Tokyo Century Corporation · TSE:8439
Tokyo Century — Q3 FY2025 Earnings Presentation
50 slides from Tokyo Century's earnings presentation, 2026
Slide 1: IR Presentation for Q3 FY2025
IR Presentation for Q3 FY2025
Slide 2: Contents
Contents Results for Q3 FY2025 p. 3 Topics p. 9 Appendix 1 Topics by Operating Segment p. 16 Appendix 2 Highlights of Medium-Term Management Plan 2027 p. 32 Appendix 3 Tokyo Century’s Strengths and Partnerships p. 38 All Rights Reserved, Copyright © Tokyo Century Corporation
Slide 3: Results for Q3 FY2025
Results for Q3 FY2025
Slide 4: Executive Summary
Executive Summary ✓ Net income*: ¥115.9 billion (up ¥43.9 billion or 60.9% YoY) ROE: 14.8％ Q3 YTD ✓ ¥55.7 billion insurance settlement proceeds (after-tax) recorded Results Net income, excluding extraordinary income/losses, up ¥6.0 billion YoY ✓ Net income exceeded annual forecast (¥100.0 billion) ¥
Slide 5: Financial Highlights
Financial Highlights Net income increased significantly due to insurance settlement proceeds, showing growth even excluding extraordinary income/losses （Billions of yen） FY2025 Forecast FY2024 FY2025 Q1-3 Q1-3 Announced on YoY Change Nov.7, 2025 Progress Ordinary income 101.7 111.4 9.7 9.6% Net inco
Slide 6: YoY Changes in Net Income
YoY Changes in Net Income Steadily growing base earnings power, excluding extraordinary income/losses ✓ Base earnings power excl. one-time factors: Up ¥6.0 billion YoY ✓ Net income of ¥115.9 billion exceeded annual forecast of ¥100.0 billion, but ¥32.0 billion risk buffer is to be booked in Q4 (Bill
Slide 7: Results by Operating Segment
Results by Operating Segment Substantial income increase in Specialty Financing, mainly due to insurance settlement proceeds, and higher income in Automobility and International Business (excl. one-time factors) Net Income Attributable to Owners of Parent (Billions of yen) FY2024 FY2025 Q1-3 Q1-3 Yo
Slide 8: Segment Assets by Operating Segment
Segment Assets by Operating Segment Up ¥86.1 billion from the previous fiscal year end, primarily driven by Specialty Financing, Automobility, and International Business （Billions of yen） Change from Mar. 31, 2022 Mar. 31, 2023 Mar. 31, 2024 Mar. 31, 2025 Dec. 31, 2025 Prior FYE Balance of segment a
Slide 9: Topics
Topics
Slide 10: Key Topics
Key Topics Steady implementation of growth investments to enhance business portfolio Strategic partnership expansion in the Chicago data center business Asset Value ➢ Scaling business and enhancing value with the NTT Group and JICT Partner Increasing investments in energy storage business in Jap
Slide 11: Data Center Business with the NTT Group
Data Center Business with the NTT Group Expanding data center (DC) business, utilizing strengths of the NTT DATA Group and Tokyo Century Profitability of DC Business in the U.S. Collaboration with the NTT DATA Group (according to a survey by a research firm） - Collaboration in DC business started in
Slide 12: 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 Energy Storage Business Maximize revenues by contributing to power grid stability and solar power curtailment mitigation Shift in the Energy Mix Renewable Energy Sign
Slide 13: 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 procee
Slide 14: Organizational Reform and Introduction of the C-Suite Structure
Organizational Reform and Introduction of the C-Suite Structure New structure from April 2026: Accelerate transformation and strengthen management foundation ✓ Proactive decision on reorganization to drive strategy execution and portfolio transformation ✓ Enhance value proposition for customers and
Slide 15: Reform Projects Led by the President
Reform Projects Led by the President Reform projects underway to achieve our 10-year vision Corporate transformation along a consistent story based on the Management Philosophy, aiming to improve corporate value ◼Vision formulation and embedding ◼Shift to corporate culture of encouraging employees’
Slide 16: Topics by Operating Segment
Appendix 1 Topics by Operating Segment
Slide 17: Breakdown of Ordinary Income by Operating Segment
Breakdown of Ordinary Income by Operating Segment (Core Earnings, Gains on Sales, Impairment, Etc.) Higher core earnings driven by Specialty Financing and Environmental Infrastructure and higher gains on sales in International Business （Billions of yen） Ordinary Income FY2024 FY2025 YoY Total Annual
Slide 18: Results of Equipment Leasing
Results of Equipment Leasing (Billions of yen) FY2024 FY2025 FY2025 Major Factors Changes Q1-3 Q1-3 Initial YoY Forecast Gap Revenues 333.3 343.0 9.8 Ordinary Income (YoY) Gross profit 27.9 28.7 0.8 ∎ Increased mainly by offsetting higher funding costs with increases in Operating income 17.2 18.2 1.
Slide 19: Performance of NTT TC Leasing (NTL)
Performance of NTT TC Leasing (NTL) Solid growth in NTL’s operating income, despite higher funding costs Financial Results for Q3 FY2025 Focus Areas (Billions of yen) NTL aims to increase quality operational assets primarily in the three pillars of business strategy. FY2024 FY2025 Q1-3 Q1-3 YoY Chan
Slide 20: Results of Automobility
Results of Automobility (Billions of yen) FY2024 FY2025 FY2025 Q1-3 Q1-3 YoY Initial Forecast Gap Major Factors Changes Revenues 229.3 238.5 9.2 Gross profit 72.0 75.0 3.0 Ordinary Income (YoY) Operating income 29.5 29.4 -0.1 Ordinary income 30.2 30.2 -0.0 Ownership ratio ∎ Nippon Car Solutions (NCS
Slide 21: Results of Specialty Financing
Results of Specialty Financing (Billions of yen) Major Factors Changes FY2024 FY2025 FY2025 Initial Q1-3 Q1-3 YoY Forecast Gap Ordinary Income (YoY) Revenues 247.2 238.8 -8.3 Gross profit 61.4 62.9 1.5 ∎ Aviation Operating income 41.1 41.4 0.3 ACG: Increased mainly due to higher gains on sales of ai
Slide 22: ACG’s Financial Performance
ACG’s Financial Performance Updated on February 26 Significant increase in pre-tax income due to insurance settlements related to Russia exposure Financial Results (Fiscal Year Ended December 31, 2025)*1 ACG's Result (USD million) FY2024 FY2025 ∎ Major Factors behind Changes Result Result YoY Change
Slide 23: ACG’s Earnings Power
ACG’s Earnings Power Updated on February 26 Enhanced trading driving a positive trend in gains on aircraft sales compared to previous years 1. Quarterly Changes in Operating Lease Revenue, Interest Expense and Federal Funds Rate （USD million） Annual 1,059 1,049 1,040 total 1,006 901 879 887 300 283
Slide 24: Reference: ACG’s Portfolio
Reference: ACG’s Portfolio Diversified portfolio with a focus on liquid narrowbody aircraft in approx. 50 countries worldwide Portfolio Overview (as of September 30, 2025) Financing Situations (as of September 30, 2025) Average financing cost* : 4.8% Owned, managed and committed aircraft: 470 *
Slide 25: Real Estate Business: Portfolio Strategy
Real Estate Business: Portfolio Strategy Expand collaboration with partners and promote asset turnover to enhance earnings power Changes in Portfolio Project Completion Schedule Japan ‒ Many development projects underway together with prime Collaboration with prime partners underway for large-scale
Slide 26: Advantage Partners as an Equity-Method Affiliate
Advantage Partners as an Equity-Method Affiliate Targeting significant expansion of investments in companies, with the Advantage Partners (AP) Group as a core player Vision for Enhanced Partnership with AP Segment Asset Changes and Outlook*1 *1 Excl. investments in AP itself Lead the way in resolvin
Slide 27: Results of International Business
Results of International Business (Billions of yen) Major Factors Changes FY2024 FY2025 FY2025 Q1-3 Q1-3 Initial Ordinary Income (YoY) YoY Forecast Gap Revenues ∎ Increased mainly due to higher gains on sales of operational 157.4 169.6 12.3 investment securities and performance recovery in Asia Gros
Slide 28: Performance of CSI Leasing (CSI)
Performance of CSI Leasing (CSI) Strong performance primarily in Latin America and solid increase in segment assets contributing to future income Financial Results (Nine Months Ended September 30, 2025) Segment Assets by Region (USD million) - Since becoming our wholly owned subsidiary in 2016, CSI
Slide 29: CSI’s M&A Strategies
CSI’s M&A Strategies Two acquisitions in FY2025, accelerating the diversification of FMV lease products for growth M&A Targets M&A Track Record in FY2025 CSI targets new products suitable for FMV lease*1 by leveraging its Two acquisitions in Brazil and the U.S. in FY2025—investing in strengths, whil
Slide 30: Results of Environmental Infrastructure
Results of Environmental Infrastructure (Billions of yen) Major Factors Changes FY2024 FY2025 FY2025 Q1-3 Q1-3 Initial YoY Gap Forecast Ordinary Income (YoY) Revenues 45.4 51.2 5.7 Gross profit 4.6 8.4 3.8 ∎ Increased mainly due to higher gains on sales in solar power Operating income 2.1 5.8 3.7 bu
Slide 31: Overseas Renewable Energy Projects
Overseas Renewable Energy Projects Collaboration with prime partners to increase high-return projects overseas Main targets for higher profitability and more deals: Investment Projection Europe and North America Despite different conditions for each project, the standard investment projection is the
Slide 32: Highlights of Medium-Term Management Plan 2027
Appendix 2 Highlights of Medium-Term Management Plan 2027
Slide 33: Management Targets: Financial and Non-financial Targets
Management Targets: Financial and Non-financial Targets 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
Slide 34: Balance Sheet Management (Medium-Term Management Plan 2027)
Balance Sheet Management (Medium-Term Management Plan 2027) FY2022 FY2027 Increase in total assets by Total assets: approx. 6 trillion yen approx. 1 trillion yen Total assets: approx. 7trillion yen Segment Assets Liabilities and Equity （approx. ＋1.0） （approx. ＋1.0） Assets Liabilities (Trillions of y
Slide 35: Shareholder Returns (Dividend) Policy
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 st
Slide 36: ROE and P/B Ratio
ROE and P/B Ratio Analysis for P/B ratio above 1.0 Maintained a high ROE and realized profit growth by Medium-Term expanding the Specialty Financing, Automobility, Management and International Business segments Plan 2027 Price-to-book value ratio (P/B ratio) Impact of COVID-19 and maintained above 1
Slide 37: Progress of Medium-Term Management Plan 2027
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) (Billions of yen) FY2024 FY2027 Result Plan Gap Fiscal 2024 results and
Slide 38: Tokyo Century’s Strengths and Partnerships
Appendix 3 Tokyo Century’s Strengths and Partnerships
Slide 39: Tokyo Century Group’s Vision and Core Competencies
Tokyo Century Group’s Vision and Core Competencies Becoming “a company driving solutions to global social issues with an entrepreneurial spirit” by leveraging our unique strengths Identification of 2 Partnership (Track Record) 1 Asset Value (Expertise) ◼Robust customer base ◼Expansion of business sc
Slide 40: Business Models (Asset Value)
Business Models (Asset Value) Business Models Built on Tokyo Century’s Unique Strengths (1) Value Creation Driven by Discerning Eye for Asset Value Businesses Focused on Asset Value 1 Sales Activities Provision of ICT equipment, automobiles, aircraft, ships, real estate, trucks, solar panels, etc. I
Slide 41: Business Models (Partnership)
Business Models (Partnership) Business Models Built on Tokyo Century’s Unique Strengths (2) Value Creation Driven by Excellence in Earning Trust of Customers Partnership Businesses 1 Creation of Collaborative Projects Together with Partners Advancement of negotiations for developing collaborative pr
Slide 42: Strategic Alliances with Prime Partners
Strategic Alliances with Prime Partners Business collaborations with prime partners expanding in Japan and overseas Business Collaboration Map Note: Corporate names under the logos are JVs with our business partners. Equipment Leasing Specialty Financing Environmental Infrastructure Leasing Tokiwaba
Slide 43: Partnership with the NTT Group
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 2020– 2005– 2022– 2020– Real Estate Leasing
Slide 44: Partnership with ITOCHU
Partnership with ITOCHU Collaboration with the ITOCHU Group expanding in promising fields 2019 • Transfer of shares of ITOCHU CONSTRUCTION MACHINERY (now ITOCHU TC Construction machinery CONSTRUCTION MACHINERY) from ITOCHU to Tokyo Century Energy storage • Establishment of a joint venture, IBeeT, to
Slide 45: Examples of Collaboration with Partners
Examples of Collaboration with Partners Shareholders Segment 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 TC Tsukishima
Slide 46: Financial Data
Appendix 4 Financial Data 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
Slide 47: Statement of Income
Statement of Income （Billions of yen） FY2024 FY2025 Major Factors Changes # Q1-3 Q1-3 YoY Change Revenues 1 1,011.8 1,040.1 28.3 2.8% ◼ Gross profit Costs 2 803.4 812.8 9.4 1.2% Increased, driven by International Business and Funding cost 3 91.9 91.0 -0.8 -0.9% Environmental Infrastructure Gross pro
Slide 48: Balance Sheet
Balance Sheet （Billions of yen） Major Factors Changes # Mar. 31, 2025 Dec. 31, 2025 Change Total assets 1 6,862.9 7,055.9 193.0 2.8% ◼ Non-current assets, etc. Current assets 2 3,076.1 3,164.5 88.4 2.9% Leased assets: Increased mainly due to aviation business in Non-current assets, etc. 3 3,786.8 3,
Slide 49: Interest-Bearing Debt
Interest-Bearing Debt Balance of Interest-Bearing Debt Financing Cost Ratio*1, 2 (Billions of yen) （Billions of yen） Funding cost # Mar. 31, 2024 Mar. 31, 2025 Dec. 31, 2025 Change Interest expense 2.75% Interest-bearing debt 1 4,749.0 4,912.6 5,096.6 184.0 3.7% 2.64% Financing cost ratio Japanese y
Slide 50: Any statements in this document, other than those of historical facts, are forward-looking statements
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 ri