3Q FY2025 Consolidated Financial Results Presentation with Script (for the nine months ended December 31, 2025) [PDF: 3068KB]

Greetings, everyone. We will now begin the Mitsubishi HC Capital 3Q FY2025 Consolidated Financial Results briefing.

I am Haruhiko Sato, Chief Financial Officer.

Thank you very much for taking your time to join us today.

I hope today's briefing will help deepen your understanding of our financial results and current

business conditions.

I will begin by explaining the Consolidated Financial Results Presentation that was disclosed on February 13.

After the presentation, I will be happy to take your questions. Without further ado, please turn to the Highlights on page 2.

Legal disclaimer

• This presentation contains forward-looking statements regarding estimations, forecasts, targets, and plans in relation to the results of operations, financial conditions, and other overall management of Mitsubishi HC Capital Inc. and/or its group companies.

• These forward-looking statements are inherently subject to a number of risks and uncertainties that could cause the actual results, performance, achievements, financial position, and other figures to differ materially from the information expressed or implied by these forward-looking statements, which is based on assumptions and beliefs in light of information currently available to the management of Mitsubishi HC Capital Inc. at the time of publication. Accordingly, due to various risks and uncertainties, the statements are not a guarantee of future performance or developments. We may not be successful in implementing our business strategies, and management may fail to achieve its targets for a wide range of possible reasons.

• The figures in this presentation represent cumulative consolidated totals for the current fiscal year up to the end of the subject quarter, unless specifically labelled as "Quarter(s)" or "by quarter." The figures are rounded down and may therefore not add up to total amounts. We undertake no obligation to update or correct any forward-looking statements after the date of this presentation. The information set forth in this presentation is subject to change without notice.

• This presentation is not intended to solicit, offer, or sell investments in any jurisdiction and should not be the sole basis for making investment and other decisions. The reader is cautioned not to place undue reliance on forward-looking statements.

• We assume no liability for any damage resulting from the use of this presentation.

• This presentation is created in Japanese and translated into English. The Japanese text is the original and the English text is for reference purposes. If there is any conflict or inconsistency between these two texts, the Japanese text shall prevail.

Definitions of terms and figures used in this presentation

• MHC: Mitsubishi HC Capital

• MHCUK: Mitsubishi HC Capital UK (European leasing and finance company)

• MHCA: Mitsubishi HC Capital America (North American leasing and finance company)

• EE: European Energy (renewable and next-generation energy company)

• JII: Japan Infrastructure Initiative (absorbed by MHC in April 2023)

• JSA: Jackson Square Aviation (aircraft leasing company)

• elfc: Engine Lease Finance (aircraft engine leasing company)

• FY: Fiscal year starting April 1 of the year and ending March 31 of the next year unless otherwise specified

• mn, bn: Million, billion

• Asset-related gain/loss:

  The sum of gain/loss on sales and impairment losses, etc. (including valuation gains/losses) of owned assets based on gross profit in the Customer Solutions, Environment & Energy, Aviation, Logistics, and Real Estate segments

• Income gain: Gross profit other than asset-related gain/loss + non-operating income/loss (do not include gains on bad debts recovered)

• Net income: (Quarterly/Annual) net income attributable to owners of the parent

  Net income

  • CAI: CAI International (marine container leasing company)

  • ROA:

    (total assets at the end of previous FY + total assets at the end of this FY) / 2

  • PNW: PNW Railcars (railcar leasing company)

  • ROE: Net income (equity at the end of previous FY + equity at the end of this FY) / 2

  • Segment assets:

Operating assets + equity-method investments + goodwill + investment securities, etc. 1

Highlights

¥134.9bn

¥160.0bn

(+55.1%)

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

In 3Q, net income increased by ¥47.9 billion YoY to ¥134.9 billion, driven by the strong performance of the Real Estate and Aviation segments, a significant decline in credit costs in the Americas business of the Global Customer Business segment, and the positive impact of consolidated subsidiaries' fiscal period changes.

Credit costs in the Americas business declined by ¥12.0 billion YoY on a pre-tax basis, exceeding our initial expectations.

As we have already explained the positive impact of fiscal period changes in 1Q/2Q briefings, I will not go into detail today. Please refer to page 8 for further information.

Net income reached 84.4% of the full-year forecast, reflecting the positive impact of fiscal period changes that had already been factored into the forecast. However, the full-year forecast remains unchanged, as we expect higher expenses in 4Q, including business restructuring costs in the Global Customer Business segment.

Next, please turn to page 5.

* 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

   3Q FY2025 consolidated financial results

   
   
   

   		(a)	(b)	(c) = (b) - (a)		(d) = (c) / (a)	(e)	Major factors behind changes
   				YoY
   		3Q FY2024	3Q FY2025		Change	Change (%)	Change (excl. FX impact*)
   (¥ in billions)
   1	Income gain	295.4	337.2	1	+41.8	+14.2%	+43.4
   2	Asset-related gain/loss	51.5	40.4	2	-11.1	-21.6%	-11.0
   3	Net income	87.0	134.9	3	+47.9	+55.1%	+48.7
   4	New transactions volume	2,503.8	2,398.4	4	-105.4	-4.2%	-109.2

   • 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

   (¥ in billions)		End of FY2024	End of 3Q FY2025	Vs. end of FY2024
   				Change Change Change (%) (excl. FX impact*)
   5	Total segment assets	10,935.6	11,602.9	5 +667.2	+6.1%	+339.4

   • 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

Here you can see the key figures of our financial results.

First, ① income gain increased significantly YoY by ¥41.8 billion. While this includes a positive impact of consolidated subsidiaries' fiscal period changes, income gain increased even excluding this impact, mainly driven by the strong performance of the Aviation segment.

In addition, although not shown here, the Customer Solutions segment has also improved

profitability and achieved solid growth in income gain.

② Asset-related gain decreased YoY due to the absence of large gains on sales of assets booked by Miyuki Building (¥37.0 billion) recorded in FY2024. However, excluding this one-off factor, asset-related gain increased YoY on an underlying basis, mainly due to large asset sales in the Real Estate segment.

As outlined in the Highlights section, ③ net income increased YoY by ¥47.9 billion, as a result of higher income gain, as well as the significant decline in credit costs in the Americas business of the Global Customer Business segment.

Please skip to page 7.

Factors behind changes in net income

(¥ in billions)

1

2

+25.9

3

+24.3

-7.7

-4.9

Positive factors Negative factors

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

     +43.4

     4 5 -25.2

     -7.0 -0.7

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

       134.9

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

6 7 8

1. Asset-related gain/loss*2

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

2. Credit costs

   3Q Income

   Asset-

   Credit

   Operating Extraordinary

   Other

   Miyuki FX 3Q

   • Global Customer

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

     FY2024

     gain

     related

     costs

     expenses

     income/ (tax expenses, Building-

     impact

     FY2025

     Business

     finance 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

     gain/loss *2

     loss*2

     etc.) *2

     related*2

     • Environment & Energy

   +¥7.4bn An absence of large credit costs related to a renewable energy project in Japan recorded in FY2024

3. 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

4. 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

   • Environment & Energy

     -¥2.0bn Valuation losses on investment securities held by the former JII and an absence of gains on sales of equity interests in an overseas infrastructure project recorded in FY2024

5. Other (tax expenses, etc.)*2

   • 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

• 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 re placement.

Total for the fiscal year

Quarters

3.6

3.4%

3.2% 3.2%

3.1%

31.3

5.6

26.2

12.9

3.9

26.0

5.6

18.3 10.5

8.3

14.5

9.3

3.3 16.0 9.5

2.6

0.7

9.3

3.9

9.9

1.3

0.3

3.8

1.0

1.8

105.1

111.5

87.3*4

76.2 81.2 84.2 82.8

86.8 86.8

93.8 94.4 92.0 96.0 96.7

98.6 95.7

81.6

68.8

FY2021 FY2022 FY2023 FY2024

-3.5

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

FY2021

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

FY2022

FY2023

FY2024

FY2025

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

*2 Asset-related gain/loss with the following adjustments. 1)Gains on sales similar in nature to asset-related gains/losses recorded under *4 Income gain in 2Q FY2021 increased compared to the previous and following quarters mainly due to one-off

extraordinary income are included. 2) Gains on sales recorded as asset-related gains/losses but substantively considered part of a

subsidiary divestment are excluded.

revenue recorded in the Aviation segment.

7

Trends in income gain and asset-related gain/loss

313.5

340.8

22.2

354.8

389.9

This slide shows the trends in income gain and asset-related gain/loss since the business integration in April 2021.

As you can see, income gain, which forms the foundation of our revenue base, has grown steadily at an average annual rate of 7.5%, despite some quarterly fluctuations.

Furthermore, ROA, calculated using income gain as the numerator, has improved year by

year, demonstrating steady progress not only in profit levels, but also in profitability.

In addition to income gain, asset-related gain has also increased steadily year by year, supporting our business growth through asset turnover model we are pursuing.

Next, I will share segment updates. Please skip to page 11.

• 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

Impact of fiscal period changes at consolidated subsidiaries

10

Factors behind changes in segment profit

(¥ in billions)

Positive factors

Negative factors

+3.9

+0.6

+2.7

+0.3 +0.1

-2.5

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

• 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

Other

income/ (tax expeses, loss etc.)

3Q FY2025

(¥ in billions) Income gain

Asset-related gain/loss ( gain/loss on sales + impairment losses, etc.)

81.6

1.6

86.2

2.3

79.9

83.9

3Q FY2024

3Q FY2025

11

Customer Solutions

Let me begin with the Customer Solutions segment.

Segment profit increased YoY by ¥5.3 billion, as income gain grew through a steady shift toward higher-yield assets, while credit costs remained at low levels.

Regarding the evolution and layering of business models, which is one of the core strategies under our 2025 Medium-Term Management Plan, the Customer Solutions segment has started to deliver steady results.

Please turn to page 12.

(¥ in billions)

Positive factors

Negative factors

+11.6

-1.0

-0.1

+0.3

-2.9

• 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

-0.4

Income gain

Credit costs

Operating Extraordinary Other FX expenses income/ (tax expeses, impact

3Q FY2025

loss etc.)

46.4

46.6

104.1

8.9

41.4

104.0

8.4 2.3

31.9

61.9

71.8

75.9

FY2022

FY2023

FY2024

3Q FY2024

3Q FY2025

*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.

12

Global Customer Business*1 (1)

61.3

56.5

I will now discuss the Global Customer Business segment.

As I mentioned earlier, credit costs in the Americas business, which were exceptionally high in FY2024, have been substantially reduced in the current fiscal year. Quarterly trends since 1Q show a steady decline in these costs.

In addition to this improvement, our Europe business has achieved steady growth, resulting in

a YoY increase of ¥7.4 billion in segment profit.

Details regarding credit costs in the Americas are described on page 14, so please refer to that page later.

We held a Business Segment Meeting on the Europe business on January 26.

The presentation materials and Q&A transcript are available on our website. I encourage you to review them at your convenience.

Please jump to page 15.

* FX impact on segment profit.

13

Global Customer Business (2)

Global Customer Business (3)

Market conditions in the transportation sector in the Americas

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

  Quarterly trend of credit costs for

  
  
  

  Global Customer Business (Americas)

  (¥ in billions)

  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.

  For large-lot customer in the commercial truck finance business

  Other credit costs

  0.4

  3.7

2.0

1.4 2.0 1.4

4.2

9.2

3.9

3.9

7.9

9.3 8.5

0.7

8.6

0.1

3.6 3.2

3.3

3.4

0.2

2.2

2.2

3.4

• Continue various initiatives to curb new credit costs and maximize the collection of delinquent receivables such as by tightening screening

  0.0 0.0 0.1

  1.4

  1.4

  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

  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)

  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.

3.00

2.70

2.40

2.10

1.80

1.50

2.83 Peak

2.03

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

currently decreasing at a faster pace than the initial 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.

Jan. 2018

Jan. 2019

Jan. 2020

Jan. 2021

Jan. 2022

Actual

Jan. 2023

Jan. 2024

Dec. 2025

Forecast

14

(¥ in billions)

Positive factors

Negative factors

+7.4

0.0

-2.0

+3.6

-2.7

0.0

-3.4

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

3Q Income

FY2024 gain

Asset-related gain/loss

Credit Operating Extraordinary Other

costs expenses income/ (tax expeses,

FX 3Q

impact FY2025

loss

etc.)

(¥ in billions) Income gain

Asset-related gain/loss ( gain/loss on sales + impairment losses, etc.)

24.4

15.0

7.8

-0.8 -0.4

-1.2

FY2022

FY2023

FY2024

-1.5

3Q FY2024

3Q FY2025

* FX impact on segment profit.

15

Environment & Energy (1)

The Environment & Energy segment recorded a ¥2.8 billion improvement in segment loss , mainly due to the absence of the large credit costs and impairment losses recorded in FY2024. The segment remained in a loss position following 2Q, mainly due to one-off valuation losses related to an overseas equity-method investment, as well as losses from equity-method investments in European Energy, including goodwill amortization.

On a standalone basis, European Energy recorded a loss in the same period of the previous fiscal year, but has posted profits on a year-to-date basis in the current fiscal year, reflecting improved performance.

Furthermore, while the Environment & Energy segment has not recorded gains on sales of assets in 1Q through 3Q FY2025, we expect to recognize such gains in 4Q.

Please skip to page 17.

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 End of

FY2021 FY2022

End of

FY2023

End of End of 3Q After completion of projects

FY2024 FY2025

under development*

as of the end of 3Q FY2025

Other 2.3%

Non-EE

39%

Other

2.0%

Wind power 17.0%

Domestic

1.2GW

Solar power 80.7%

Wind

power

Solar

power

32.2%

Overseas

30.7%

Wind

power 23.6%

Domestic

1.4GW

Solar

power

74.4%

Non-EE

24%

Solar power 4.6%

Other 4.9%

Wind

power

19.2%

Solar

0.4GW

Solar power

6.4%

Other

0.1%

Wind

power

30.6%

Overseas power

0.7GW 48.8%

Wind power 22.5%

EE

61%

EE

76%

* 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

Environment & Energy (2)

Aviation (1)

(¥ in billions)

Positive factors

Negative factors

+24.2

-6.0

0.0

-2.2

-2.3

-4.5

-0.5

3Q Income

Asset-related gain/loss

Credit Operating Extraordinary Other

FX 3Q

FY2024

gain

costs expenses

income/ (tax expeses, impact loss etc.)

FY2025

• 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 market conditions.

• 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.

(¥ in billions) Income gain

Asset-related gain/loss ( gain/loss on sales + impairment losses, etc.)

85.7

21.3

83.2

12.0

28.0

6.9

27.0

-5.9

FY2022

44.9

7.7

66.1

14.6

69.0

76.9

39.9

53.7

-2.7

FY2023

-4.5

FY2024

-2.3

3Q FY2024

-5.7

3Q FY2025

* FX impact on segment profit.

17

The Aviation segment recorded a ¥8.4 billion YoY increase in segment profit, mainly driven by higher leasing revenues resulting from the accumulation of new transactions and high utilization rates in aircraft engine leasing.

Even excluding the ¥2.9 billion positive impact of subsidiaries' fiscal period changes, the

segment achieved a significant increase in profit and continues to perform strongly.

Please jump to page 19.

End of FY2021

End of FY2022

End of FY2023

End of FY2024

End of 3Q FY2025

Middle East &

Others

4.9%

Middle East &

Others 9.2%

Other

20.7%

Book value basis

Narrow Body*4 79.3%

Asia/Oceania

23.5% Book

value basis

Europe 30.2%

Asia/Oceania

Americas

41.4%

19.2% Book value

basis

Europe 28.4%

Americas

43.2%

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 CO2 compared with older models) out of all owned aircraft and engines.

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

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

18

Aviation (2)

+4.0pt

74.3%

+29

400

+2.2pt

76.1%

0.0 year

7.0 years

+0.3 years

5.0 years

-9

86

Aircraft to be delivered

-

42/18

-3

248

-12

334

(¥ in billions)

Positive factors

Negative factors

+12.8

+1.1

0.0

0.0

-3.0

-2.7

-0.2

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 marine container assets.

• Asset-related gains increased YoY, mainly driven by higher railcar sale gains and

  CAI's and PNW's fiscal period changes.

• Operating expenses increased YoY mainly due to CAI's and PNW's fiscal period

changes.

3Q Income

FY2024 gain

Asset- Credit Operating Extraordinary

Other

FX

related costs expenses gain/loss

income/ (tax expeses, impact

3Q

FY2025

loss

etc.)

(¥ in billions)

Income gain

Asset-related gain/loss ( gain/loss on sales + impairment losses, etc.)

45.6

42.6

32.1

4.0

-2.4

FY2022 FY2023 FY2024

3Q 3Q

FY2024 FY2025

* FX impact on segment profit.

19

Logistics (1)

The Logistics segment recorded a ¥7.7 billion YoY increase in segment profit mainly due to higher leasing revenues driven by the accumulation of marine container assets and higher gains from railcar sales, in addition to the positive impact of subsidiaries' fiscal period changes.

Even excluding the ¥6.2 billion positive impact of subsidiaries' fiscal period changes, the

segment profit increased on an underlying basis.

As I explained at the 2Q FY2025 briefing, the utilization rate of marine containers remained high from FY2024 through the first half of FY2025 mainly due to prolonged turmoil in the Middle East and front-loading of shipments in response to US tariff measures. However, the utilization rate is currently on a slight downward trend.

Despite fluctuating market conditions, we aim to maintain high utilization rates and achieve stable growth through well-focused investments, leveraging the intelligence and sales capabilities we have built up.

Please skip to page 21.

End of

FY2021

End of

FY2022

End of

FY2023

End of

FY2024

End of 3Q

FY2025

(1,000 CEUs)

Special Containers

6.0%

Reefer

Containers*3 16.4%

3,949K

CEUs

Other

25.3%

21,889 Hoppers

Covered

railcars

46.9%

End of

FY2022

End of

FY2023

End of

FY2024

End of 3Q

FY2025

Dry

Containers 77.6%

Tank Cars

27.8%

End of

FY2021

*1 TEU: twenty-foot equivalent unit (unit equivalent to the capacity of a 20-foot dry container) *3 Reefer container: a container for frozen or cold goods

*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)

20

Logistics (2)

(¥ in billions)

Positive factors

Negative factors

+26.5

+2.6

-0.9

-0.5

-8.2

0.0

-7.0

+0.4

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 Income

FY2024 gain

Asset-related gain/loss*1

Credit Operating Extraordinary Other

Miyuki

costs expenses income/ (tax expeses, Building-

FX 3Q

impact FY2025

loss*1

etc.)*1

related*1

(¥ 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.)

54.3

47.1

22.9

37.0

37.1

23.2

14.0

20.1

12.1

-2.9

FY2022

12.5

-9.8

FY2023

7.6

13.3

-3.7

FY2024

-1.7

3Q FY2024

-2.4

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 (1)

10.0

9.5

The Real Estate segment recorded a ¥12.8 billion YoY increase in segment profit, mainly driven by large gains on sales of multiple assets, which more than offset the absence of the positive impact from the sale of Miyuki Building in FY2024.

While asset divestments have remained at a high level in FY2025, we have steadily expanded our asset base, as new investments have exceeded divestments.

Please skip to page 23.

Non-U.S. 0.6%

U.S. 4.5%

Other 10.0%

Goodwill, etc.

2.4%

Commercial Other facilities 4.4%

5.2%

Nagoya Metropolitan Area

11.8%

Residences

10.7%

Total

¥601.9bn Tokyo

¥556.6bn (93%)

Overseas ¥30.8bn (5%)

Offices

33.7%

Osaka Metropolitan Area

16.5%

Metropolitan Area 54.2%

Total Hotels ¥556.6bn 18.0%

Goodwill, etc.

¥14.4bn (2%)

Total

¥601.9bn (100%)

Logistics

28.0%

201.6

0.3

712.7

152.0 601.9

5.5

99.3

136.4

0.3

131.9

525.4

570.5

116.2

447.2

87.9

37.5

75.7

76.4

FY2021 FY2022 FY2023 FY2024

3Q

FY2024

3Q

FY2025

FY2021

FY2022

FY2023

FY2024 End of 3Q FY2025

22

Real Estate (2)

155.4

159.0

253.3

233.0

4.2

46.1

50.0

(¥ in billions)

Positive factors

Negative factors

+0.1

0.0

-0.1

0.0

0.0

-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 business, which offset a decline in profits from equity method investments in the domestic business.

3Q FY2024

Income gain

Credit costs

Operating Extraordinary

expenses

income/ loss

Other

(tax expeses, etc.)

FX

impact

3Q FY2025

*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

Mobility

The income gain of the Mobility segment remained mostly flat YoY. Increases in leasing revenue and higher gains on sales of vehicles at lease expiration in overseas business offset a decline in equity-method investment profits in the domestic business.

Next, I will discuss our FY2025 consolidated financial forecast. Please jump to page 25.

• 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.

Customer

Solutions

FY2025

forecast

3Q result

43.7

Progress: 65.2%

28.5

Global

Customer Business

FY2025

forecast

3Q result

9.8

Progress: 112.0%

11.0

Specialized FY2025

Impact of fiscal period

changes (forecast)

90.3 9.6 100.0

business

forecast

segments 3Q result

72.9

15.2 88.2

Progress: 88.2%

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

Impact of fiscal period changes (result)

*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

FY2025 consolidated financial forecast

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

As explained earlier, our FY2025 consolidated financial forecast remains unchanged although net income for 1Q through 3Q reached 84.4% of the full-year forecast.

Looking at progress by segment, the Customer Solutions segment has achieved steady business growth; however, segment profit is expected to come in slightly below the full-year forecast of ¥43.7 billion, partly due to the ambitious target we set.

While it will take some time for the new services to generate revenue, we are steadily implementing initiatives to improve profitability, including accumulating assets in growth areas such as healthcare and semiconductors, as well as increasing fee income.

Segment profit of the Global Customer Business exceeded the full-year forecast of ¥9.8 billion as of the end of 3Q. However, the full-year result is expected to be only slightly above the forecast, as we expect to record business restructuring costs in 4Q.

That concludes my presentation.

• 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.

4

5

YoY

FY2024 Income

(results) gain

Asset- Credit Operating Extraordinary Other

Miyuki FX FY2025

related costs expenses income/ (tax expenses, Building- impact (forecast)

gain/loss loss etc.) related*1

• Environment & Energy An increase in gains on sales of assets and an absence of

impairment losses recorded in FY2024

1. Credit costs

   • Global Customer Decreases in credit costs in the Americas and ASEAN, etc. Business

   • Environment & Energy An absence of large costs recorded in FY2024

2. Operating expenses

   • Customer Solutions An increase in expenses associated with the promotion of

     business activities

   • Logistics Impact of increased expenses due to CAI's and PNW's fiscal

period changes, etc.

5 Extraordinary income/loss

• Environment & Energy An absence of gains on sales of securities related to an

  overseas infrastructure project recorded in FY2024, etc.

• Customer Solutions An absence of gains on sales of shares of subsidiaries and 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

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

FY2016

FY2018

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

(Forcast)

57.4%

30.4%

31.5%

20.7%

17.4% 15.5% 16.0%

18.9% 19.2% 20.0% 21.8%

25.2%

11.1%

45.0

37.0

40.0

Annual dividend per share*(¥)

28.0

33.0

4.2

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

Trend in dividends

Payout ratio*