Mizuho Leasing Company, Limited · TSE:8425
Mizuho Leasing — H1 FY2025 Earnings Presentation
36 slides from Mizuho Leasing's earnings presentation, Nov 6, 2025
Slide 1: Investor Presentation for the First-Half of FY2025
Investor Presentation for the First-Half of FY2025 Apr. 2025－Sep. 2025 November 6，2025 ©︎2025 Mizuho Leasing Company, Ltd.
Slide 2: CEO Message
CEO Message 1 ◼ Net income* reached 29.1 billion yen（+3.5 billion yen YoY, 68% against initial forecast） • Operating assets and profits from Domestic leasing and Real estate businesses increased, absorbing the rise in funding costs • Equity earnings of affiliates remained strong, and extraordinary i
Slide 3: Table of Contents
2 Table of Contents 1. Overview of the First-Half Financial Results for FY2025 2. Progress of Medium-term Management Plan 2025 3. Earnings Forecasts and Shareholder Return 4. Appendix 2
Slide 4: Overview of the First-Half Financial Results for FY2025
3 1. Overview of the First-Half Financial Results for FY2025
Slide 5: First-Half Financial Results for FY2025
First-Half Financial Results for FY2025 4 ⚫ Gross profit before funding costs increased and absorbed the rise in funding costs, while SG&A expenses increased due to investments in human resources and IT systems to strengthen organizational systems ⚫ Equity in earnings of affiliates performed well, o
Slide 6: Factors behind Changes in Net Income Attributable to Owners of the Parent
Factors behind Changes in Net Income Attributable to Owners of the Parent 5 Gross profit Operating income Ordinary income Net income* (¥bn) ＋0.7 －0.7 ＋0.3 ＋3.5 –1.6 +1.2 29.1 –4.1 +4.7 +3.6 –1.5 +0.3 25.6 +0.7 +0.1 –¥4.7bn the absence of negative goodwill of GECOSS (A) (B) (C) (D) (E) FY24 H1 Gross
Slide 7: Gross Profit and Operating Assets by Business Area
Gross Profit and Operating Assets by Business Area (For main business initiatives, please refer to starts page 10) 6 ⚫ Domestic leasing/Real estate: Gross profit increased steadily due to the accumulation of operating assets ⚫ Overseas consolidated subsidiaries: Gross profit decreased due to the abs
Slide 8: Equity in Earnings and Losses of Affiliates
Equity in Earnings and Losses of Affiliates 7 ⚫ Domestic leasing: Impact of the absence of negative goodwill (¥4.7 bn) related to the acquisition of GECOSS shares in FY2024. ⚫ Real estate/Environment and Energy: Impact of an increase in shareholding ratio from 15% to 30% of NIPPON STEEL KOWA REAL ES
Slide 9: Funding
Funding 8 ⚫ Although the funding cost ratio of yen continued to rise in response to series of increase in policy interest rate by BOJ in the previous fiscal year, the pace of the rise slowed, as the additional tightening of monetary policy was delayed beyond initial expectations Outstanding Interest
Slide 10: Progress of Medium-term Management Plan 2025
9 2. Progress of Medium-term Management Plan 2025 i. Progress of Main Businesses ii. Progress of Business Collaboration with Marubeni iii. Inorganic Growth Strategy iv. Strengthening and Further Enhancement of Organizational Systems v. Progress of Non-Financial Targets
Slide 11: Progress of Main Businesses (1): Domestic Leasing (i)
i. Progress of Main Businesses (1): Domestic Leasing (i) Core 10 Our Vision Business Performance (Domestic Leasing) (¥bn) Co-create value as a strategic business partner for Gross profit Earnings from affiliates Operating assets 1,464.4 clients 30 1,394.6 1,386.2 1500 1480 1460 1440 1420 1400 1380 ⚫
Slide 12: Domestic Leasing (ii) Mizuho Leasing Group Rental Platform
i. Progress of Main Businesses (1): Domestic Leasing (ii) Core 11 11 Acquisition of Rental Service Platform through Alliances ⚫ Concluded a capital and business alliance with RS Co., a construction machinery rental subsidiary of GECOSS ⚫ Aim to expand the scope of RS Co.’s business and profitability
Slide 13: Progress of Main Businesses (2): Real Estate (i)
i. Progress of Main Businesses (2): Real Estate (i) Core 12 Our Vision Business Performance (Real Estate) (¥bn) Simultaneously expand existing businesses and create Gross profit Earnings from affiliates Operating assets 30 1500 new ones 1,242.6 1300 25 1,115.3 ⚫ Expand stable profit sources, such as
Slide 14: Progress of Main Businesses (2): Real Estate (ii)
i. Progress of Main Businesses (2): Real Estate (ii) Core 13 Current Portfolio Collaborative Initiatives with Alliance Partners • Invest in a variety of product types and asset types Sustainability Initiatives with Mizuho Group Participated in the first “Mizuho Green Recovery Fund” project By Produc
Slide 15: Progress of Main Businesses (3): Environment and Energy (i)
i. Progress of Main Businesses (3): Environment and Energy (i) Growth 14 Our Vision Business Performance (Environment and Energy) (¥bn) Gross profit Earnings from affiliates Operating assets Secure renewable energy sources and create 2.5 160 new business opportunities 139.7 140 ⚫ Secure 1 GW of rene
Slide 16: Progress of Main Businesses (3): Environment and Energy (ii)
i. Progress of Main Businesses (3): Environment and Energy (ii) Growth 15 Renewable Energy Generation Capacity (Results and Targets) Topics Secured 31 High-Voltage Rooftop Solar Power Plants in Japan • Steadily closed deals in the pipeline, resulting in 830 MW • Seize investment opportunities and co
Slide 17: Progress of Main Businesses (4): Global
i. Progress of Main Businesses (4): Global Growth 16 Our Vision Business Performance (Overseas) (¥bn) Gross profit Earnings from affiliates Operating assets Expand business fields with inorganic investments 18 120 103.9 16 97.9 100 14 78.7 12 80 ⚫ Enter new growth markets through joint investments 1
Slide 18: Progress of Business Collaboration with Marubeni
ii. Progress of Business Collaboration with Marubeni 17 ⚫ Concluded 26 contracts in various business areas, such as renewable energy, infrastructure, and real estate in Japan and overseas. There are consistently about 100 projects in our pipeline トピックス ⚫ Cumulative deal achievements led to contract
Slide 19: Inorganic Growth Strategy
iii. Inorganic Growth Strategy 18 ⚫ The Medium-term Management Plan 2025 (hereinafter “Mid-term Plan 2025”) allocated ¥150 bn for inorganic investments to strengthen our business value chain and expand/scale up businesses in Core/Growth areas, and to enter new sectors and start new businesses in Fro
Slide 20: Strengthening and Further Enhancement of Organizational Systems
iv.Strengthening and Further Enhancement of Organizational Systems 19 ⚫ Strengthened and enhanced organizational systems to support the Company’s growth 1 Digital Strategy System investment 2 Strengthen Corporate Governance amount Culture DX Acceleration transformation Cumulative total for Sophistic
Slide 21: Progress of Non-Financial Targets
v. Progress of Non-Financial Targets 20 ⚫ Had set non-financial targets in three areas to promote sustainability management: decarbonization, circular economy, and human capital management. Expanded sustainable financing from funding perspective as well ―Resulted in 830 MW of renewable energy genera
Slide 22: Earnings Forecasts and Shareholder Return
21 3. Earnings Forecasts and Shareholder Return
Slide 23: Revision of Earnings Forecast and Dividend Forecast
Revision of Earnings Forecast and Dividend Forecast (Dividend increase) 22 ⚫ The achievement rate against the annual earnings forecast progressed steadily in the first-half of the year: reaching 62% for ordinary income and 68% for net income ⚫ Revised the annual earnings forecast upwards to ordinary
Slide 24: (Reference) Shareholder Returns
(Reference) Shareholder Returns 23 ⚫ Deliver shareholder returns through continuous profit growth using retained earnings effectively to strengthen our business’ foundations and invest in growth, based on our basic policy to “pay dividends commensurate with performance while improving profitability”
Slide 25: Toward Management Conscious of Cost of Capital and Stock Price
(Reference) Toward Management Conscious of Cost of Capital and Stock Price 24 Focus on Improving ROE (ROA) and PER (to Foster Growth Expectations) to Achieve PBR (Price to Book Ratio) of 1x. Issue Measures Present Data ROA Expand business transactions with Analysis profitability in mind (Logic Tree)
Slide 26: Appendix
25 4. Appendix
Slide 27: Main News & Topics in FY2025 1/2
Main News & Topics in FY2025 1/2 26 Date Contents Established ML ITAD Solutions Co., Ltd. as a consolidated subsidiary in partnership with Asset Associates Co., Apr. 11, Circular economy Ltd. 2025 — Promoting a circular economy for IT equipment through ITAD business Purchased shares of Nippon Steel
Slide 28: Main News & Topics in FY2025 2/2
Main News & Topics in FY2025 2/2 27 Date Contents Oct. 27, Participated in the development of large-scale, built-to-rent apartment complexes in Australia — Promoting a joint project with AsheMorgan, a local real estate investment management company, Marubeni Corporation, Real estate 2025 and HASEKO
Slide 29: Intentionally Blank
MIZUHO Mizuho Leasing Intentionally Blank
Slide 30: Consolidated B/S (Assets)
Consolidated B/S (Assets) 29 （¥bn） Mar-22 Mar-23 Mar-24 Mar-25 Sep-25 Change % Change Current assets 2,166.7 2,279.7 2,378.1 2,542.5 2,608.3 +65.8 +3% Cash and deposits 25.3 34.0 56.7 68.1 79.6 +11.5 +17% Investment in lease 1,172.6 1,122.2 1,050.7 1,041.0 1,017.4 –23.6 –2% Installment sales receiva
Slide 31: Consolidated B/S (Liabilities and Equity)
Consolidated B/S (Liabilities and Equity) 30 （¥bn） Mar-22 Mar-23 Mar-24 Mar-25 Sep-25 Change % Change Current liabilities 1,548.4 1,573.5 1,715.2 1,991.9 1,988.2 –3.7 –0% Short−term borrowings 380.3 418.4 524.1 711.9 700.4 –11.5 –2% Current portion of corporate bonds 30.0 23.0 36.7 63.1 99.2 +36.1 +
Slide 32: Consolidated P/L
Consolidated P/L Gross 31 （¥bn） FY21 H1 FY22 H1 FY23 H1 FY24 H1 FY25 H1 Change % Change Revenues 260.0 228.8 271.8 298.4 430.6 +132.2 +44% Gross profit before funding costs 29.7 36.1 42.6 53.8 58.5 +4.7 +9% Funding costs 3.7 4.6 8.0 11.8 15.9 +4.1 +34% Gross profit 26.0 31.5 34.6 42.0 42.7 +0.7 +2%
Slide 33: Consolidated Statements of Comprehensive Income
Consolidated Statements of Comprehensive Income 32 （¥bn） FY21 H1 FY22 H1 FY23 H1 FY24 H1 FY25 H1 Change % Change Net income 9.9 16.2 18.8 27.3 29.6 +2.3 +8% Unrealized gain on 0.1 5.2 3.9 –2.0 –0.1 +1.9 - available-for-sale securities Deferred gain/loss on derivatives –0.3 –2.2 –1.2 0.9 0.5 –0.4 –42
Slide 34: Gross Profit before Funding Costs by Business Area
Gross Profit before Funding Costs by Business Area 33 （¥bn） FY21 H1 FY22 H1 FY23 H1 FY24 H1 FY25 H1 Change % Change Revenues 260.0 228.8 271.8 298.4 430.6 +132.2 +44% Leasing and installment sales 251.4 216.5 256.7 274.6 402.6 +128.0 +47% Finance 8.7 12.4 15.9 20.6 22.6 +2.0 +10% Other 0.5 0.7 0.6 4
Slide 35: Newly Executed Contract Volume by Business Area
Newly Executed Contract Volume by Business Area 34 Leasing and Installment Sales Segment （¥bn） FY23 H1 FY24 H1 FY25 H1 Change % Change Information and communications 40.4 78.2 72.9 –5.3 –7% Real estate 141.0 260.2 156.0 –104.2 –40% Industry and factory 53.2 41.7 43.3 +1.6 +4% Transport equipment 15.
Slide 36: Contact
Contact Investor Relations Division Financial Planning Department Mizuho Leasing Company, Limited Tel: +81-3-5253-6540 This document contains forecasts and other forward−looking statements that are based on information available at the time of preparation of this document and subject to certain risk
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