Jafco Group Co., Ltd. TSE:8595
JAFCO : Earnings Presentation for the Third Quarter of FY March 2026
Source: MarketScreener
Third Quarter
FY March 2026
Contents
Executive Summary 3
Financial Results
4 - 21
Fund Management Status
22 - 26
3Q Achievements and Initiatives
27 - 29
30 - 38
Section 1
Section 2
Section 3
Appendix
The contents of this document are based on materials available at the time of its compilation and no guarantee can be made as to the continued accuracy and reliability of the material. The contents may be changed without advance notification. Please note that even if this document contains forward-looking or forecast statements, such statements are not guarantees of future performance, and future performance may differ from actual results due to changes in the business environment and other factors. The information in this document is for presentational purposes only and is not an inducement to invest in securities issued by the Company or in private equity funds. JAFCO Group holds all rights to this document with the exception of material taken from other sources, and no part of the document may be used or reproduced for any purpose whatsoever without prior permission.
Summary of 3Q FY March 2026
Changes in business environment and impact on portfolio companies
The TSE Growth Market and IPO market continue to be at low levels
IPOs in the Growth Market decreased to 46 compared to 28 in the same period last year (April to December)
Continue close monitoring of political trends and financial policies in Japan and abroad, startup-related policies in
Japan, and the impact of TSE's amendment to the Growth Market listing criteria
Performance
(standalone)
Capital gains of ¥5.1 billion on sale of listed/unlisted shares (¥10.8 billion in the same period last year); 2 IPOs in Japan
Investment
Â¥16.6 billion domestically (Â¥22.8 billion in the same period last year)
Funds
Established the flagship SV8 Fund Series in December; ¥50 billion raised, aiming for total of ¥100 billion
Shifting focus to
domestic investment
Completed the transfer of JAFCO Investment (Asia Pacific) Ltd (JIAP) on October 31, 2025 and JAFCO America Ventures
Inc. (Icon) on January 6, 2026; Non-operating income and extraordinary income of approx. ¥2.6 billion expected
Following the transfers, we will continue to hold our investments in existing funds managed by the Asian and US companies
Sustainability
Formulated our Human Rights Policy; Became a PRI signatory and formulated our ESG Investment Policy
Shareholder returns
The dividend policy will be to pay out the greater of either 6% DOE (ratio of annual dividends to shareholders' equity
at end of previous fiscal year) or a 50% payout ratio
Completed ¥5 billion of share buybacks and canceled 1,810,000 outstanding shares (3.2%), resulting in a current total of 54,250,000 outstanding shares
Dividends for FY March 2026: ¥66.5 paid out as interim dividends; No change to projected annual dividend of ¥133
(minimum)
Section 1 Financial Results
JAFCO has transitioned to non-consolidated financial statements starting from the third quarter of the fiscal year ending March 31, 2026. As such, figures for prior periods are also presented on a standalone basis.
Changes Resulting from Transfer of Overseas Subsidiaries
Prior to 3Q of FY March 2026 3Q of FY March 2026 onward
Operational hubs
Japan, Asia, and the US
Focus all resources on Japan (domestic)
Completed transfer of JIAP (Oct. 31, '25) and Icon (Jan. 6, '26)
Transitioned to non-consolidated (standalone) financial statements
Capital gains from interests in overseas funds*1 to be recorded as non-operating gains/losses
*There will be no fund management fees or success fees following the transfer of the overseas subsidiaries.
Interests in overseas funds*1 to be reclassified as investment securities
*Decided to focus on domestic investment as of Apr. 23, '25
Financial statements
Consolidated financial statements
Revenue recording
Fund management fees, success fees, and capital gains recorded as operating gains/losses
B/S recording All is recorded as operational investment securities
Accounting Treatment Starting from Q3 of FY March 2026 B/S recording
Invest ments | Operational investment securities | |
Listed Unlisted | ||
Investment loss reserves | ||
Investment securities | ||
Interests in overseas funds*2 | ||
Domestic funds
Overseas funds
JAFCO's
interests *2
(US and Asia)
Revenue recording
Capital gains
Gross profit
Fund management fees
Success fees
Income from fund management
Limited partners'
interests
JAFCO's
interests
Additions to investment loss reserves (net)
Operating profit
Non-operating gains/losses
Selling, general and administrative expenses
Net income
*1 JAFCO's interests in existing funds operated by the transferred Asian and US companies.
Non-operating
gains/losses
(interests in overseas funds)
SG&A expenses
Income from fund management
(fund management fees
& success fees)
Capital gains
(Reference) Change in Profit/Loss Accounting from Transition to Non-Consolidated Financial Statements
Japan Asia USA | Previous financial statements | New financial statements | |
Consolidated | Non-consolidated | Non-consolidated | |
â—‹ â—‹ â—‹ | â—‹ â—‹ Until Sep. '25 â—‹ Until Dec. '25 | â—‹ - - | |
Japan | â—‹ | â—‹ | â—‹ - - |
Asia | â—‹ | - | |
USA | â—‹ Partial | â—‹ Partial; Until Dec. '25 | |
Japan Asia USA | â—‹ â—‹ - | â—‹ - - | â—‹ - - |
Asia | â—‹ From Oct. '25 | ||
USA | â—‹ | ||
From Jan. '26 | |||
Financial Performance (Non-Consolidated) | ||||
＜Ref. values＞ | ||||
Year ended | 1Q-3Q | 1Q-3Q | Annualized | |
March 31, 2025 A 2024.04-2025.03 | Dec. 31, 2024 1Q - 3Q | Dec. 31, 2025 1Q - 3Q B | comparison [B/3×4]/A | |
Total net sales | 28.2 | 24.1 | 17.7 | 84% |
Gross profit | 15.8 | 13.7 | 7.0 | 59% |
Capital gains | 12.5 | 10.8 | 5.1 | 54% |
Domestic | 10.4 | 8.6 | 6.5 | 84% |
Income from fund management | 4.8 | 3.9 | 2.9 | 80% |
Management fees | 3.5 | 2.7 | 2.5 | 95% |
Success fees | 1.3 | 1.2 | 0.4 | 39% |
Others * | (1.5) | (1.2) | (1.0) | - |
Additions to investment loss reserves | (0.3) | (0.2) | 0.0 | - |
(Reversal of) unrealized losses on operational investment securities | (0.0) | (0.0) | 0.1 | - |
SG&A expenses | 4.1 | 2.9 | 2.9 | 96% |
(SG&A expenses exclueding buisiness tax) | 3.6 | 2.5 | 2.6 | 98% |
Operating income | 12.1 | 10.8 | 3.9 | 43% |
Non-operating gains/losses | 1.1 | 1.5 | 2.1 | 261% |
Ordinary income | 13.2 | 12.2 | 6.0 | 61% |
Net income | 9.6 | 8.8 | 5.6 | 78% |
ROE | 7.1% | - | - | - |
[Â¥ billion]
*Amount calculated by deducting "Other costs" from "Other sales"
・For Asian funds, recorded as capital gains up to 2Q of FY March 2026 and as non-operating gains/losses from 3Q of FY March 2026. For US funds, recorded as capital gains up to 3Q of FY March 2026.
20.3 | 21.3 | 22.3 | 23.3 | 24.3 | 25.3 | 25.12 | ||
Capital gains Domestic | 11.2 4.8 | 10.7 9.5 | 12.7 12.5 | 4.0 4.4 | 7.8 8.6 | 12.5 10.4 | 5.1 6.5 | |
Income from fund management | 3.4 | 4.7 | 6.5 | 3.7 | 4.4 | 4.8 | 2.9 | |
Management fees | 2.2 | 2.4 | 2.4 | 2.7 | 4.0 | 3.5 | 2.5 | |
Domestic | 2.1 | 2.3 | 2.2 | 2.6 | 3.8 | 3.3 | 2.4 | |
Success fees | 1.2 | 2.3 | 4.2 | 0.9 | 0.4 | 1.3 | 0.4 | |
Domestic | 1.2 | 1.7 | 4.2 | 0.9 | 0.4 | 1.3 | 0.4 | |
Additions to investment loss reserves (net) Domestic | (0.5) 0.2 | 2.6 2.4 | (1.9) (1.4) | 5.6 4.3 | (0.8) (1.9) | (0.3) (1.1) | 0.0 0.5 | |
Non-operating gains/losses | 5.9 | 2.6 | 1.6 | 3.3 | 1.8 | 1.1 | 2.1 | |
MOIC | 2.1x | 3.1x | 2.8x | 1.7x | 1.7x | 2.2x | 1.5x | |
Domestic | 2.2x | 5.5x | 3.3x | 2.1x | 2.1x | 2.2x | 2.3x | |
(Reference) Breakdown of Standalone Figures
[Â¥ billion]
Balance of operational investment securities | 61.8 | 77.5 | 86.2 | 96.4 | 101.5 | 103.1 | 68.7 | |
Listed | 8.4 | 16.2 | 14.2 | 12.7 | 17.4 | 20.4 | 22.4 | |
Domestic | 8.2 | 14.8 | 13.6 | 10.0 | 14.2 | 19.4 | 22.4 | |
Unlisted | 53.3 | 61.3 | 72.0 | 83.7 | 84.1 | 82.8 | 46.3 | |
Domestic | 36.6 | 42.6 | 47.4 | 54.3 | 50.6 | 45.8 | 46.3 | |
Balance of investment loss reserves Domestic | (7.9) (5.3) | (10.5) (7.8) | (8.6) (6.4) | (14.2) (10.7) | (13.4) (8.8) | (13.1) (7.7) | (8.2) (8.2) | |
Investment securities (overseas funds) | - | - | - | - | - | - | 36.3 | |
Profit and SG&A Expenses (Domestic Only; Overseas Funds Excluded)
Management fees are roughly at a level able to cover SG&A expenses (excl. business tax)
[Â¥ billion]
Income sources (left bar)
Capital gains8.1
13.5
9.5
18.9
12.5
7.9
4.6
12.9
8.6
15.0
10.4
*3 4.1
9 mos.
9.3
6.5
Expenses (right bar)
Business tax SG&A expensesSuccess fees
4.8 3.3
3.7
3.4
4.4
3.8
2.9
(excl. business tax) *1Management fees
0.5
1.7 1.1 4.2 0.5 0.9 1.2
0.4
0.4 1.3 0.5
0.4 0.3
1.2
2.1 2.8
2.3 2.6 2.2
2.9
2.6
3.4
3.8 3.3 3.3 3.6
2.4
2.6
No. of employees (consolidated basis)
Admin. expense coverage*2
20.03 | 21.03 | 22.03 | 23.03 | 24.03 | 25.03 | 25.12 |
102 | 103 | 108 | 117 | 126 | 131 | 132 |
79% | 91% | 83% | 81% | 120% | 97% | 94% |
*Note: 1. Business tax is classified separately from SG&A expenses due to large fluctuation in the amount resulting from gains on sales of shareholdings.
Admin. expense coverageï¼Management fees/SG&A expenses excl. business tax
Management fees of ¥3.8 billion for FY 24.03 include ¥0.4 million corresponding to FY23.03 (due to the increase of external capital commitments for the SV7 fund).
Figures are rounded to the nearest decimal place.
Income from fund management excludes management of JAFCO's interests in funds.
â‘¢ Capital gains on JAFCO's interests | |
â‘¡ Success fees | |
â‘ Fund management fees |
JAFCO's Primary Revenue Structure
Fund management income × Rate of
external investors' interests × 20％
â‘¡ Success fees**
â‘ Fund management fees Capital commitments from external
investors* × Approx. 2% per annum
Fees from investors' capital commitments for the operation of funds
Total capital commitments to funds
JAFCO's interests
External investors'
interests
Returns generated from JAFCO's commitments to funds
Gain/loss on the sale of portfolio shares
corresponding to JAFCO's interests in funds
â‘¢ Capital gains
* Funds entrusted for management by external investors.
** Success fees are recorded once cumulative dividends exceed capital commitments.
Profit Breakdown 1) Fund Management (Domestic Only; Overseas Funds Excluded)
Stably record fund management fees through the operation of flagship funds (SV5, SV6, SV7).
Increase the fund size in line with market expansion, increase the external funding ratio, and accumulate fund management fees.
[Â¥ billion]
SV6
established
*2
SV7
established
SV8
2.6
2.4
2.3
2.2
2.1
3.8
3.3
9 mos.
3
4
28.03- 31.03-
30.03 33.03
320.0 370.0
250.0 290.0
.9
.2
Fund management fees Capital commitments from external investors × Approx. 2% per annum
established *3
Management Fees20.03 | 21.03 | 22.03 | 23.03 | 24.03 | 25.03 | 25.12 | … | |
Total capital commitments | 365.0 | 365.0 | 215.0 | 289.4 | 312.8 | 312.8 | 312.8 | |
Of which, external capital commitments*1 | 123.8 | 123.8 | 123.8 | 139.9 | 169.3 | 173.8 | 173.8 |
Fund management fees stack up with fundraising for new funds
The key driver is capital commitments from external investors.
**28.03-30.03 and 31.03-33.03 represent medium- to long-term quantitative targets indicated in the Basic Policy for Enhancing Corporate Value as updated at the end of FY March 2025.
*1. Funds entrusted for management by external investors.
*2. Management fees of ¥3.8 billion for FY 24.03 include ¥0.4 million corresponding to FY23.03 (due to the increase of external capital commitments for the SV7 fund).
*3. Success fees from the new fund series are expected to arise starting in FY March 2027.
Profit Breakdown 2) Success Fees (Domestic Only; Overseas Funds Excluded)
Success fees amounted to ¥0.4 billion.
Success fees are influenced by the exit environment; They are accrued from funds under operation whose distributions have exceeded
capital commitments.*1
Amount of Success Fees
4.2
Image of Future Success Fees for the Current Balance of Unlisted Holdings in Japan*2 (assuming an MOIC (multiple on invested capital) of 3.0x)
1.7
1.2
1.3
0.9
0.4
20.03
21.03
22.03
23.03
24.03
25.03
25.12
0.4
9 mos.
Success fees
Fund returns
（potential capital gains）
×
Ratio of external commitments
×
20ï¼…
[Â¥ billion]
[Â¥ billion]
151.4
About 300.0
Assuming an
MOIC of 3.0x*3
Potential capital gains
(all funds)
About 195.0
Ratio of external commitments (approx. 65%)
Ratio of
JAFCO's
commitment
(approx. 35%)
About 39.0*4
Balance of
unlisted holdings in
Japan
(all funds)
*1 Success fees are recorded once the cumulative distributions exceed capital commitments.
*2 Calculation of success fees for JAFCO's total balance of unlisted holdings in Japan as of the
end of December 2025 assuming an MOIC of 3.0x.
*3 The average MOIC over the past 10 years in Japan was 2.6x.
*4 Success fees distributed to partners and executives of JAFCO as well as fund management fees deducted from success fees have not been considered in the above calculations for the sake of simplicity.
Profit Breakdown 3) Capital Gains and MOIC (Domestic Only; Overseas Funds Excluded)
Total capital gains amounted to ¥6.5 billion with a MOIC of 2.3x
2 IPOs: Izawa Towel (buyout investment), Mirrativ (venture investment)
5.5
12.5
9 mos.
9.5
10.4
8.6
[Â¥ billion]
6.5
Gross MOIC
Gain (loss) on sale, net (listed) Gain (loss) on sale (unlisted)
4.8
2.2
2.5
7.1
3.3
12.0
4.4
2.1
5.0
2.1
8.8
2.3
2.2 5.1
2.6
2.3
2.4
3.6
1.8
1.6
1.4
20.03
21.03
0.6
22.03
23.03
24.03
25.03
25.12
Gains
3.9
2.5
3.3
1.9
5.5
2.5
2.1
Unlisted
Breakdown of Capital Gains
[Â¥ billion]
Capital Gains
6.5
MOIC
2.3x
VC BO 6.5
3.0
3.6
25.12
(9 mos.)
[Â¥ billion]
Losses | (1.6) | (0.1) | (2.7) | (0.1) | (1.9) | (0.9) | (0.6) | |
# IPOs | 3 | 4 | 4 | 4 | 6 | 8 | 2 | |
Listed | Unrealized gains | 7.0 | 13.4 | 12.2 | 8.9 | 12.9 | 16.3 | 21.2 |
Note: 1. Gain (loss) on sale (unlisted) includes other revenue related to portfolio companies.
Gain (loss) on sale, net (listed) and gain (loss) on sale (unlisted) include impairment loss.
Unrealized gains are valuation gains on listed operational investment securities.
Capital gains
Acquisition cost
Balance of Unlisted Operational Investment Securities (Domestic Only; Overseas Funds Excluded)
With a balance of unlisted operational investment securities (acquisition cost) of ¥46.3 billion, fair value valuation is ¥57.8 billion. The following is a simulation of capital gains and earnings in the income statement assuming an MOIC at exit of 3x.
Simulation assuming MOIC at exit 3x the acquisition cost Cumulative sales (simulation) Approx. ¥139.0B
Cumulative capital gains (simulation)
Approx. ¥92.5B
Cumulative earnings in the income statement
(simulation)
Approx. ¥100.0B*1
66.4
69.8
60.8
57.8
54.3
50.0
42.6
47.4
50.6
45.8
46.3
36.6
41.0
43.7
41.8
38.1
31.3
34.8
38.1
Domestic Average MOIC (results)*2
Acquisition cost-basis
2.6x
Marked-down valuation-basis
3.4x
Earnings in the income statement
Future sale valuation
Fair value valuation
Marked-down valuation
[Â¥ billion]
20.03 21.03 22.03 23.03 24.03 25.03 25.12
*Fair value valuation began in 22.03; Prior figures have not been assessed and are therefore omitted.
Simulation for current balance at exit
*1 ¥100.0 billion: 92.5 + (46.3 - 38.1)
*2 Average MOIC over past 5 years
Additions to Investment Loss Reserves (Domestic Only; Overseas Funds Excluded)
Balance of investment loss reservesAdditions to investment loss
reserves 14.5%
Reserve ratio18.2%
13.5%
19.6%
10.7
17.4%
16.8%
9 mos.
17.7%
[Â¥ billion]
[Â¥ billion]
7.8
6.4
5.3
1.8 2.6
5.4
8.8
7.7
8.2
0.6
0.5 1.5
1.5
20.03 21.03 22.03 23.03 24.03 25.03 25.12
Balance of unlisted securities
36.6 42.6 47.4 54.3 50.6 45.8
46.3
[Â¥ billion]
Net reserve additions
0.2 2.4 (1.4) 4.3 (1.9) (1.1)
0.5
No. of portfolio companies covered by investment loss reserves
31 42 33 54 52 50
54 [Cos.]
Note: 1. Investments in other funds are not included.
(Ref.) Fair Value Valuation and Valuation Multiple of Unlisted Holdings
(Domestic Only; Overseas Funds Excluded)
Valuation of unlisted operational investment securities
Valuation multiple in holding period and assumption until exit
（As of the end of December 2025）
Valuation multiple by holding period
(Yrs. below show average holding period) (No. of portfolio companies based on holding period
[Â¥ billion]
57.8
Avg. for the past 10 yrs.
（3.56x against marked-down valuation)
2.60
is shown below)
Fair value valuation multiple
Valuation multiple after markdowns
1.38 1.32
45.8 46.3
50.0
38.1 38.1
1.00
Fair value valuation multiple
1.25
0.82
Valuation multiple
2.59
Avg. for the past 5 yrs.
（3.38x against marked-down valuation)
1.16 1.26
0.96
0.87
0.74
0.47
after markdown
Acquisition cost
Valuation after
markdowns
Fair value valuation
25.03 25.12 25.03 25.12 25.03 25.12
Acquisition Shares beingheld
Avg. MOIC *
3 yrs or less 3-6 yrs 6-9 yrs Over 9
years
25.03
25.12
1x 0.83x 1.09x
1x 0.82x 1.25x
0 yrs.
→ 4.2 yrs.**
6.4 yrs.***
73Cos. 69 Cos.
34 Cos.
14 Cos.
* Avg. MOIC: Calculated by dividing total revenue from operational investment securities over the 5-yr period/15-yr period at the end of the previous fiscal year by total cost of sales. The multiple is not that of assets currently being held.
** Average holding period (Shares being held): Average holding period since initial investment of shares currently being held.
*** Average holding period (Avg. MOIC): Average holding period of operational investment securities that have been sold or gone public during the 5-yr period ended March 31,2025.
Fair value valuation: Unaudited reference values estimated by JAFCO based on the International Accounting Standards, which are also disclosed to fund investors.
Valuation multiple: Valuation multiple against 1 as acquisition cost
JAFCO Group Asset Composition and Fund Assets Under Management
Asset composition Domestic fund assets under
management and JAFCO's interests
[Â¥ billion]
Total assets 161.8 | Investments 100.9 | Operational investment securities | 68.7 | |
Listed Unlisted | 22.4 46.3 | |||
Investment loss reserves | (8.2) | |||
Investment securities | 40.5 | |||
Interests in overseas funds*3 | 36.3 | |||
Cash and deposits 57.2 | Of which, JAFCO's paid-in interests in funds | 2.3 | ||
Of which, portion used for payment of income taxes payable, accrued expenses, acquisition of treasury shares, etc. | 0.1 | |||
( Available cash and deposits | 51.4 ) | |||
Other assets | 3.7 | |||
*1 Including valuation difference in market value of unlisted holdings of ¥2.2 billion
*2 The amount of capital commitments that have not been paid to the funds under management.
*3 JAFCO's interests in existing funds managed by the transferred Asian and US companies. Note: Part of fund assets under management include JAFCO's direct investment interests
Unpaid assets
Paid-in assets
184.2
[Â¥ billion]
Listed operational investment securities 27.0 （market value) | ||
Of which, JAFCO's interests | 22.4 | |
Unlisted operational investment securities*1 | 151.8 | |
Of which, JAFCO's interests | 46.3 | |
Funds on hands | 5.4 | |
Of which, JAFCO's interests | 2.3 | |
Uncalled commitments to funds *2 27.6 | |
Of which, JAFCO's interests 6.5 | |
Cash and Deposits
Share buybacks of ¥5 billion were completed on October 23. Net available cash after deducting uncalled commitments to funds, CBs, and long-term interest-bearing debts stood at ¥20.8 billion.
FY March 2026
3Q | |
Cash and deposits | 57.2 |
Fixed-purpose cash and deposits | 5.8 |
Cash in funds (JAFCO's interests) | 2.3 |
Forecast dividend payments | 3.5 |
Accrued income taxes | - |
Short-term interest-bearing debts・Accrued expenses | 0.1 |
Available cash and deposits | 51.4 |
[Â¥ billion]
A B
*The amount of capital commitments to be paid into the funds under management within about three years
Cï¼AーB
Uncalled commitments to funds * | 15.5 |
D
Available cash and deposits (after deducting uncalled commitments to funds) | 35.9 |
CBs and long-term interest-bearing debts | 15.1 |
Eï¼CーD
F
Net available cash (after deducting uncalled commitments to funds, CBs, and long-term interest-bearing debts) | 20.8 |
EーF
Net assets
FY March 2025 Total | FY March 2026 3Q | Change | |
Net assets | 137.5 | 137.1 | (0.4) |
Capital stock/capital surplus | 66.1 | 66.1 | - |
Retained earnings | 57.8 | 52.4 | (5.4) |
Treasury shares | (3.7) | (4.0) | (0.4) |
Total shareholders' equity | 120.2 | 114.4 | (5.8) |
Valuation difference, etc. | 17.3 | 22.7 | 5.4 |
Net assets per share*1 [yen] | 2,521 | 2,606 | 86 |
Ref. After-tax fair value valuation of domestic portfolio companies [yen] | 2,672 | 2,869 | 197 |
Share price*2 [yen] | 2,073 | 2,410 | 338 |
Market capitalization*1 | 113.1 | 126.8 | 13.7 |
[Â¥ billion]
*Note: 1. Amount excluding treasury shares
2. Share price is the closing price at the end of each term
Status of Interests in Overseas Funds *1
Interests in overseas funds (JAFCO's interests in existing funds operated by the transferred Asian and US companies) are
recorded to investment securities. Operating gain/loss after the transfers are recorded to non-operating gain/loss.
Capital Gains (Sales - Investment Costs) Balance After Reserve and Reserve Ratio
6.0 3.4 | Capital gains MOIC | 2.1 | 15.3% Asia USA Reserve Ratio | 14.5% | 8.9% 8.4 | 12.0% 9.5 | 13.7% 11.8 | 14.6% 12.7 | 13.0% 180 | |||
1.6 1.1 | 1.0 | 0.6 0.8 | 2.2 | 0.7 | 5.4 [Â¥ billion] 8.7 | 5.7 10.3 | 14.0 | 16.4 | 17.2 | 18.9 | 182 |
0.2
[Â¥ billion]
â–² 0.4
â–² 0.9
[times]
20.03 21.03 22.03 23.03 24.03 25.03 25.12
Balance of Overseas Fund Interests / Uncalled Commitments
â–² 1.4
20.03 21.03 22.03 23.03 24.03 25.03 25.12
[Â¥ billion]
Paid-in interests in funds
Asia
180
36.3
USA
182
9.0
（balance of investment securities）
Uncalled commitments to funds (cash and deposits)
*1 JAFCO's interests in existing funds operated by the transferred Asian *2Capital gains - (Fund management fees + Success fees) - Additions to
Shareholder Returns
Completed ¥5 billion of share buybacks, resolving to cancel 1,810,000 outstanding shares (3.2%) and resulting in a current total of 54,250,000 outstanding shares.
Dividends for FY March 2026: ¥66.5 paid out as interim dividends; No change to projected annual dividend of ¥133 (minimum).
Review of dividend policy FY March 2026 onward The greater of 6% DOE*4 or a 50% payout ratio
Review of dividend policy
285.7ï¼…
266.5%
(Â¥39.5 billion)
(Â¥61.3 billion)
124.6%
*4 Shareholders' equity at the end of the previous fiscal year
102.3%
36.9%
(Â¥42.4 billion)
(Â¥5.0 billion)
(Share buybacks
Total return ratio(Amount of share buyback)
Payout ratio
26.1%
40.0%
13.7%
34.1%
30.8%
(Â¥10.2 billion) 11.0%
26.5%
25.6%
50.1% 50.1%
are based on FY March 2025 results and are therefore counted as shareholder returns for this
Dividend per share [] | 33.3 | 33.3 | 35.7 | 37.3 | 39.3 | 46.0 | 51.0 | 150.0 * | 69.0 | 88.0 |
Total dividends paid [B] | 4.43 | 4.43 | 3.31 | 3.46 | 3.65 | 4.06 | 3.64 | 8.16 | 3.60 | 4.80 |
16.03 17.03 18.03 19.03 20.03 21.03 22.03 23.03 24.03 25.03
fiscal year)
Dividend policy Flexible distribution with a
focus on continuity
*For FY March 2023, the greater of a or b.
The greater of either 3%
３% DOE*2 DOE or 50% of net
income*3
Â¥150
Amount calculated by dividing FY March 2023 net income including the gain on the sale of shares in Nomura Research Institute, Ltd., and after deducting the amount of the share buyback through TOB, by the number of the Company's shares outstanding on the record date of the dividend
*2 Average of the beginning and end of the period. Shareholders' equity does not include unrealized gain (loss)
*3 The Company's basic dividend policy from FY March 2024 to FY March 2025 has been to pay the greater of 3% of shareholders' equity (initial and term-end average value) or 50% of net income.
Section 2 Fund Management Status
Investment Structure
Japan
Investment and business development teams collaborate to enhance portfolio company value and achieve exits
Venture Investment Team
40 members
Buyout Investment Team
22 members
Business Development Team
15 members
Balance of unlisted holdings: ¥151.4 billion / 190 companies (JAFCO's interest: ¥46.3 billion)
Venture: 171 companies / Buyout: 19 companies
Exchange rate: End of December 2025 US$1 =Â¥156.56 Note: 1. Numbers of personnel are as of January 1, 2026.
Balance of unlisted holdings includes funds.
Balance of unlisted holdings are as of December 31, 2025 (acquisition cost basis)
Fund Management Status: 1) Balance of Unlisted Holdings (Domestic Only; Overseas Funds Excluded)
Balance of unlisted holdings
22.0
151.8
Fair value (ref.)
[Â¥ billion]
99.2
111.2
130.4 134.2
19.8
23.3
176
144.0
19.0
183 190
13.7
[Cos.]
Markdowns
Domestic (after markdown)82.3
11.1
16.5
142
126
151
97.6
167
107.2
114.4
125.0
129.8
No. of cos.71.3 82.7
20.03 21.03 22.03 23.03 24.03 25.03 25.12
25.12
Note: 1. Figures are rounded to the nearest decimal place.
"Overseas (after markdown)" and "Domestic (after markdown)" reflect investment loss reserves only and do not consider markups.
Exchange rate: US$1 = ¥156.56 for all periods
Fund Management Status: 2) Investment Activity
27.9
28.0
24.9
23.2
21.5
22.6
9 mos.
12.4
11.0
16.6
19.2
19.3
16.8
17.0
12.5
15.5
10.6
20.03
21.03
22.03
23.03
24.03
25.03
25.12
6.0
9.0
5.8
3.9
5.7
[Â¥ billion]
BuyoutVC
Note: Figures are rounded to the nearest decimal place.
Fund Management Status: 3) New Venture Investments
Invested ¥4.9 billion in 12 startup companies in Japan
9 mos.
21.3%
[Â¥ billion]
15.2% 15.9%
12.6%
15.5%
0.35
0.40
11.5%
14.8%
[Stake]
Average investment amountAverage shareholding (incl. dilutive shares)
(incl. dilutive shares)
0.78
0.40
0.41
0.41
0.49
20.03 | 21.03 | 22.03 | 23.03 | 24.03 | 25.03 | 25.12 | |
No. of cos. | 21 | 19 | 29 | 22 | 25 | 22 | 12 |
Post-money valuation [Â¥ billion] | 5.15 | 2.54 | 2.75 | 2.74 | 4.22 | 2.79 | 1.90 |
Note: 1. Figures are rounded to the nearest decimal place.
Buyout investments are excluded from the chart.
Both average investment amount and average shareholding are simple average of new venture investments in Japan.
Post-money valuation is calculated by dividing average investment amount by average shareholding.
Section 3 3Q Achievements and Initiatives
Buyout investment
3Q Achievements and Initiatives: 1) New Investments in Japan from October to December
We made 4 new venture investments and 1 new buyout investment
Venture investment
QREATION Co., Ltd. Smart Shuzen Co., Ltd.
Planning, management, and production of short
video social media accounts
October 2025
Condominium renovation estimates and
contractor matching services
December 2025
Business line
Initial investment
IPO
Venture
Buyout investment
M&A
3Q Achievements and Initiatives: 2) Major Exits from October to December
In the third quarter, one company was listed on the TSE Growth Market and two achieved exits via M&A
Mirrativ, Inc. | Waterfront Co., Ltd. |
A mobile live-streaming and communication app for gamers | Design/ manufacture/ wholesale of umbrellas |
2019 | 2020 |
December 2025 Lock-up until June 15, 2026 | December 2025 |
Business
line
Initial investment
Exit
Appendix