3Q FY2025 Consolidated Financial Results Presentation (for the nine months ended December 31, 2025) [PDF: 3194KB]

3Q FY2025 Consolidated Financial Results Presentation (for the nine months ended December 31, 2025)

Mitsubishi HC Capital Inc.

February13, 2026

Highlights

3Q FY2025 result

¥134.9bn

Forecast

¥160.0bn

YoY (%) +¥47.9bn

(+55.1%)

Progress 84.4%

Comments

Net income increased by ¥47.9 billion YoY mainly driven by the strong performance of the Real Estate and Aviation segments, a drastic decline in credit costs of the Global Customer Business segment* (Americas), and the positive impact of consolidated subsidiaries' fiscal period changes.

Net income reached 84.4% of the full-year forecast, reflecting a positive impact from consolidated subsidiaries' fiscal period changes that had been factored into the forecast. However, the full-year forecast remains unchanged as some segments expect higher expenses in 4Q.

* The Global Business segment was renamed to the Global Customer Business segment from 1Q FY2025.

2

‌Index

01｜3Q FY2025 consolidated financial results

02｜Segment updates

03｜FY2025 consolidated financial forecast

04｜Reference information

3

01｜3Q FY2025 consolidated financialresults

02｜Segment updates

03｜FY2025 consolidated financial forecast

04｜Reference information

Back to Index

3Q FY2025 consolidated financial results

* Impact of YoY changes in foreign exchange rates applied to the consolidation of overseas subsidiaries (refer to page 40 for the applied FX rates).

1

Income gain

• Increased mainly due to the strong performance of the Aviation segment and the positive impact of consolidated subsidiaries' fiscal period changes.

  2

  
  
  

  Asset-related gain/loss

• Decreased due to an absence of large gains on sales of assets booked by Miyuki Building in FY2024 in the Real Estate segment (¥37.0 billion).

  Excluding this impact, gains increased mainly from large

  asset sales in the Real Estate segment.

  3

  
  
  

  Net income

• Increased mainly due to higher income gain as well as a significant decline in credit costs of the Global Customer Business segment (Americas).

  4

  
  
  

  New transactions volume

• Increased in the Global Customer Business segment due to business growth in Europe; however, overall, decreased YoY mainly due to a reactionary decline following the execution of large transactions in FY2024 in the Aviation and Logistics segments.

  5

  
  
  

  Total segment assets

• Increased from the end of FY2024 due to increases in assets mainly in the Aviation and Global Customer Business segments.

  The current foreign exchange sensitivity is estimated to be an increase in net income of approximately ¥500 million for every ¥1 depreciation against the U.S. dollar, and approximately ¥90 million for every ¥1 depreciation against the British pound.

  5

  
  
  

  Factors behind changes in net income

  Changes in net income*1

  (+: positive impact on net income, -: negative impact on net income)

(¥ in billions)

1

+¥47.9bn YoY

+43.4

2

+25.9

3

+24.3

-7.7

4

-4.9

5

Positive factors

Negative factors

6

-25.2 -7.0 -0.7

Major factors behind changes*4

(+: positive impact on net income, -: negative impact on net income)

1 Income gain

• Aviation +¥24.2bn Higher leasing revenues mainly due to the accumulation of

  new transactions and the maintenance of high engine

  utilization rates, plus impact of elfc's fiscal period change

• Logistics +¥12.8bn Higher leasing revenues from the accumulation of marine container

  assets and the impact of CAI and PNW's fiscal period changes

  7

  
  
  

  8

  
  
  

  • Customer Solutions

    +¥3.9bn An increase mainly driven by the accumulation of high-yield assets

    2

    
    
    

    Asset-related gain/loss*2

  • Real Estate +¥26.5bn Large gains on sales of assets

    3

    
    
    

    Credit costs

    3Q

    FY2024

    Income

    gain

    Asset-related gain/loss *2

    Credit

    costs

    Operating

    expenses

    Extraordinary income/ loss*2

    Other

    (tax expenses,

    etc.) *2

    Miyuki Building-related*2

    FX

    impact

    3Q

    FY2025

  • Global Customer Business

    (¥ in billions)	3Q FY2024	3Q FY2025	YoY	Excl. FX impact
    				3Q FY2025	YoY
    Income gain	295.4	337.2	+41.8	338.8	1	+43.4
    Asset-related gain/loss*2	14.5	40.4	+25.9	40.4	2	+25.9
    Credit costs	39.6	15.2	-24.4	15.3	3	-24.3
    Operating expenses	167.2	174.6	+7.3	175.0	4	+7.7
    Extraordinary income/loss*2	7.4	2.4	-4.9	2.4	5	-4.9
    Other (tax expenses, etc.) *2	30.4	55.3	+24.9	55.6	6	+25.2
    Miyuki Building-related*2	7.0	-	-7.0	0.0	7	-7.0
    Net income	87.0	134.9	+47.9	135.7	+48.7
    FX impact*3				8 -0.7

  • Environment &

    Energy

    +¥11.6bn A decrease in credit costs in the Americas' commercial truck

    finance business

    +¥7.4bn An absence of large credit costs related to a renewable energy

    project in Japan recorded in FY2024

    
    
    

    4

    
    
    

    Operating expenses

    • Logistics -¥3.0bn The impact of CAI and PNW's fiscal period changes

    • Aviation -¥2.2bn An increase in expenses associated with sales activities in JSA and

      elfc

      5

      
      
      

      Extraordinary income/loss*2

    • Aviation -¥2.3bn An absence of gains on sales of equity interests in leasing

      transactions of aircraft owned by MHC recorded in FY2024

      -¥2.0bn Valuation losses on investment securities held by the former

    • Environment & Energy

      6

      
      
      

      Other (tax expenses, etc.)*2

      JII and an absence of gains on sales of equity interests in an overseas infrastructure project recorded in FY2024

    • Multiple segments An increase in tax expenses due to profit growth

      
      
      

      *1 Figures for "Income gain" through "Extraordinary income/loss" are on a pre-tax basis. Taxes are included in "Other (tax expenses, etc.)." Figures for "Income gain" through "Other (tax expenses, etc.)" exclude "Miyuki Building-related" and "FX impact."

      *2 Gains and losses associated with the sale of assets by Miyuki Building and the transfer of its shares are deducted from "Asset-related gain/loss,"

      "Extraordinary income/loss," and "Other (tax expenses, etc.)" in 3Q FY2024, and consolidated into "Miyuki Building-related"

      (breakdown of the ¥7.0bn impact on net income: asset-related gain of ¥37.0bn, extraordinary loss of ¥20.6bn, and other (tax expenses, etc.) of ¥9.3bn).

      *3 FX impact on net income.

      *4 Amounts exclude FX impact.

      6

      
      
      

      Trends in income gain and asset-related gain/loss

• We are pursuing management that aims to consistently generate both income gains and capital gains.

• Alongside a steady increase in income gains that serve as a stable revenue base, capital gains are generated through asset replacement.

  *4

  3.2%

  111.5

  81.6

  1.0

  0.7

  2.6

  22.2

  3.8

  1.3

  3.9

  5.6

  10.5

  3.9

  26.0

  5.6

  10.5

  3.2%

  93.8

  68.8

  76.2

  -3.5

  Income gain

  (¥bn)

313.5

340.8

354.8

389.9

31.3

3.6

0.3

96.7

86.8

105.1

95.7

81.2

82.8

96.0

3.1%

1.8

3.4%

Total for the fiscal year Quarters

FY2021 FY2022 FY2023 FY2024

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

FY2021 FY2022 FY2023 FY2024 FY2025

*1 Numerator (income gain excluding the impact of fiscal period changes) / denominator (average total assets during the period).

*2 Asset-related gain/loss with the following adjustments. 1)Gains on sales similar in nature to asset-related gains/losses recorded under extraordinary income are included. 2) Gains on sales recorded as asset-related gains/losses but substantively considered part of a subsidiary divestment are excluded.

*3 Income gain CAGR excluding the impact of fiscal period changes.

*4 Income gain in 2Q FY2021 increased compared to the previous and following quarters mainly due to one-off revenue recorded in the Aviation segment. 7

Impact of fiscal period changes at consolidated subsidiaries

• Effective FY2025, the fiscal year-ends of elfc, CAI, and PNW, subsidiaries of the Aviation and Logistics segments, have been changed from December to March.

• Accordingly, the fiscal period for 1Q FY2025 was changed to the six months from January to June 2025, and an additional ¥22.8 billion (Aviation segment: ¥8.9 billion, Logistics segment: ¥6.2 billion, adjustments: ¥7.5 billion) was recorded in segment profit to reflect the change in the fiscal period (January to March).

1

1Q FY2024

In 1Q FY2024, the fiscal year-end of JSA, a subsidiary of the Aviation segment, was changed from December to March. The financial results of JSA for the period from January to March 2024 (three months), which is the period for the change of the fiscal period, were incorporated in addition to the results for the period from April to June (three months). This resulted in the impacts on the income statement in the Aviation segment and adjustments (MHC head office accounts) below.

2

1Q FY2025

In 1Q FY2025, there were the following impacts on the income statement in the Aviation and Logistics segments and adjustments (MHC head office accounts) below.

8

01｜3Q FY2025 consolidated financial results

02｜Segment updates

03｜FY2025 consolidated financial forecast

04｜Reference information

Back to Index

Factors behind changes in segment profit

10

Customer Solutions

(¥ in billions)

+3.9 +0.6

Positive factors Negative factors

+2.7 +0.3 +0.1

-2.5

Comments

• Income gain increased YoY, mainly driven by the accumulation of high-yield assets, partially offset by the negative impact of the Sekisui Leasing sale.

  28.5

+¥5.3bn YoY

• Credit costs decreased YoY, mainly due to an absence of large credit costs from a specific account recorded in FY2024, in addition to 3Q FY2025 credit costs remaining low.

  3Q FY2024

  Income gain

  Asset-related gain/loss

  Credit costs

  Operating expenses

  Extraordinary income/

  loss

  Other (tax expeses,

  etc.)

  3Q FY2025

  Changes in income gain and asset-related gain/loss

(¥ in billions)

Income gain

Asset-related gain/loss (

gain/loss on sales + impairment losses, etc.)

111.2

2.2

114.8

2.4

115.1

4.2

119.3 117.3 113.4

FY2022 FY2023 FY2024

81.6

3Q

FY2024

86.2

1.6

2.3

79.9

83.9

3Q

FY2025

11

Global Customer Business*1 (1)

(¥ in billions)

+11.6

Positive factors Negative factors

Comments

-1.0

-0.1

+0.3

-2.9

-0.4

+ ¥7.4bn YoY

• Income gains remained nearly flat YoY, as business growth in Europe offset lower leasing revenues in regions outside Europe.

• Credit costs decreased YoY due to a substantial decline in the Americas'

  commercial truck finance business.

• Operating expenses increased YoY due to higher costs in Europe.

  3Q FY2024

  Income gain

  Credit costs

  Operating expenses

  Extraordinary income/

  loss

  Other (tax expeses,

  etc.)

  FX

  impact

  3Q FY2025

  Change in income gain

(¥ in billions)

121.6

136.3 139.9

11.4 7.0

41.4

6.5

46.4

61.9

75.9

71.8

11.5 12.0

8.4 2.3

31.9

8.9

104.1 104.0

FY2022 FY2023 FY2024

*1 As these results represent the Global Customer Business segment, overseas businesses in the Aviation, Logistics, and other segments are not included..

*2 FX impact on segment profit.

3Q FY2024

3Q FY2025

12

Global Customer Business (2)

* FX impact on segment profit.

13

Global Customer Business (3)

Market conditions in the transportation sector in the Americas

• The improvement in the supply-demand balance remains moderate,

  and a gradual recovery is anticipated over the next several years.

• According to an industry report, spot rates surged in December 2025 due to a temporary tightening of the supply-demand balance caused by cargo disruptions from a severe cold wave. As this was a one-off event, rates are not expected to rise at a similar pace going forward.

  Challenges/ Initiatives

• Continue various initiatives to curb new credit costs and maximize the collection of delinquent receivables such as by tightening screening criteria, revising screening models, enhancing the management of contracts during their terms, and enhancing sales of used vehicles and other assets.

• Working to improve the balance between risks and returns by reducing the percentage of commercial track business in our business portfolio and thereby mitigating performance fluctuation. The percentage dropped from 47% at the end of March 2024 to 35% at the end of December 2025.

  Current situation / Outlook

• Although a significant improvement in the supply-demand balance is not expected in FY2025, credit costs for the year are projected to decline YoY, supported by progress in reducing receivables from pre-2024 transactions with high delinquency rates.

• Credit costs for 3Q YTD actually decreased significantly YoY and are

currently decreasing at a faster pace than the initial forecast.

Quarterly trend of credit costs for Global Customer Business (Americas)

For large-lot customer in the

commercial truck finance business

Other credit costs

9.2

9.3

0.7

8.5

5.7

7.9

1.5

0.1

1.4

4.2

0.4

3.7

3.9

8.6

3.6

8.3

3.2

0.2

2.0

2.0

6.4

2.2

2.2

0.0

0.1

1.4

1.4

3.4

3.9

3.4 3.3

0.0

1.4

(¥ in billions)

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

FY2022 FY2023 FY2024 FY2025

Trend of spot rates for large trucks in the U.S.*1*2

($ per mile, net fuel)

2.83 Peak

2.03

3.00

2.70

2.40

2.10

1.80

1.50

Actual

Forecast

*1 Freight charges, which are a source of income for transportation companies.

*2 Source: Compiled by MHC based on Freight Forecast: Rate and Volume Outlook (January 15, 2026) by ACT Research.

14

Environment & Energy (1)

(¥ in billions)

Positive factors Negative factors

Comments

+7.4

0.0

-3.4

+¥2.8bn YoY

• Income gain decreased YoY mainly due to one-off valuation losses related to equity method investments recorded in 2Q FY2025.

  3Q

  FY2024

  Income

  gain

  +3.6

  Asset-related gain/loss

  Credit

  costs

  Operating

  expenses

  -2.0

  Extraordinary

  income/ loss

  -2.7

  Other

  (tax expeses, etc.)

  0.0

  FX

  impact

  3Q

  FY2025

• Asset-related gain increased YoY due to an absence of impairment losses related to a solar power generation project in Japan recorded in FY2024. Gains on sales of assets are expected to be recorded in 4Q.

• Credit costs decreased YoY due to an absence of large costs related to a renewable energy project in Japan recorded in FY2024.

  Changes in income gain and asset-related gain/loss

(¥ in billions)

24.4

Income gain

Asset-related gain/loss (

gain/loss on sales + impairment losses, etc.)

15.0

7.8

-0.8

-0.4

* FX impact on segment profit.

FY2022 FY2023 FY2024

-1.5

3Q

FY2024

-1.2

3Q

FY2025

15

Environment & Energy (2)

Trend in MHC Group's share of renewable energy capacity

Sequential execution of development

projects over 2-3 years

2.1GW

1.6GW

1.7GW

1.2GW

1.3GW

1.2GW

End of FY2021

End of FY2022

End of FY2023

End of FY2024

End of 3Q FY2025

After completion of projects under development*

as of the end of 3Q FY2025

Other 2.3%

Other

Non-EE

24%

Solar power 4.6%

Other 4.9%

Wind

power

19.2%

Overseas

0.7GW

Wind power 22.5%

Solar

power 48.8%

EE

76%

2.0%

Wind power 17.0%

Domestic

1.2GW

Solar power 80.7%

Wind power 23.6%

Domestic

1.4GW

Solar

power

74.4%

Non-EE

39%

Wind

power

Solar

power

32.2%

Overseas

30.7%

0.4GW

Solar power

6.4%

Other

0.1%

Wind

power

30.6%

EE

61%

* The forecast reflects only the unexecuted order backlog as of the end of 3Q FY2025 and does not include any new orders secured thereafter.

16

Aviation (1)

(¥ in billions)

Positive factors Negative factors

+24.2

+¥8.4bn YoY

-6.0 0.0

-4.5

-2.2 -2.3

-0.5

Comments

• Income gain increased YoY mainly due to higher leasing revenues resulting from the accumulation of new transactions and the maintenance of high engine utilization rates, as well as the impact of elfc's fiscal period change implemented in FY2025, partially offset by an absence of the impact of JSA's fiscal period change implemented in FY2024.

• Asset-related gain decreased YoY mainly due to an increase in impairment losses of aircraft and an absence of the impact of JSA's fiscal period change implemented in FY2024, despite increased sales of aircraft and aircraft engines backed by strong

  3Q

  FY2024

  Income

  gain

  Asset-related gain/loss

  Credit

  costs

  Operating

  expenses

  Extraordinary

  income/ loss

  Other

  (tax expeses, etc.)

  FX

  impact

  3Q

  FY2025

  market conditions.

  (¥ in billions)		3Q FY2024	3Q FY2025	YoY	Excl. FX impact
  					3Q FY2025	YoY
  Income gain		53.7	76.9	+23.1	77.9	+24.2
  Asset-related gain/loss		12.3	6.2	-6.0	6.3	-6.0
  Credit costs		-0.9	-0.9	0.0	-0.9	0.0
  Operating expenses		19.4	21.4	+1.9	21.7	+2.2
  Extraordinary income/loss		2.3	-	-2.3	-	-2.3
  Other (tax expenses, etc.)		12.9	17.2	+4.2	17.4	+4.5
  Segment profit 37.0			45.4	+8.4	46.0	+9.0
  FX impact*					-0.5
  Segment assets
  (¥ in billions)		End of FY2024	End of 3Q FY2025	Vs. end of FY2024	Excl. FX impact
  					End of 3Q FY2025	Vs. end of FY2024
  Total		2,448.1	2,681.7	+233.5	2,607.5	+159.4
  	Aircraft leasing (JSA)	1,712.7	1,833.3	+120.5	1,750.8	+38.1
  	Engine leasing (elfc)	687.2	805.5	+118.3	813.8	+126.6
  	Aircraft leasing (MHC)	48.1	42.8	-5.3	42.8	-5.3

• Segment assets increased from the end of FY2024 due to proactive investments made in response to tight market conditions, with particularly strong demand for engines.

  Changes in income gain and asset-related gain/loss

(¥ in billions)

Income gain

Asset-related gain/loss (

gain/loss on sales + impairment losses, etc.)

21.3

28.0

44.9

7.7

69.0

27.0

-5.9

-2.7

-4.5

6.9

85.7

83.2

66.1

14.6

12.0

76.9

53.7

-2.3

-5.7

* FX impact on segment profit.

FY2022 FY2023 FY2024 3Q FY2024

3Q FY2025

17

Aviation (2)

Other

20.7%

Book value basis

Narrow Body*4 79.3%

Middle East & Others 4.9%

Asia/Oceania

Middle East & Others 9.2%

End of FY2021

End of FY2022

End of FY2023

End of FY2024

End of 3Q FY2025

23.5%

Book value basis

Americas 41.4%

Asia/Oceania

19.2%

Book value basis

337

339

390

400

429

Americas

43.2%

Europe 30.2%

Europe 28.4%

End of FY2021

End of FY2022

End of FY2023

End of FY2024

End of 3Q FY2025

*1 Managed aircraft have been included in the number of owned aircraft from FY2025.

*2 The basis for calculation has been changed from FY2025.

*3 Percentage of new-type aircraft and engines (fuel-efficient aircraft and engines that emit less CO2compared with older models) out of all owned aircraft and engines.

Aircraft: A320NEO, B737MAX, etc., engines: PW1100G, LEAP-1A/1B, etc. 18

*4 Single-aisle aircraft mainly used for short-distance flights.

Logistics (1)

(¥ in billions)

Positive factors Negative factors

+12.8 +1.1

Comments

• Income gain increased YoY mainly due to the impact of CAI's and PNW's fiscal

  period changes, in addition to higher leasing revenues driven by the accumulation of

  25.3

+¥7.7bn YoY

0.0

-3.0

0.0

-2.7 -0.2

marine container assets.

(¥ in billions)

Income gain

Asset-related gain/loss (

gain/loss on sales + impairment losses, etc.)

45.6

31.9 35.5

42.6

2.3

5.2

32.0

-2.4

5.0

32.1

4.0

5.1

* FX impact on segment profit.

FY2022 FY2023 FY2024 3Q FY2024

3Q FY2025

19

Logistics (2)

End of FY2021

End of FY2022

End of FY2023

End of FY2024

End of 3Q FY2025

(1,000 CEUs)

Other

25.3%

21,889

railcars

Covered

Hoppers 46.9%

Tank Cars

27.8%

Reefer Containers*3 16.4%

3,949K

CEUs

Dry Containers 77.6%

Special Containers 6.0%

End of FY2021

End of FY2022

End of FY2023

End of FY2024

End of 3Q FY2025

*1 TEU: twenty-foot equivalent unit (unit equivalent to the capacity of a 20-foot dry container)

*2 CEU: cost equivalent unit (a cost conversion unit for container volume, calculated by comparing the relative cost of

various container types to 20-foot dry containers, assuming that 1 CEU is equal to the cost of a 20-foot dry container)

*3 Reefer container: a container for frozen or cold goods

20

Real Estate (1)

(¥ in billions)

Positive factors Negative factors

-0.9

-0.5

-8.2

-7.0

0.0

+0.4

+¥12.8bn YoY

+26.5 +2.6

Comments

• Asset-related gains*1 increased YoY driven by multiple large asset sales.

• Credit costs decreased YoY mainly due to a lower ratio of general allowance for doubtful accounts following the transfer of the finance business to a subsidiary.

• Other (tax expenses, etc.)*1 increased YoY, reflecting higher tax expenses due to profit growth.

  3Q FY2024

  Income gain

  Asset-related gain/loss*1

  Credit costs

  Operating expenses

  Extraordinary income/

  loss*1

  Other (tax expeses,

  etc.)*1

  Miyuki Building-related*1

  FX

  impact

  3Q FY2025

  Changes in income gain and asset-related gain/loss

(¥ in billions)

Income gain

Asset-related gain/loss

(gain/loss on sales（

large gains on sales of assets by Miyuki Building, gain on sales excluding ）

+

impairment losses, etc.)

23.2

22.9

54.3

-2.9

-3.7

13.3

12.5

12.1

47.1

-1.7 -2.4

FY2022 FY2023 FY2024 3Q FY2024

3Q FY2025

*1 Gains and losses associated with the sale of assets by Miyuki Building and the transfer of its shares are deducted from "Asset-related gain/loss," "Extraordinary income/loss," and "Other (tax expenses, etc.)" in 3Q FY2024, and consolidated into "Miyuki Building-related"

(breakdown of the ¥7.0bn impact on net income: asset-related gain of ¥37.0bn, extraordinary loss of ¥20.6bn, and other (tax expenses, etc.) of ¥9.3bn).

*2 FX impact on segment profit.

21

Real Estate (2)

U.S.

4.5%

2.4%

Other

10.0%

Nagoya

Metropolitan Area 11.8%

Total

¥601.9bn

Osaka Metropolitan Area

16.5%

Tokyo

Metropolitan Area 54.2%

Non-U.S. 0.6%

Goodwill, etc.

Commercial Other

¥556.6bn (93%)

facilities 5.2%

Residences 10.7%

4.4%

Total

Offices 33.7%

Goodwill, etc. ¥14.4bn (2%)

Hotels

Overseas ¥30.8bn (5%)

18.0%

¥556.6bn

Total ¥601.9bn (100%)

Logistics 28.0%

116.2

87.9

152.0

201.6

136.4 131.9

0.3

712.7

447.2

525.4

570.5 601.9

155.4

159.0

253.3

233.0

50.1 45.2

99.3

0.3

5.5

75.7

50.0

4.2

46.1

37.5

FY2021 FY2022 FY2023 FY2024

3Q

FY2024

3Q

FY2025

FY2021 FY2022 FY2023 FY2024 End of

3Q FY2025

22

Mobility

(¥ in billions) Positive factors Negative factors

+0.1

Comments

• Income gains remained flat year on year, reflecting increased leasing revenue

and higher gains on sales of vehicles at lease expiration in the overseas

0.0

-0.1

0.0

-0.1

0.0

business, which offset a decline in profits from equity method investments in

- ¥0.1bn YoY

the domestic business.

*1 FX impact on segment profit.

*2 Including the number of managed vehicles of equity method affiliates.

*3 Total including the number of managed vehicles belonging to segments other than the Mobility segment

(for reference only). 23

01｜3Q FY2025 consolidated financial results

02｜Segment updates

03｜FY2025 consolidated financialforecast

04｜Reference information

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FY2025 consolidated financial forecast

• The 3Q segment profit for the Customer Solutions increased YoY, mainly driven by the accumulation of high-yield assets. However, full-year segment profit is expected to come in slightly below the forecast (¥43.7 billion) mainly due to delays in generating revenue from new services compared with the initial plan.

• The 3Q segment profit for the Global Customer Business exceeded the full-year forecast of ¥9.8 billion. We expect the full-year results to come in slightly above the initial forecast, despite a certain amount of business restructuring costs planned in 4Q.

• Net income reached 84.4% of the full-year forecast of ¥160.0 billion, reflecting a positive impact from consolidated subsidiaries' fiscal period changes that had been factored into the forecast. However, the full-year forecast remains unchanged as higher expenses including business restructuring costs are expected in 4Q.

  [Reference] Progress on segment profit (¥ in billions)*2

  Financial forecast
  		FY2024 results	FY2025 Forecast*1	YoY change (%)
  1	Net income (¥ in billions)	135.1	160.0	+24.8 (+18.4%)
  2	ROA	1.2%	1.4%	+0.2pt
  3	ROE	7.8%	8.8%	+1.0pt
  4	Annual dividend per share (payout ratio)	¥40 (42.5%)	¥45 (40.4%)	+¥5 (-2.1pt)

  Customer Solutions

  FY2025

  90.3

forecast 3Q result

28.5

43.7

Progress: 65.2%

Global Customer Business

Specialized business segments

FY2025

forecast

3Q result

FY2025

forecast 3Q result

9.8

11.0

Progress: 112.0%

Impact of fiscal period changes (forecast)

88.2

100.0

Progress: %

88.2

Impact of fiscal period changes (result)

*1 Assumed FX rates: USD 1 = JPY 140, GBP 1 = JPY 185.

*2 Adjustments (MHC head office accounts) not included in the three categories amounted to ¥7.2 billion in 3Q, reaching 113% of the full-year forecast of ¥6.3 billion.

25

[Reposted] Factors behind changes in net income for FY2025 (YoY forecast)

• This page is a repost of the FY2025 forecast announced in May 2025, with the forecasted FX impact before adjustments added in the bottom-left table.

  Changes in net income

  (+: positive impact on net income, -: negative impact on net income)

2

3

(¥ in billions) Positive factors Negative factors

+21.6

1

+36.4

Major factors behind changes

1 Income gain

• Customer Solutions An increase in profits due to an increase in assets, an

  expansion of high-profit businesses, etc.

  +34.6

  -15.7

  160.0

+¥24.8bn YoY

4

-21.6

5

6

7

8

-16.8 -7.0 -6.7

affiliates recorded in FY2024, etc.

*1 An absence of the positive impact associated with large gains on sales of assets by Miyuki Building and the transfer of its shares recorded in FY2024.

*2 FX impact on net income.

26

Trend in key metrics

8.8% 9.1%

8.0%

8.9%

7.3% 8.0% 8.2% 7.7% 7.8%

8.8%

1.4%

1.0%

1.0%

0.9%

1.0%

1.1%

1.1%

1.2%

1.1%

1.0%

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

(forecast)

FY2016

FY2018

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

(Forcast)

* Figures for FY2016 to FY2020 are simple sums of Mitsubishi UFJ Lease & Finance's and Hitachi Capital's figures.

27

Trend in dividends

57.4%

41.1% 40.4% 40.8% 42.9% 42.5% 40.4%

30.4%

31.5%

25.2%

20.7%

21.8%

17.4% 15.5% 16.0% 18.9% 19.2% 20.0%

11.1%

37.0

40.0

28.0

33.0

4.2

45.0

Payout ratio*

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025

(forecast)

* Mitsubishi UFJ Lease & Finance's results from FY2007 to FY2020.

28

01｜3Q FY2025 consolidated financial results

02｜Segment updates

04｜Referenceinformation

03｜FY2025 consolidated financial forecast

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