Consol
Slide 39: 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 40: 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 currentl
Slide 41: 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.