Fuyo General Lease Co., Ltd. · TSE:8424
Fuyo General Lease — FY2025 Earnings Presentation
60 slides from Fuyo General Lease's earnings presentation, May 13, 2026
Slide 1: Financial Results Briefing for FY2025 IR Presentation
Financial Results Briefing for FY2025 IR Presentation Fuyo General Lease Co., Ltd. Securities code:8424 May 13, 2026
Slide 2: Agenda and definitions of terms
１．Overview of consolidated operating results and business activities P3 ２. Medium-term Management Plan 「Fuyo Shared Value 2026」 P11 ３．Earnings forecast and dividend policy P42 ４． Initiatives for Enhancing Corporate Value P45 ５．Appendix P49 Definitions of figures and terms used in this document Profi
Slide 3: FY2025 Overview of consolidated operating results
FY2025 Overview of consolidated operating results 3
Slide 4: FY2025 results
Overview of consolidated operating results and business activities 1 FY2025 results ⚫ All categories of profit decreased YoY, including profit before interest expenses, due to the impact of loss on renewable energy overseas (Europe and North America) ⚫ Excluding the impact of these losses, profit be
Slide 5: Profit before interest expenses; ordinary profit, profit and ROE
Overview of consolidated operating results and business activities ２ Profit before interest expenses ３ Ordinary profit , profit and ROE ⚫ Profit before interest expenses decreased YoY due a loss ⚫ Ordinary profit and profit decreased YoY due to the on renewable energy overseas, but excluding that im
Slide 6: Factors causing the increase in ordinary profit
Overview of consolidated operating results and business activities ４ Factors causing the increase in ordinary profit （¥100million） 4 Excluding Loss on renewable energy Impact of Loss on -73 renewable +170 +3 energy -75 -259 716 -29 Ordinary -45 profit 690 Ordinary 712 Profit Ordinary profit Excludin
Slide 7: Changes in funding
Overview of consolidated operating results and business activities ５ Changes in funding ⚫ In addition to expansion of outstanding balance following accumulation of operating assets, interest expenses increased sharply YoY due to the impact of rising yen interest rates We will work to improve asset m
Slide 8: Changes in costs; net assets and shareholders' equity ratio
Overview of consolidated operating results and business activities ６ Changes in costs 7 Net assets and the shareholders’ equity ratio ⚫ Personnel/equipment expenses increased due to ⚫ Net assets increased due to the accumulation of expansion of the Group and continuous growth internal reserves, main
Slide 9: Newly executed contract volume
Overview of consolidated operating results and business activities ８ Newly executed contract volume ⚫ In leases, alongside the execution of large-scale real estate projects, mobility also grew, primarily driven by EVs ⚫ Significant increases in Accretive’s factoring for medical and nursing care fees
Slide 10: Operating assets, ROA
Overview of consolidated operating results and business activities 9 Operating assets, ROA ⚫ In leases, asset turnover progressed in real estate and aircraft, while assets continued to accumulate in mobility ⚫ In financing, in addition to growth in the real estate domain, credit investments also inc
Slide 11: Medium-term Management Plan Fuyo Shared Value 2026
Medium-term Management Plan Fuyo Shared Value 2026 11
Slide 12: Overview of Fuyo Shared Value 2026
Medium-term Management Plan Overview of Fuyo Shared Value 2026 Pursuing sustainable growth as a corporate group by practicing CSV (Creating Shared Value) to resolve social issues while at the same time delivering economic value Vision for New Fuyo Shared Value 2026 Medium-term Achieving sustainable
Slide 13: Management Goals: Financial/Non-financial Goals
Management Goals Financial/Non-financial Goals • Pursue sustainable profit growth by further improving profitability and sustaining the growth we have achieved to date. • Enhance corporate value by realizing a decarbonized society and resolving other social issues. • Steady progress with non-financi
Slide 14: Financial/Non-financial Goals
Management Goals Financial/Non-financial Goals Results for Target value Item Remarks FY2025 for FY2026 570,000 500,000 Results show the volume of contribution to Contribution to CO2 reduction t-CO2/year t-CO2/year the reduction up to the second quarter. The amount invested in the promotion of Sum to
Slide 15: Growth Strategies and Key Initiatives for Final Year Targets
Growth Strategies and Key Initiatives for Achieving Targets Management Goals in the Final Year of the Medium-Term Management Plan ◼ Steady improvement in fundamental profitability, excluding temporary renewable energy-related losses ◼ Absorption of increase in interest expenses from rising interest
Slide 16: Ordinary profit forecasts in each business domain
Management Goals Ordinary profit forecasts in each business domain Transformation （ Rising and Accelerating ） ・Due to delays in improving earnings in mobility and the prioritization of risk management in energy & environment, asset accumulation did not progress, and results are expected to fall shor
Slide 17: Reinforce systems to support disciplined risk-taking
Creation of Systems for the Sophistication of Company-wide Risk Management Risk Management Creation of a promotion structure, including the reorganization of risk-related functions and the establishment of new organizations, to further reinforce functions for the company-wide understanding and monit
Slide 18: Business Domain-Specific Results and Topics
Business Domain-Specific Results and Topics 18
Slide 19: Positioning of Business Domains: Zone Management
Positioning of Business Domains Zone Management • In addition to helping our customers resolve their management issues, we contribute to creating value through projects such as jointly run businesses with our partners. • Invest our management resources in the Transformation Zone in our efforts to al
Slide 20: Business Domain-Specific Results
General Business Domain-Specific Results FY2026 FY2024 FY2025 Goal YoY change Ordinary Operating Ordinary Operating Ordinary Operating Ordinary （(¥100 million） ROA ROA ROA Profit assets Profit assets Profit assets Profit Transformation （Rising + Accelerating） 146 - 5,990 -144 - 6,919 -290 - +929 220
Slide 21: Joint Venture with Sumitomo Mitsui Trust Panasonic Finance
Inorganic Strategies Joint Venture with Sumitomo Mitsui Trust Panasonic Finance (Basic Agreement) Key aspects of agreement Shareholding structure after transaction (expected) ⚫ The plan is to acquire 40% of the outstanding shares (excluding treasury shares) of Sumitomo Mitsui Trust Panasonic Finance
Slide 22: Mobility / Logistics (1)
Rising Transformation Mobility / Logistics (1) Expansion of business foundations through stronger domestic and overseas collaboration ■ Mobility/Logistics Business （¥100 million） Ordinary Profit, ROA, and Operating Asset balance FY2025 Results Operating asset 2,918 ⚫ Despite delays in improving earn
Slide 23: Mobility / Logistics (2)
ライジングトランスフォーメーション Rising Transformation Mobility / Logistics (2) Japan Creation of business opportunities through Group network and alliance partners ◼ Steady progress in ensuring stronger collaboration with consolidated subsidiary Wako Pallet Acceleration of expansion of product sales using custome
Slide 24: Mobility & Logistics (3)
Rising Transformation Mobility & Logistics (3) Overseas Diversify Business Opportunities by Strategically Expanding into New Areas Entry into the growing North American railcar leasing business (made Southwest Rail Industries, LLC (SRI) into an equity- method affiliate) Expansion of new business dom
Slide 25: Circular Economy (CE)
Rising Transformation Circular Economy (CE) Opening of one of the largest technical centers in Japan —Collaboration with Yokogawa Rental & Lease and Yasuda Logistics ◼ Opened a new technical center to be the hub for computer life cycle management services*1 ◼ Capable of handling more than 2 million
Slide 26: Energy & Environment (1)
Accelerating Transformation Energy & Environment (1) Profit contribution remains a work in progress. Promotion of initiatives in new domestic domains ■ Energy & Environment Business Ordinary Profit, ROA, and Operating Asset balance （¥100 million） FY2025 Results 2,176 2,277 ＊1 Renewable energy-relate
Slide 27: Expansion of initiatives for domestic storage battery businesses
Accelerating Transformation Energy & Environment (2) Energy Storage Projects Expansion of initiatives for domestic storage battery businesses Start of provision of DER aggregation service using Start of initiatives for community power grid storage Tesla’s Powerwall storage batteries battery business
Slide 28: Energy & Environment (3) Overseas Renewable Energy Business Policy
Energy & Environment (3) Accelerating Transformation Overseas Renewable Energy Business Policy Policy for future overseas energy projects ■Reinforcement of monitoring system Establishment of new organizations to handle planning and monitoring functions within the energy business, and creation of a s
Slide 29: Changes in Overseas Renewable Energy Portfolio
Energy & Environment (4) Accelerating Transformation (Reference) Changes in Overseas Renewable Energy Portfolio By phase/energy type As of September 30, 2025 Based on operating asset balance As of March 31,2026 3% 4% 8% 7% 9% 10% Under Under 7% develop develop 7% ment ment 14% 4% 12% Under 5% constr
Slide 30: BPO/ICT (1)
Accelerating Transformation BPO/ICT（1） Expansion of business domains for profit growth and enhancement of efficiency ■ BPO/ICT Business （¥100 million） Ordinary Profit, ROA, and Operating Asset balance FY2025 Results The ROA figures shown here are based on the results 75 from the ICT business. ⚫ Abso
Slide 31: Comprehensive group-wide support for back-office operational reforms
Accelerating Transformation BPO/ICT (2) Comprehensive group-wide support for back-office operational reforms ▼Operational reform support solutions (mainly for human resources and general affairs) Service 1: Operational streamlining Service ２: Digitalization Service 3: BPO Digital transformation of p
Slide 32: Healthcare (1)
Accelerating Transformation Healthcare（1） Aim for steady incorporation of financing needs through fusion with non-financing domains ■Healthcare Business （¥100 million） Ordinary Profit, ROA, and Operating Asset balance FY2025 Results 1,092 Operating asset 945 ⚫ Ordinary profit declined due to an incr
Slide 33: Healthcare (2)
ライジングトランスフォーメーション Accelerating Transformation Healthcare (2) Reinforcement of factoring for Accretive: Factoring for medical and nursing care service fee receivables balance medical and nursing care service (¥100 million) fee receivables 448 360 ◼ Soaring prices and severe management environments ca
Slide 34: Real Estate
Growing Performance Real Estate Aim to maintain and improve ROA through expansion of business domains ■Real Estate Business Ordinary Profit, ROA, and Operating Asset （¥100 million） balance FY2025 Results 11,835 11,077 ⚫ Continued with asset control with a focus on profitability and Operating asset p
Slide 35: Aircraft
Growing Performance Aircraft Promote turnover-type business and aim to acquire stable flow revenue ■Aircraft Business Ordinary Profit, ROA, and Operating Asset balance （¥100 million） FY2025 Results 3,954 3,891 Operating asset ⚫ Ordinary profit exceeded goals for the final year of the plan thanks bal
Slide 36: Implementation of CSV through urban development
ライジングトランスフォーメーション Incubation Urban Development Implementation of CSV through urban development Case 1 Shizuoka City Arena development Case 2 Kobe Arena Project and operation business ◼ Selected as a successful bidder as a member of The Shizuoka ◼ Fuyo Lease is participating in this privately-run are
Slide 37: Towards Sustainable Value Creation
Towards Sustainable Value Creation 37
Slide 38: Non-financial Goals and Business Domains
Non-financial Goals and Business Domains Non-financial Goals and Business Domains Realizing a prosperous society and contributing to sustainable growth Expanding business domains and promoting further evolution in our relentless attempt to create new value Anticipating social changes and taking on t
Slide 39: Investment in Human Capital
Investment in human capital Investment in Human Resources Establish the “Fuyo Shared Value Creation Center,” an ecosystem for growth and learning, while at the same time promoting an unprecedented and aggressive investment in human resources in an attempt to develop high-value-added human resources
Slide 40: Achieving Sustainable Growth Through Health and Productivity Management
Achieving Sustainable Growth Through Health Investment in Human Capital and Productivity Management Active investment in human resources to develop high-value-added personnel who can support sustainable growth Acquired Outstanding Organizations of KENKO Obtained Platinum Eruboshi based on the Act on
Slide 41: DX Strategies (Internal and External Initiatives)
Digital Transformation DX Strategies (Internal and External Initiatives) As society's digital shift accelerates, we aim to create long-term co-creation value by adopting digital technology and continuously adapting the value we provide to society to external changes. DX strategies External initiativ
Slide 42: Earnings forecast and dividend policy
Earnings forecast and dividend policy 42
Slide 43: FY2026 consolidated earnings forecast
Earnings forecast and dividend policy 1 FY2026 consolidated earnings forecast FY2025 FY2026 （¥100 million） Results Forecast Operating profit 405 700 Ordinary profit 382 750 Profit attributable to owners of parent 216 480 Basic earnings per share（￥） 239.13 532.14 Copyright(C) Fuyo General Lease Co.,
Slide 44: Changes in dividends and dividend payout ratio
Earnings forecast and dividend forecast ２ Dividend policy FY2025 results The year beginning dividend forecast was maintained, with annual dividend increasing ¥6.3 YoY to ¥158. FY2026 forecast The annual dividend is forecast to be ¥172 (+¥14 YoY), and the dividend payout ratio is expected to be 32.3%
Slide 45: Initiatives for Enhancing Corporate Value
Initiatives for Enhancing Corporate Value 45
Slide 46: Changes in results and share price-based indicators
Initiatives for enhancing Corporate Value Changes in results and share price-based indicators • Through continuous expansion of the business domain, we have achieved both growth in EPS and improvements in ROE over the medium term • Although market capitalization has increased, further improvement in
Slide 47: Initiatives for enhancing PBR
Initiatives for enhancing Corporate Value Initiatives for enhancing PBR • We aim to enhance corporate value over the medium to long term by achieving ROE that consistently exceeds the cost of equity *, and by controlling the cost of equity Consistent growth in profit through expansion of the Improve
Slide 48: Initiatives for enhancing ROE
Initiatives for enhancing Corporate Value Initiatives for enhancing ROE Main initiatives aimed at expanding the business domain and improving profitability Consistent growth in profit through Creation of new domains/businesses that will be the next growth expansion of the business domain and Incubat
Slide 49: Appendix
Appendix 49
Slide 50: Key Topics (1)
Appendix 1 Key Topics (1) Real Estate Fuyo Lease participated in its first Build-To-Rent (BTR) development project in Brisbane, Australia Mobility/Logistics EVolity and the Fuyo Lease Group began providing support for EV introduction and operation for JAL at Narita International Airport Mobility/Log
Slide 51: Key Topics (2)
Appendix 1 Key Topics (2) Healthcare Provided funding support to Regional Medical Partners through the Tohoku Healthcare Support Fund No. 1 CB Holdings formed business partnership with The Shizuoka Bank—Started business matching for Healthcare management consulting and support for customers in the m
Slide 52: Key Topics (3)
Appendix 1 Key Topics (3) Introduced usage-based leasing for liquified carbon dioxide tanks for Eto Oxygen —Contributed to society by ensuring a stable supply in response to the tight supply of liquified carbon dioxide due to a decline in production sites Energy & Azbil Thailand and Fuyo Lease Thail
Slide 53: Key Topics (4)
Appendix 1 Key Topics (4) Acquired Outstanding Organizations of KENKO Investment for Health Certification 2026 (in the Large Enterprise Category) Energy & Environment Joint development of power grid storage battery business with Hulic and Itochu Q4 Circular Economy Opened one of the largest technica
Slide 54: Summary of consolidated operating results
Appendix 2 Summary of consolidated operating results YoY Change FY2021 FY2022 FY2023 FY2024 FY2025 （¥100million） （amount） Net sales 6,578 6,887 7,085 6,784 7,887 +1,103 Cost of sales 5,596 5,804 5,800 5,285 6,477 +1,192 Profit before interest expenses 982 1,083 1,286 1,498 1,409 -89 Interest expense
Slide 55: Segment results
Appendix 3 Segment results Leases Installment sales Leases and installment sales total YoY YoY YoY YoY YoY YoY （¥100million） FY2024 FY2025 Change Change FY2024 FY2025 Change Change FY2024 FY2025 Change Change （amount） （％） （amount） （％） （amount） （％） Net sales 5,567 6,461 +894 +16.1% 270 309 +39 +14.6%
Slide 56: Operating assets
Appendix 4 Operating assets YoY YoY （¥100million） FY2021 FY2022 FY2023 FY2024 FY2025 Change Change （amount） （％） Leases 16,916 16,882 17,949 18,761 19,023 +262 +1.4% Finance leases (10,198) (8,908) (8,587) (8,515) (8,714) (+200) (+2.3%) Operating leases (6,718) (7,974) (9,361) (10,246) (10,308) (+62)
Slide 57: Newly executed contract volume
Appendix 5 Newly executed contract volume YoY YoY （¥100million） FY2021 FY2022 FY2023 FY2024 FY2025 Change Change （amount） （％） Leases 4,741 4,611 6,077 4,982 5,383 +401 +8.0% Finance leases (2,594) (2,291) (2,490) (2,877) (2,833) (-44) (-1.5%) Operating leases (2,147) (2,320) (3,587) (2,106) (2,550)
Slide 58: Newly executed lease contract volume (by type of equipment)
Appendix 6 Newly executed lease contract volume (by type of equipment) YoY Change セグメント名（¥100million） FY2023 FY2024 FY2025 (amount) IT & office equipment 1,266 1,260 1,178 -82 Industrial machinery 115 145 129 -16 Civil engineering and construction machinery 25 9 14 +5 Transportation equipment 1,695
Slide 59: Summary of the operating results of the major subsidiaries
Appendix ７ Summary of the operating results of the major subsidiaries Sharp Finance Corporation Fuyo Auto Lease Co., Ltd. YAMATO LEASE CO., LTD. Accretive Co., Ltd. (ownership ratio: 65%) (ownership ratio: 100%) (ownership ratio: 60%) (ownership ratio: 74%) (¥100 million) FY2024 FY2025 YoY change FY
Slide 60: Going Where No One Has Gone Before
“Going Where No One Has Gone Before” FUYO GENERAL LEASE CO., LTD. 60