Fiscal 2025 For the Nine Months ended November 30, 2025

This is an abridged translation of the original Japanese document and is provided for informational purposes only. If there are any discrepancies between this and the original, the original Japanese document prevails.

FY2025 3Q

IR Presentation Material

January 8, 2026

AEON Financial Service Co., Ltd.

Stock Listing: Tokyo Stock Exchange, Prime Market Code No: 8570

1

Table of Contents

1 Outline of the Financial Results for

the Nine Months Ended November 30, 2025

2 Forecast of Business Performance and Dividends for FY2025

3 Priority Measures

AEON Financial Service Co., Ltd. 2

Appendix

The Highlights of the Consolidated Results

FY2025

Forecast

Rate of

progress

Operating

revenue ¥421.5 bn 108% ¥248.3 bn 110% ¥175.2 bn 107% ¥570.0 bn 74%

Operating

profit ¥41.7 bn 110% ¥13.6 bn 111% ¥27.9 bn 110% ¥57.0 bn 73%

Ordinary

profit ¥42.2 bn 108% － － － － ¥57.0 bn 74%

Profit attributable to owners of parent

¥14.4 bn 105% － － － － ¥21.0 bn 69%

The Highlights of Consolidated Results 3Q Accounting Period(3 months)

Operating

revenue ¥143.4 bn 108% ¥83.0 bn 106% ¥60.5 bn 109%

Operating

profit ¥13.3 bn 124% ¥4.1 bn 149% ¥9.1 bn 117%

Ordinary

profit ¥13.0 bn 110% － － － －

Profit attributable to owners of parent

¥5.7 bn 161% － － － -

Summary of 3Q Consolidated Financial Results

Consolidated active IDs reached 58.38 million (increase of 2.66 million from beginning of period), contributing to growth in transaction volume and outstanding operating receivables.

Although funding costs increased due to rising interest rates, revenue and profit growth was achieved by containing increases in bad debt-related expenses.

Improvemet of asset profitability

・Increase in balance of high-yield receivables※1

Domestic high-yield bond ratio recovered to 17% Domestic: ¥803.2 bn (YoY 101%) International: ¥1,159.9 bn (YoY +116%)

Improved productivity

・Domestic・Financial income expanded due to changes in the interest rate environment

・Decrease in points business revenue due to transfer of AEON Allianz Life Insurance Co., Ltd. was offset by increased service revenue from point programs and other sources

domestic and international service revenue

growth

Cost Control

・Increased financial expenses due to expansion of domestic deposits

・Increased credit and collection accuracy through AI utilization

Increase in loan loss-related expenses

and personnel costs

through improved credit and collection accuracy using AI, etc.

Unit: Bn JPY

Revenues

Expenses

Other

+3.4

Installment

Loan

Revenue

+6.8

Financial

Revenue

+14.7

Financial

expenses

+18.3

Bad debt

related expenses

+3.0

finance revenue

(Comprehensive

/Individual)

Other

Expenses

+7.5

37.9 bn

+7.7

24/3Q Operating Profit 25/3Q Operating Profit 25/3Q Net Income

AEON Financial Service Co., Ltd.

*High-yield operating receivables: Domestic revolving/installment loans, cash advances, unsecured loans, and receivables from international operations. Receivable balances reflect post-securitization figures. 5

AEON Financial Service Co., Ltd.

6

Domestic Business

[Domestic] Breakdown of Operating Profit

• Financial income from banking operations increased; however, operating profit rose by ¥1.3 billion due to factors such as higher deposit interest expenses and increased general and administrative expenses

  Unit ： Bn JPY

  Increase in revenues

  Decrease in

  expenses

  Decrease in revenues

  Increase in expenses

  Financial revenue

  +14.7

  Other revenue

  +7.3

  Securitization revenue

  +0.1

  AEON

  AEON

  Promotional expenses

  General and administrative expenses

  Card Revenue

  +6.0

  Allianz Life Insurance impact

  （Revenue）

  ▲6.2

  Allianz Life

  Insurance impact

  （Expenses）

  ▲8.0

  Financial Expenses

  +16.4

  ▲2.2

  Bad debt related expenses

  ▲0.7

  +15.2

  12.2 bn 13.6 bn

  Operating revenue

  +21.9bn

  Operating Expenses

  +20.5bn

  +6.0 bn

  ・Card revenue

  [Operating Revenues]

  [Operating Expenses]

  ・Financial Expenses +16.4 bn

  (Deposit interest +9.6 bn, Rebalancing of government bonds +4.4 bn,

  interest rate swap interest+1.5 bn)

  ・Sales Promotion Expenses ▲2.2 bn (Excluding account change

  impact※ +0.6 bn)

  ・General administrative expenses, etc. +15.2 bn (excluding impact of account changes*: +12.3 bn)

  (System operating costs +4.3 bn, Payment fees +4.2 bn, Personnel costs

  +1.1 bn)

  24/3Q 25/3Q

  (Credit card business ＋4.3bn、Financing ＋1.6bn)

  ・Financial Revenue +14.7 bn

  (Interest and Dividends +7.6 bn, Loan interest +3.8 bn,

  Interest on Bank of Japan current account deposits +1.5 bn, Gains on sales of securities +0.3 bn)

  ・Other revenue +7.3 bn

  (Fees and commissions revenue +6.5 bn)

  Main factors

  AEON Financial Service Co., Ltd.

  ※Starting this fiscal year, some expenses will be recorded as general expenses instead of sales promotion expenses. 7

  Productivity

  （Increasing revenue）

  ［Domestic］ Valid ID Status

  • Increase in valid IDs, mainly among AEON Pay code payment users who use

charge payments (increase of +2.25 million from the beginning of the period)

(million)

40

38.40 million

(YoY 107% / Increase from beginning of term +2.25 million )

30

20

0

21/3Q

22/3Q 23/3Q 24/3Q

25/3Q

AEON Financial Service Co., Ltd.

*Valid ID: Number of customers using our services such as AEON Card, AEON Pay, AEON Bank accounts

* Members with duplicate IDs are consolidated for counting 8

Productivity

（Increasing revenue）

[Domestic] Customer Base

• Number of active card members increased by 0.41million from the beginning of the period

• AEON Pay expands usage locations including convenience stores; membership reaches 10.30 million

Number of valid card holders, AEON Pay ID registered members, utilization rate,

Utilization rate

(Million)

and number of available locations

KPI:

+1 million

3.76million(Progression:73%)

27 70.0%

26.57 million

(Million)

(Increase from beginning

of term :+0.73)

(Increase from beginning 12

of term +0.41)

10.30

23.0%

million

26 68.0%

Number of places Available for use

10

3.03

million

(Increase from

beginning of term

+ 2.14 million

66.3%

(YoY▲0.5pt)

2.37

million

8

21.0%

20.6%

(YoY +1.1pt)

25 66.0%

6

19.0%

24

0

24/3Q 4Q

0 %

64.0

25/1Q 2Q 3Q

0

4

24/3Q 4Q

0 %

17.0

25/1Q 2Q 3Q

Productivity

（Increasing revenue）

[Domestic] In-House Payment Transaction Volume

• Transaction volume expanded through increased penetration of AEON Group

benefits and promotion of AEON Pay usage

In-House Transaction Volume

(bn JPY)

8,000

E-money transaction volumeCredit card transaction volume

7,382.8 billion

(YoY 104%)

E-Money

AEON Pay transaction volume

(bn JPY)

360

AEON Pay charge payment

AEON Pay credit payment

340.8 billion

(YoY 150%)

Charge payments

30.4 billion

(YoY 264%)

6,000

1,511.1 billion

(YoY 99%)

270

4,000

2,000

Credit card shopping 5,871.7 billion

(YoY 106%)

180

90

Credit Card Payments

310.4 billion

(YoY 144%)

0

21/3Q

22/3Q

23/3Q

24/3Q

25/3Q

0

23/3Q 24/3Q 25/3Q

Improvement of

asset profitability

［Domestic］ Status of high-yield loans

• The high-yield bond ratio (after securitization) decreased due to bond securitization at the end of the previous period, it recovered gradually from the beginning of the period (End of Q1:

+0.1pt, End of Q2: +0.2pt, End of Q3: +0.6pt).

Balance before securitization of receivables

(bn JPY)

Revolving/Installment Balance

894.4 bn

(Increase from beginning Of term +52.6 bn / YoY 107%)

High-yield receivables ratio and balance trends

（After securitization）

*High-yield receivables: Revolving/installment loans, cash advances, unsecured loans

1,000

Cashi advance/unsecured loan balance

Total domestic

5.0tr

750

760.8bn

Shopping revolving Increase from beginning of term

operating receivables

4,572.9bn

4,386.7bn

4,707.2bn

High-yield receivables

803.2bn

(Increase from beginning of term

+77.9bn / YoY: 101%)

1. tr

794.3bn

712.4bn

20.0%

17.4%

16.2%

Ratio

17.1%

(▲0.3pt)

+19.0bn /YoY 109%

500

250

0

20/3Q

21/3Q 22/3Q

23/3Q

Installment finance Increase from beginning of term

+13.9bn /YoY 136%

Cash advances Increase from beginning of term

+18.4bn/YoY 103%

Unsecured Loans Increase from beginning of term

+1.2bn/YoY 100%

24/3Q 25/3Q

23/3Q 24/3Q 25/3Q

Mid-term

target

[Domestic] Bank Deposits

• Deposit acquisition pace slowed, but maintained stable growth with opening balance difference +268.6 billion, YoY 112%

• Advancing ordinary deposit acquisition through promoting everyday account usage (My Stage top tier share YoY +1.0pt)

AEON Bank Deposit Balance

(bn JPY)

6,000

5,470.3 bn

(Increase from beginning of term +268.6 bn, YoY 112%)

Promoting accounts for everyday use

“AEON Bank My Stage ※1 ” Rankings※２Composition Ratio

100%

25.3%

(YoY +1.0pt)

4,500

50%

3,000

0%

23/3Q 24/3Q 25/3Q

※2 Stage Composition Ratio AEON Bank Gold Stage + Platinum Stage Composition Ratio

※1 AEON Bank My Stage

Preferential treatment system based on transaction details

Platinum

Stage

①Credit and WAON usage history

②Housing loans/Unsecured Loans

Bronze

Stage

Silver

Stage

Gold

Stage

③Salary/Pension Account etc...

1,500

0

21/3Q

22/3Q

23/3Q

24/3Q 25/3Q

[Domestic] Housing Loans

• Mortgage loan volume year-on-year comparison shows recovery trend by accounting period (1Q: 53%, 2Q: 83%, 3Q: 100%)

• The over 35-year ultra-long-term loan launched in April expanded, with the proportion of borrowers aged 39 and under increasing

  Housing loan volume

  (bn JPY)

  500

  375

  344.2bn

  (YoY 76%)

  Ratio of over 35-year loans and borrowers aged 39 and under to total mortgage volume*

  35 years or younger
  Over 35 years
  39 years old and under

  39 years old

  6%

  22%

  and under

  63%

  Over 35 years:

  30%

  60%

  94%

  78%

  56%

  35

  years or less 70%

  250

  125

  0

  21/3Q

  22/3Q

  23/3Q

  24/3Q

  25/3Q

  25/1Q 25/2Q 25/3Q

  *Residential mortgage

  [Domestic] Funding Utilizing Deposits

  • Leveraging AEON Bank's low-cost funding capabilities to expand high-yield assets and strengthen profitability

    Actual Investment Yield

    Deposits

    5.4trillion

    YoY +578.0bn

    Accounts receivable

    installment

    Average Deposit

    Interest Rate *1

    0.39%

    (YoY +0.21 pt)

    １.4tr (20%)

    YoY＋６９.３bn

    ( ) indicates year-on-

    year change

    Net Assets 0.2tr

Cash deposit

０.4tr

Other Assets

0.8 tr

Other liabilities

1.3 tr

(46%)

Loans ３.２tr

YoY +64.4bn

Trends in Policy Interest Rates and Deposit Funding Costs

(%)

0.80

Policy Interest Rate Cost of Deposits

預金

５.２兆円

前期差＋6,722億 円

0.60

0.40

億円

前期差＋0.20

0.00

-0.20

*1 Quarterly Revenue (September, October, November 2025) ÷ Period Average Balance

(September, October, November 2025) × 4

*2 Loans for residential mortgages and investment condominium mortgages

*Aeon Bank only; deposit balances calculated at month-end

※Policy interest rates based on Bank of Japan published values 14

Productivity

（Cost control）

［Domestic］ Controlling expenses through bad debt-related

expenses and productivity improvements

• Bad debt expense ratio relative to accounts receivable balance remains stable at a low level

• Personnel expense ratio for the 3Q accounting period decreased 1.4% YoY. We are working to improve productivity through DX utilization and cost reviews.

  0.8%

  Quarterly trends in bad debt-related expense ratio

  ※Bad debt-related expense ratio to the total balance of operating loans and installment receivables

  Quarterly personnel cost rate

  ※ Personnel cost / Operating revenue rate

  23.0%

  0.6%

  21.0

  %

  ne of st fit

  %

  Personnel

  cost rate

  %

  Li be

  0.4% 19.0

  0.2% 17.0

  0.0%

  23/3Q 23/4Q

  24/1Q

  24/2Q

  24/3Q

  24/4Q 25/1Q 25/2Q

  25/3Q

  15.0%

  23/3Q 23/4Q

  24/1Q

  24/2Q

  24/3Q

  24/4Q 25/1Q 25/2Q

  25/3Q

  AEON Financial Service Co., Ltd.

  16

  Global Business

  [Global] Segment Performance Highlights

• For the cumulative period, operating profit increased in the Malay area, achieving revenue and profit growth across all areas

• In the third fiscal quarter, the Mekong area saw a decline in profit due to increased bad debt expenses related to

  flooding in Thailand and a deteriorating macroeconomic environment

  (bn JPY)

  Interim period （9 months）	Global business		China area		Mekong area		Malay area
  		YoY		YoY		YoY		YoY
  Operating revenue	175.2 bn	107%	26.3 bn	101%	74.7 bn	104%	74.0 bn	111%
  Operating profit	27.9 bn	110%	8.1 bn	127%	10.9 bn	106%	8.9 bn	102%
  ＜Reference＞ Bad debt-related exp.	57.3 bn	107%	5.8 bn	88%	26.0 bn	102%	25.4 bn	119%
  3Q accounting period （３ months）	Global business		China area		Mekong area		Malay area
  		YoY		YoY		YoY		YoY
  Operating revenue	60.5 bn	109%	9.1 bn	105%	25.4 bn	107%	25.8 bn	113%
  Operating profit	9.1 bn	117%	2.8 bn	116%	2.9 bn	88%	3.3 bn	169%
  ＜Reference＞ Bad debt-related exp.	19.6 bn	107%	1.9 bn	97%	9.4 bn	117%	8.2 bn	101%

  [Global] Highlights of Performance in China Area

• Revenue remained flat due to strengthened credit screening and ongoing credit management, but profit increased through cost control measures such as reducing loan loss provisions and sales promotion expenses

Operating revenue Breakdown of operating profit difference from previous FY

(bn JPY)

28

26.3bn

(YoY 101%)

8.1bn

Revenue

6.4 bn

+0.3

Personnel

Expenses

+0.0

Financial

Other

▲0.4

Expenses

▲0.2

Bad

debt-related

expenses

▲0.8

(YoY 127%)

21

14

7

[Global] Highlights of Performance in Mekong Area

• Despite prolonged macroeconomic deterioration and flooding in Thailand, profit growth continues as bad debt-related expenses are contained

Operating revenue Breakdown of operating profit difference from previous FY

(bn JPY)

80

74.7bn

(YoY 104%)

Revenue

+3.1

Personnel costs

+1.3

60

1. bn

40

Financial

Expenses

+0.3

Bad debt-related expenses

+0.5

Other

+0.3

10.9bn

(YoY 106%)

20

[Global] Highlights of Performance in Malay Area

• Handling volume and outstanding balances for installment sales of mid-sized and large motorcycles

  increased, sustaining double-digit revenue growth

• Operating profit turned positive due to stricter screening and strengthened collection systems in response to increased bad debts, particularly among younger customers

Operating revenue Breakdown of operating profit difference from previous FY

(bn JPY)

80

74.0bn

(YoY 111%)

Revenue

+7.6

Personnel expenses

+0.2

60

8.7bn

40

Financial expenses

+1.6

Bad debt-related expenses

+4.1

Digital Bank

+0.8

Other

+0.7

8.9bn

(YoY 102%)

20

[Global] Balance of Receivables and NPL of Listed Subsidiaries

• Hong Kong: Total bankruptcy filings shifted to decline; loan loss expense ratio stabilized due to credit tightening, etc.

• Thailand: Both the loan loss expense ratio and NPL ratio increased due to worsening macroeconomic indicators and the impact of

  flooding

• Malaysia: Loan loss expense ratio decreased due to stricter screening of personal loans, etc.

  • ACSA (Hong Kong) ■ AEONTS (Thailand) ■ ACSM (Malaysia)

12.0% Operating loans(Right)

(bn)

200

12.0%

(bn)

400

12.0%

(bn)

600

※

Installment receivables(Right)

9.0%

NPL ratio(Left) Bad debt expenses/operating

receivables(Left)

※

150

9.0%

300

9.0%

450

6.0%

100

6.0%

200

6.0%

300

3.0%

50 3.0%

100

3.0%

150

0.0%

2023 2024

0

2025

0.0%

2023 2024

0

2025

0.0%

2023 2024

0

2025

*Impact of revision to NPL recognition criteria for restructured loans

AEON Financial Service Co., Ltd.

※Impact of the withdrawal of reserves for flood

Year-end rate ※Figures in （） are the diff from the previous quarter

HKD: ¥20.13 (6.8% weaker yen) THB: ¥4.85 (6.8% weaker yen) MYR: ¥37.95 (8.6% weaker yen)

damage that occurred in the second quarter of 2024

21

AEON Financial Service Co., Ltd.

22

Forecast of Business Performance and Dividends for FY2025

FY2025 Earnings Forecast, Dividend Forecast

Operating

revenue

５70.0 bn １０7 ％ 330.0 bn １０5 ％ 240.0 bn １０8 ％

－ ー －

ー

－

ー

ー －

Operating profit

57.0 bn ９３ ％ 1９.0 bn ８5 ％ ３９.０ bn １０1 ％

AEON Financial Service Co., Ltd.

24

Priority Measures

AEON Financial Service Co., Ltd.

25

Toward Enhancing Corporate Value

Review

• Operating profit remained largely flat during the current mid-term management plan period, deviating significantly from the initial plan.

• Significant shift toward business restructuring prioritizing asset profitability

  During the COVID-19 Period Decrease in High-Yielding Debt Portfolio

  Operating Profit Trend

  Factors Contributing to Deviation from Initial Plan

  With

  COVID-19

  Post-COVID-19

  (bn JPY)

  100.0

  Results

  58.8 58.8

  Plan

  50.0

  61.4

  Following the three overseas-listed companies

  Delayed development of the fourth pillar

Fundamental business review

57.0

(Published Value)

2021 2022 2023 2024 2025

Direction for the Next Phase

• The next medium-term plan is scheduled for disclosure at the year-end settlement. We will redesign our retail-driven financial services business centered on “payment" and "lending."

  ～FY2025

  Enhancing earning power to return to a growth trajectory

  Second Founding: Innovating the Value Chain and

  Network Creation

  ➣ Domestic and International Business Restructuring

  ➣ Strengthening the Utilization of Banks in Response to Changes in Monetary Policy

  Shifting Management Resources to

  AEON Pay

  Strengthening of Lending Business

  Overseas Business Regrowth

  • Strengthening Group-wide Integration for Customer-Centric Service Delivery

  • Enhancing governance and security frameworks

  • Thorough implementation of low-cost operations

➣ Implementation of Digital Financial Inclusion

➣ Strengthening Infrastructure

for Creating AEON Living Areas

[Business Portfolio Review] Building Foundations for the Next

                                        Phase                                         

• From FY2023, we will advance the allocation of management resources to core/growth areas, building the foundation for the next phase of growth

• Advancing resource reallocation through business and operational consolidation

  ~FY2020

  Expansion

  Phase

  Transformation Phase

  FY2026-

  Growth Phase

  [Malaysia]

  ABK(M)

  Commences Operations

June 2023

January 2024

February

March

May

FY2024 Q2

February 2025

July

September

February 2026

FY2026

New investments

Strengthening new businesses and areas of expansion for further growth

Aggregation

Overall optimization for efficient business operations

Reallocating resources to core/growth areas

Outsourcing,

transfers

Utilizing external resources, resource optimization through business transfers

※Orico: Orient Corporation, Meiji Yasuda: Meiji Yasuda Life Insurance Company

ABK（M)：AEON BANK(Malaysia）、PTF：Post and Telecommunication Finance、ACS：AEON Credit Service Co., Ltd, FPM：Felica Pocket Marketing Co., Ltd

AEON Financial Service Co., Ltd.

APF：AEON Product Finance Co., Ltd (Currently Orico Product Finance Co., Ltd）、AALI：AEON Aliianz Life Insurance Co., Ltd ACSL：ACS Lease Co., Ltd 28

※Kyoei A&I Co., Ltd. will undergo an absorption-type merger with AEON Insurance Service Co., Ltd. as the surviving company on February 1, 2025.

[Domestic] Concentrating Resources on Core Areas and Enhancing

                                   Effectiveness                                    

• Focus management resources on the "Payments," "Lending," and "Banking" businesses

• Strengthening group-wide governance and transitioning to a highly effective business

structure

       End of February 2023                                         FY2026-          

AEON Financial Services

Holding Company

Holding Company / Payments, etc.

AEON Credit Service

AFS

Corporation

Payment

Bank Holding Company

Consolidation Consolidation

Bank

Integrated into AFS Integrated into AFS

Insurance

Real Estate Investment Loan

June 2023

ConsolidationAcquired from Aeon Group

Regional currency solutions and regional revitalization solutions

ACS Debt Management & Collection

AEON Small Amount

Agency

Leasing

Servicer

Consolidation

Consolidation Consolidation

Transferring Shop Operations to ABK

Integrated into AFS

Data analysis business integrated

into AFS

Short-Term Insurance

Small Amount Short-Term Insurance

Life Insurance

Installment Sales

AEON Financial Service Co., Ltd.

Transfer Transfer

Transfer to Meiji Yasuda

Transfer to Orico

29

AEON Financial Service Co., Ltd.

30

Strengthening profitability