Fuyo General Lease : Consolidated Financial Results for the Fiscal Year Ended March 31, 2025(Under Japanese GAAP)

(Member of Financial Accounting

Standards Foundation)

May 9, 2025

Company name: Fuyo General Lease Co., Ltd. Listing: Tokyo Stock Exchange Securities code: 8424

URL: https://www.fgl.co.jp/

Representative: Hiroaki Oda, Representative Director, President & CEO

Inquiries : Takashi Tomita, Managing Executive Officer Telephone: +81-3-5275-8800 Scheduled date of annual general meeting of shareholders : June 24, 2025

Scheduled date to commence dividend payments : June 25, 2025 Scheduled date to file annual securities report : June 23, 2025 Preparation of supplementary material on financial results: Yes

Holding of financial results briefing : Yes (For institutional investors and analysts)

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for Fiscal 2024 (April 1, 2024 - March 31, 2025)
   1. Consolidated operating results (Percentages indicate year-on-year changes.)

      	Net Sales		Operating Profit		Ordinary Profit		Profit Attributable to Owners of Parent
      FY2024 FY2023	(¥ millions) 678,395 708,538	% (4.3) 2.9	(¥ millions) 64,760 60,046	% 7.9 16.5	(¥ millions) 69,036 68,355	% 1.0 14.5	(¥ millions) 45,277 47,219	% (4.1) 21.3

      Note: Comprehensive income FY2024 ¥ 59,885 million (24.6) % FY2023 ¥ 79,396 million 57.8 %

      	Basic Earnings per Share	Diluted Earnings per Share	Return on Equity	Ratio of Ordinary Profit to Total Assets	Ratio of Operating Profit to Net Sales
      	(¥)	(¥)	%	%	%
      FY2024	501.66	500.78	10.0	2.0	9.5
      FY2023	523.81	522.34	11.8	2.1	8.5

      Reference: Share of profit of entities accounted for using equity method FY2024 ¥ 2,991 million FY2023 ¥ 6,660 million

      Note: On April 1, 2025, the Company conducted a 3-for-1 stock split of its common stock. Accordingly, "Net income per share" and "Diluted net income per share" are calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal year.

   2. Consolidated financial position

      	Total Assets	Net Assets	Shareholders' Equity Ratio	Net Assets per Share
      As of	(¥ millions)	(¥ millions)	%	(¥)
      March 31, 2025	3,567,110	531,213	13.3	5,269.74
      March 31, 2024	3,390,324	477,326	12.7	4,785.89

      Reference: Shareholders' Equity

      As of March 31, 2025 ¥ 475,365 million As of March 31, 2024 ¥ 431,675 million

      Note: On April 1, 2025, the Company conducted a 3-for-1 stock split of its common stock. Accordingly, "Net assets per share" is calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal year.

   3. Consolidated cash flows

      	Cash Flows From Operating Activities	Cash Flows From Investing Activities	Cash Flows From Financing Activities	Cash and Cash Equivalents at End of Period
      	(¥ millions)	(¥ millions)	(¥ millions)	(¥ millions)
      FY2024	(136,377)	(35,657)	97,994	66,565
      FY2023	(112,098)	(3,062)	131,800	140,674

2. Cash dividends

   	Annual dividends per share					Total cash dividends (Total)	Payout ratio (Consolidated)	Ratio of dividends to net assets (Consolidated)
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   FY2023 FY2024	(¥) - -	(¥) 195.00 225.00	(¥) - -	(¥) 245.00 230.00	(¥) 440.00 455.00	(¥ millions) 13,292 13,757	% 28.0 30.2	% 3.3 3.0
   FY2025 (Forecast)	-	79.00	-	79.00	158.00		31.0

   Note: On April 1, 2025, the Company conducted a 3-for-1 stock split of its common stock and the "Fiscal Year Ended March 31, 2024" and "Fiscal Year Ended March 31, 2025" show the actual dividend amount before the stock split.

   For the "fiscal year ending March 31, 2026 (forecast)," the impact of the stock split has been taken into account.

3. Forecast for Fiscal 2025 (April 1, 2025 - March 31, 2026)

   (Percentage figures represent comparisons with fiscal 2024 full-year results)

   	Operating Profit		Ordinary Profit		Profit Attributable to Owners of Parent		Basic Earnings per Share
   Full Year	(¥ millions) 66,000	% 1.9	(¥ millions) 70,000	% 1.4	(¥ millions) 46,000	% 1.6	(¥) 509.94

   Note: On April 1, 2025, the Company conducted a 3-for-1 stock split of its common stock. Net income per share" in the consolidated earnings forecast for the fiscal year ending March 31, 2026 takes into account the effect of this stock split.

   *Notes

   1. Significant changes in the scope of consolidation during the period: Yes Newly included: 6 companies (Wako Pallet Co., Ltd., CB Holdings Inc., etc.)

   2. Changes in accounting policies, changes in accounting estimates, and restatement

      (ｉ) Changes in accounting policies due to revisions to accounting standards and other regulations: Yes

      1. Changes in accounting policies due to other reasons: None

      2. Changes in accounting estimates: None

      3. Restatement: None

         Note: For details, please refer to "3. Consolidated financial statements and significant notes thereto,

         (5) Notes to the consolidated financial statements, Notes on changes in accounting policies" on page 19 of the attached materials.

   3. Number of issued shares (common shares)

1. Total number of issued shares at the end of the period (including treasury shares)

   As of March 31, 2025 90,863,430 shares As of March 31, 2024 90,863,430 shares

2. Number of treasury shares at the end of the period

   As of March 31, 2025 656,730 shares As of March 31, 2024 665,811 shares

3. Average number of shares outstanding during the period Fiscal year ended March 31, 2025 90,256,182 shares

Fiscal year ended March 31, 2024 90,145,320 shares

Note: On April 1, 2025, the Company conducted a 3-for-1 stock split of its common stock. Accordingly, "Number of shares outstanding at the end of the period," "Number of treasury stock at the end of the period," and "Average number of shares outstanding during the period" are calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal year.

The Company has introduced Board Benefit Trust (BBT). Number of treasury shares includes the following Company's shares held by Board Benefit Trust (BBT) 510,600 shares as of March 31, 2025 and 443,100 shares as of March 31, 2024. Furthermore, treasury shares that are deducted in the calculation of the average number of shares during the period include the following Company's shares held by Board Benefit Trust (BBT) 427,458 shares for the fiscal year ended March 31, 2025, and 443,511 shares for the fiscal year ended March 31, 2024.

1. Non-consolidated operating results (Percentages indicate year-on-year changes.)

   	Net sales		Operating profit		Ordinary profit		Profit
   FY2024 FY2023	(¥ millions) 387,874 433,564	% (10.5) (0.7)	(¥ millions) 37,045 39,588	% (6.4) 16.9	(¥ millions) 41,906 47,376	% (11.5) 23.2	(¥ millions) 30,571 32,487	% (5.9) 28.0

   	Basic earnings per share	Diluted earnings per share
   	(¥)	(¥)
   FY2024	338.72	338.13
   FY2023	360.39	359.38

   Note: On April 1, 2025, the Company conducted a 3-for-1 stock split of its common stock. Accordingly, "net income per share" and "diluted net income per share" are calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal year.

2. Non-consolidated financial position

Reference: Equity

As of March 31, 2025 ¥ 324,875 million As of March 31, 2024 ¥ 314,022 million

Note: On April 1, 2025, the Company conducted a 3-for-1 stock split of its common stock. Accordingly, "Net assets per share" is calculated on the assumption that the stock split was conducted at the beginning of the previous fiscal year.

(Caution Concerning Forward-Looking Statements)

Earnings forecasts and other forward-looking statements in this report are based on certain assumptions that are deemed reasonable and information available to the Company at the time of this report's preparation. Therefore the Company does not guarantee the achievement of any projections. Actual results may differ significantly from these forecasts for a number of reasons.

(Method of Obtaining Supplementary Explanation Materials)

The materials are disclosed on the Timely Disclosure network (TDnet) on the same day as the date of this report.

1. Review of consolidated operating results
   1. Analysis of operating results for Fiscal 2024
      1. Summary of Fiscal 2024

         During the fiscal year ended March 31, 2025 (fiscal 2024), the Japanese economy was on a gradual recovery trend backed mainly by an improved employment and income environment and solid corporate earnings, and normalization of monetary policies progressed, including the policy rate hikes by the Bank of Japan. On the other hand, there are risks that U.S. trade policy could put downward pressure on the domestic economy, and uncertainty about the future is growing.

         In this environment, the Fuyo Lease Group is working on its five-year (FY2022-FY2026) medium-term management plan "Fuyo Shared Value 2026" that aims to achieve sustainable growth by resolving social issues through human growth and dialog while at the same time delivering economic value. In fiscal 2024, the third year of the medium-term management plan, we made it our aim to become a corporate group that strongly pursues sustainable growth in drastically changing external environments, and we steadily implemented the business strategies and management strategies outlined in the plan.

         As a result, newly executed contract volume in fiscal 2024 totaled ¥1,843,981 million, up 5.8% year on year. Consolidated operating assets (after subtracting the deferred profit on installment sales) as of March 31, 2025 totaled ¥3,072,143 million, up ¥194,694 million, or 6.8%, from the end of fiscal 2023 (March 31, 2024).

         In terms of profits, net sales decreased 4.3% year on year to ¥678,395 million, operating profit increased 7.9% year on year to ¥64,760 million, ordinary profit increased 1.0% year on year to ¥69,036 million, and profit attributable to owners of parent decreased 4.1% year on year to ¥45,277 million.

         We achieved year-on-year increases in operating profit and ordinary profit, setting new records for the highest profit ever achieved.

         For ordinary profit in particular, which is set as a management target in the medium-term management plan, this was the eighth consecutive fiscal year that the record-high amount was updated.

      2. Segment information

Consolidated results for each business segment for fiscal 2024 are as follows. Please note that net sales for each segment are "revenue from external customers" and segment profit is the amount shown in reportable segments.

Lease and Installment Sales

Newly executed contract volume in the Lease and Installment Sales segment decreased 16.7% year on year to ¥528,058 million and segment operating assets increased 4.6% from the end of fiscal 2023 to

¥1,929,673 million. Segment net sales decreased 5.8% year on year to ¥583,677 million and segment profit increased 4.0% year on year to ¥43,744 million.

Financing

Newly executed contract volume in the Financing segment increased 19.9% year on year to ¥1,314,656 million, and segment operating assets increased 11.6% from the end of fiscal 2023 to ¥1,109,628 million. Segment net sales increased 19.4% year on year to ¥39,003 million, and segment profit increased 34.1% year on year to ¥25,090 million.

Other

Newly executed contract volume in the Other segment decreased 89.7% year on year to ¥1,267 million, and segment operating assets decreased 15.3% from the end of fiscal 2023 to ¥32,841 million. Segment net sales decreased 0.6% year on year to ¥55,714 million, and segment profit decreased 1.2% year on year to ¥11,429 million.