Japan Asia Investment Company, LimitedTSE: 8518

Financial Results Overview for Year Ended March 31, 2025

· Issued by Japan Asia Investment Company, Limited


Financial Results Overview for Year Ended March 31, 2025

Japan Asia Investment Co., Ltd. (JAIC) (TSE 8518)

Announcement date : May. 15, 2025



Contents

  1. Summary P3

  2. Results for the current fiscal year P4

  3. Progress of the Medium-Term Management Plan P9

  4. Result forecast P13

  5. Appendix P15

    The figures in this document are based on consolidated financial statements prepared in accordance with the previous accounting standards.

1. Results

  • Achieved a 122.9% revenue increase and returned to profitability
  • Progress in project-oriented investment sales, reduced investment losses in Greater China, and cost reductions contributed.

    2. Progress

  • We missed KPI, such as AUM & AUA, in the 1styear, but will achieve by the 3rd year.
  • We plan to increase and newly establish several private equity funds.

    3. Forecast

  • Expecting a 13.9％ revenue increase and a 12.6％ profit increase
  • Expecting capital gains from several unlisted stocks
  • Capital gains from project-oriented investment are expected to decrease.

(million yen)

FY 2024

FY 2025

Change

Operating revenue

964

2,150

122.9%

Operating cost

1,392

990

(28.9%)

Operating gross profit

(427)

1,160

-

SG&A expenses

1,094

886

(19.0%)

Operating income

(1,522)

273

-

Ordinary income

(1,569)

438

-

Profit attributable to

owners of parent

(1,574)

399

-

Factors contributing changes in profit attributable to owners of the parent

210 208

399

517

(1,574)

1,038

FY2024 PJT Capital gains Write-off & Provision SG&A Others FY2025

  • Factors for increased operating revenue and returned to profitability

    • Capital gains increased from 21*project-oriented investments, compared to capital gains from only 1 project in the previous fiscal year.

      *21: 16 group homes for people with disabilities, 3 mega solar plants, 1 distribution warehouse and 1 facility for the elderly

    • Valuation losses and provisions decreased, compared to large amount losses in Greater China in the previous fiscal year.

    • Cost reduction, such as reduction of remuneration of directors, contributed.

Total

Invstment Development

Invstment Management

Fund Platform

（JPY million）

FY 2024

FY 2025

FY 2024

FY 2025

FY 2024

FY 2025

FY 2024

FY 2025

Operating revenue

Fund management fees etc. Proceeds of sales of securities Fund interests income etc.

Other operating reveue Operating cost

Cost of securities sold Investment write-offs and Provision for allowance for possible investment

losses

Fund interests losses etc.

Other operating costs Operating gross profit

964

149

654

74

85

1,392

451

645

279

16

(427)

2,150

160

1,050

849

89

990

719

127

124

18

1,160

314

3

263

23

24

543

262

-269

12

(229)

1,603

3

722

837

39

738

513

88

118

18

864

502

26

391

51

33

848

189

645

10

3

(346)

388

29

328

12

18

251

205

39

6

-137

147

119

-

-27

-

-

-

-

-147

158

126

-

-31

-

-

-

-

-158

  • Investment Development Business - Revenue increased, and operating gross profit returned to profitability

    • Of operating revenue, proceeds of sales of securities increased since 3 mega solar projects were sold.

    • Of operating revenue, fund interests income etc. increased due to capital gains from 1 distribution warehouse, 1 facility for the elderly and 16 group homes for people with disabilities.

•

•

Investment Management Business - Revenue decreased, and operating gross profit returned to profitability

Of operating revenue, proceeds of sales of securities decreased. Sales of listed shares with high profit margin decreased.

Of operating cost, write-offs & provisions decreased. In the previous fiscal year, we had posted provisions and write-offs

for portfolio companies in Greater China, however, we did not post large amount losses in current fiscal year.





  • In October-November 2024, 16 completed group homes for people with disabilities were transferred.

  • This initiative has created an innovative connection between institutional investors seeking high-social-impact investment opportunities and the funding needs of the disability support sector.

  • The transferee is a SPC that has secured funds from institutional investors through the issuance of social project bonds (trust beneficiary rights backed by loan receivables) using the group homes as underlying assets.

  • Additionally, it has received silent partnership investments from a major leasing company and a leading real estate firm.

  • These social project bonds have obtained a credit rating of BBB and a second opinion on compliance with the social bond framework from the Rating and Investment Information, Inc.

(million yen)

FY 2024

FY 2025

Change fluctuation factors

(billion yen)

Total assets

10,438

10,693

2.5%

Cash and deposits

1,750

3,292

88.0%

collection +3.1, capital increase

+1.0, execution of investments & loans (1.0), repayments of loan (0.8), expenses etc.(0.9),

others +0.1

Project oriented investment securities & loans after deducting allowance for possible investment loss

5,248

4,088

(22.1%)

distribution & collection (1.8), allowance (0.1), execution of investments & loans +0.6, interests income/loss +0.1

Private investment securities after deducting allowance for possible investment loss

3,003

2,856

(4.9%)

distribution & collection (0.8), execution of investments +0.2, allowance +0.4

Loans payable

4,314

3,495

(19.0%)

repayments of loan (0.8)

Total shareholders' equity

5,633



6,907

22.6%

capital increase +1.0, profit+0.4,

unrealized gain (0.2)

  • Cash and Deposits: Increased due to progress in investment recoveries and a third-party allotment of shares conducted in June 2024.

  • Investment Assets: Decreased due to the sale of projects.

  • Loans payable : Decreased due to repayments in accordance with agreement.

  • Total shareholders' equity : Increased due to capital increases and recorded profits.

(JPY million)

FY 2024

FY 2025

Operating cash flow

456

1,427

Investing cash flow

(2)

24

Financing cash flow

(828)



179

Change in net cash flow

(365)

1,650

Cash & cash equivalents at end of period

1,396

3,047

  • Operating cash flow increased due to recorded profits and progress in investment collections.

  • Financing cash flow included repayments of long-term borrowings, offset by proceeds from a third-party allotment of shares.



3. Progress of the Medium-Term Management Plan -

Action to Implement Management That Is Conscious of Cost of Capital and Stock Price

To improve PBR Achieve ROE that matches the capital cost (about 13.4％).

① Expand stable revenue. (Cover the fixed costs by fee income to keep recording profits.

Reduce capital cost.)

② Improve profitability. (Replace assets through collecting long-lived assets early.

Improve the asset turnover rate and review asset allocation and business portfolio.

Improve profitability.)

③ Achieve refinancing and improve financial leverage.

④ Update IR activities.

Analysis of the current situation

Goal

PBR has continued to be below 1.



Low return on investment and low asset turnover rate are the causes.

FY

Mar. 2019

Mar. 2020

Mar. 2021

Mar. 2022

Mar. 2023

Mar. 2024

PBR

0.41

0.36

0.53

0.41

0.53

0.68

ROE（％）

8.7

4.9

0.5

0.3

deficit

deficit

PER

5.9

9.1

142.3

200.9

deficit

deficit

ROA（％）

2.00

1.20

0.13

0.09

deficit

deficit

Key Performance Indicators (KPI) Key Goal Indicators (KGI)

AUA Balance of Fund Platform Business

Increase in AUM in the Investment Management

Business

Increase in AUM in the Investment & Development

Business

Plans and targets

deficit

ROE

15 bn

.2 bn

Mar. 2024

Mar. 2027

Mar. 2027

.8 bn

12.7%

1.0 bn

Goal

1.08 bn

More than 13.4% of the cost of capital

Consolidation of profitability and increase

in one-time earnings

Stable Earnings

30 bn

➡ ➡

(１.６) bn

400 bn

Net income attributable to owners of parent



3. Progress of the Medium-Term Management Plan - KPI

① Investment Development Business

Balance of newly acquired AUM (Assets Under Management)

15.0

15.0

¥B

10.0

5.0

6.0

1.4

Plan

Actual & Forecast

FY Mar.2025 FY Mar.2026 FY Mar.2026

② Investment Management Business

¥B

Balance of newly acquired AUM (Assets Under Management)

20.0

15.0

10.0

1.5

30.0 30.0

③Fund Platform Business

FY Mar.2025 FY Mar.2026 FY Mar.2026

Balance of AUA (Assets Under Administration)

¥B 300

269

350

280

400 400

70 funds 65 funds

75 funds 78 funds

80 funds

80 funds

FY Mar.2025

FY Mar.2026

FY Mar.2026

Investment Development Business: We are cautiously developing projects except for group homes for people with disabilities, carefully assessing the external environment.

Investment Management Business: We established 4 funds in FY Mar. 2025, and we are planning to increase the size of existing funds and launch several new ones.

Fund Platform Business : Although our AUA balance has not yet reached the target, improved fee rates have

enabled us to achieve the revenue target for the FY Mar. 2025.

  • We have mainly developed projects in the Kyushu region through collaboration with local financial institutions.

  • We have executed investments in 11 projects during the FY Mar. 2025.

  • Despite asset transfers during the FY Mar. 2025, asset accumulation remains on track.

    Number of group homes invested

    18

    Number of group homes sold

    16

    Kyushu

    16

    Tohoku

    1

    Kanto

    1



    Name of fund

    Inception

    Total commitment amount

    Features

    JAIC Partners Fund, L.P.

    Jun. 2024

    ¥ 179 M

    Private equity fund targeting publicly listed and privately held companies that collaborate with us to create business synergies

    JAIC Specialty Fund, L.P.

    Jan. 2025

    ¥ 160 M

    Private equity fund targeting listed companies and other entities engaged in Japan's souvenir, retail, and tourism industries to promote a virtuous cycle of

    business growth and regional revitalization

    JAIC Supply Chain Fund, L.P.

    Jan. 2025

    ¥ 830 M

    Private equity fund targeting listed companies related to the supply chain in the manufacturing industry

    JAIC-Web3 Fund, L.P

    Feb. 2025

    ¥ 400 M

    Private equity fund targeting listed companies related to Web3 (such as NFTs)







    Major Portfolio Companies: Branding Technology Inc.

    (TSE Growth: 7067) Business Overview: Branding Business, Digital Marketing Business, Offshore-related Business

    Takachiho Co., Ltd.

    (TSE Standard / NSE Main: 8225) Business Overview: Manufacturing and wholesale of tourism souvenirs, retail of tourism souvenirs and related products, and others

    eole Inc.

    (TSE Growth: 2334) Business Overview: Communication Data Business, HR Data Business, and New Businesses such as Web3 (NFT Sales Agency, Game Guild Operations)

    (million yen)

    Actual FY 2025

    Result forcast FY2026

    Change

    Operating revenue

    2,150

    2,450

    13.9%

    Operating cost

    990

    1,050

    6.0%

    Operating gross profit

    1,160

    1,400

    20.7%

    SG&A expenses

    886

    900

    1.5%

    Operating income

    273

    500

    82.6%

    Ordinary income

    438

    460

    5.0%

    Profit attributable to owners

    of parent

    399

    450

    12.6%

    • Private equity investment : We expect the proceeds of sales of securities to increase from the FY Mar. 2025, with plans to sell several unlisted shares in Japan.

    • Project-oriented investment : We anticipate a decline in both the amount and number of project sales from the FY Mar 2025, including distribution center projects, several group home projects for people with disabilities, and other projects.

    • Cost of Sales: The cost of sales is expected to increase due to higher costs associated with equity sales. However, losses from fund interests are expected to decrease as ongoing projects improve profitability.

    • SG&A expenses : We expect an increase in SG&A expenses due to planned workforce expansion to support business growth.

  • The private equity investment business conducted by the Group will be significantly affected by changing factors such as stock markets, given the characteristics of the business. In addition, it has been difficult to forecast results reasonably in the rapidly changing environment.

  • For the convenience of investors and shareholders, however, we disclose "result forecast consolidated under the Previous Accounting Standard" even though it doesn't have enough rationality.

  • The "result forecast consolidated under the Previous Accounting Standard" and any other forward-looking statements in this document are based upon the information currently available to JAIC and certain assumptions. The achievement is not promised. Various factors could cause actual results to differ materially from these result forecasts.

    Cases of business progress

    P16

    Renewable energy projects

    P18

    List of project-oriented investments

    P19

    Business results & financial position & Funds

    P23

    Breakdown of operating revenue & operating

    cost

    P24

    Business field

    P25

    Core competence

    P26

    Efforts for SDGs

    P27

    Company data

    P28

    Disclaimer

    P29



    The "Power Aid Mie Shin-Biomass® Matsusaka Power Plant" in Matsusaka City, Mie Prefecture, has been completed as a fully NON-FIT biomass power plant.


    Project Overview:
    • Location: Matsusaka City, Mie Prefecture
    • Project Name:

      Power Aid Mie Shin-Biomass® Matsusaka Power Plant

    • Completion Date: March 2025
    • Fuel:

      Hybrid fuel such as by-products from Hokuto Co., Ltd.'s Mie Mushroom Center (used mushroom beds), recycled wood chips, and plastic resources

    • Annual Power Generation:

      16.47 million kWh of green electricity

    • Sustainability Impact:

Provides long-term carbon-neutral electricity to the Mie Mushroom Center, reducing waste processing burdens in Taki Town and supporting the local circular economy.



The "KIC Kasukabe Distribution Center 2" in Kasukabe City, Saitama Prefecture, has been completed. Project Overview:
  • Location: Kasukabe City, Saitama Prefecture


  • Completion Date: February 2025
  • Key Features:

    • Strategically located at a site bordered by roads on three sides, providing excellent access to highways and major arterial roads.

    • Near residential areas, enhancing the potential for stable workforce recruitment.

    • Equipped with a solar power system with battery storage, allowing partial on-site power generation.

  • Sustainability Impact:

    • Contributes to reducing environmental impact.

    • Supports lower power costs for tenant companies and provides backup power for business continuity planning (BCP) during power outages.

    • Promotes local employment and logistics efficiency.

Hokkaido, Mega Solar, 1 project 2.3MW

Aomori, Biogas, 1project 0.03MW

*1: Underlined projects are invested from JAIC Solar Fund L.P., Ⅱ

*2: solar power systems with storage batteries installed on the rooftops

Saitama, Solar Power System*2,

Iwate, Mega Solar, 1 project 2.4MW

Fukushima, Mega Solar,

Fukuoka, Mega Solar 1 project, 3 power

plants 3.0 MW in total

1 project 0.2 MW

1 project 0.3 MW

1 project 2.7MW

Tokyo, Biogas,

1 project 1.1MW Solar Power System*2, 1 project 0.3MW

Kumamoto, Mega Solar 1 project 3.1MW

Kagawa, Mega Solar 4 projects 8.7MW

Mie,

Biomass, 2 projects 4.0MW

Wind power, 1 project at most 25.2MW

Kanagawa

Solar Power System*2, 1 project 0.7MW

* Since our investment ratio differs in each project, the amount of JAIC's investment or revenues from mega solar projects that are attributable to JAIC are not necessarily linked to the MW figure of the project.

Mega solar projects

Started electricity sales 9 projects (11 power plants) 22.2 MW

attributable to JAIC

Transfers to buyers other than the funds operated by the JAIC Group

37 projects

Other projects

Started electricity sales 8 projects

4.6 MW

197.7 MW

Under planning 1 project

6.6 MW

25.2 MW



Type of

project

No.

Name of power plant or Location

Generation

Capacity [MW]

Current status

FIT

[excl. tax, ¥]

Solar

1

Nishiki-cho, Kuma-gun, Kumamoto(*)

3.1

Started electricity sales in Dec. 2015

40

2

Nomaike solar power plant(*)

2.4

Started electricity sales in May. 2017

36

3

Mitakabeike solar power plant(*)

1.5

Started electricity sales in Sep. 2017

32

4

Iwate Ichinoseki solar park(*)

2.4

Started electricity sales in Jan. 2018

36

5

Nakaoudaike solar power plant(*)

2.4

Started electricity sales in Apr. 2018

36

6

Higashioudaike solar power plant(*)

2.4

Started electricity sales in Jul. 2018

36

7

Hirono solar park

2.7

Started electricity sales in Feb. 2020

40

8

Akkeshi Luke Supor Solar Power Plant

2.3

Started electricity sales in May 2020

40

9

Ukiha-shi, Shirakabe Solar Power Plant Ukiha-shi, Mizunosato Solar Power Plant

Ukiha-shi, Minou Alps Solar Power Plant

3.0 in total

Started electricity sales in Mar.-May 2020

36

Total 22.2MW [attributable to JAIC 4.6MW]

*Projects that are invested from JAIC Solar Fund L.P., Ⅱ

Type of

project

No.

Location

Generation

Capacity [MW]

Current status

FIT

[excl. tax, ¥]

solar power systems with storage batteries installed on the rooftops

1

Koshigaya City, Saitama

0.2

Started electricity sales in Dec. 2022

-

2

Hidaka City, Saitama

0.3

Started electricity sales in Feb. 2023

-

3

Atsugi City, Kanagawa

0.7

Started electricity sales in Feb. 2023

-

4

Akiruno City, Tokyo

0.3

Started electricity sales in Apr. 2024

-

Biomass

1

Matsusaka City, Mie

2.0

Started electricity sales in Jan. 2018

-

2

Matsusaka City, Mie

2.0

Started electricity sales in Mar. 2025

-

Biogas

1

Hamura City, Tokyo

1.1

Started electricity sales in Mar. 2021

39

Food recycle company that generates biogas for power generation [operator of Hamura biogas power generation]

-

2

3

Touhoku Town, Aomori

0.03

Started electricity sales in Nov. 2018

39

Wind power

Mie

At most 25.2

Under planning

22

Type of

project

No.

Location

Project scale

Current status

Group home for people with disabilities

1

Iwaki City, Fukushima

20-21 rooms for residents, 2-3 rooms for short stay

Started operation in Aug. 2023

2

Kumamoto City, Kumamoto

Started operation in Mar. 2024

3

Yatsushiro City, Kumamoto

Started operation in Dec. 2023

4

Kirishima City, Kagoshima

Started operation in Mar. 2025

5

Morotomi Town, Saga City, Saga

Started operation in May 2024

6

Asakura City, Fukuoka

Started operation in May 2024

7

Oita City, Oita

Under construction (Completed in

April 2025)

8

Nougata City, Fukuoka

Started operation in Nov. 2024

9

Miyazaki City, Miyazaki

Under construction

10

Kurume City, Fukuoka

Started operation in Nov. 2024

11

Ogi City, Saga

Started operation in Jan. 2025

12

Oomura City, Nagasaki

Started operation in Nov. 2024

13

Yamaga City, Kumamoto

Started operation in Dec. 2024

14

Miyakonojyo City, Miyazaki

Started operation in Jan. 2025

15

Satsumasendai City, Kagoshima

Under construction

16

Ryugasaki City, Ibaraki

Under planning

17

Moji, Kitakyushu City, Fukuoka

Preparing for operation

18

Mashiki City, Kumamoto

Preparing for operation

Type of

project

No.

Location

Project scale

Current status

Vegetable plant

Tamba Sasayama City, Hyogo

Annual production: 470 tons in total

Existing part: started operation in Mar. 2019

Expansion part: full-scale operation

started in Aug. 2022

Logistics warehouse

1

Akiruno City, Tokyo

Total floor area 25,804 m² (scheduled), 4 stories above

ground

Completed in Dec. 2023

2

Kasukabe City,

Saitama

Total floor area 18,158 m², 4 stories above ground

Completed in Feb. 2025

3

Non-disclosed

Non-disclosed

Under planning

4

Non-disclosed

Non-disclosed

Under planning

Type of

project

No.

Location

Details of project

Current status

Others

1

Kanagawa City

Shared facility for creative activities "KIKI BASE

FUJISAWA"

Started operation in Apr. 2023

2

-

Electric assisted bicycle subscription service "NORUDE"

Executed first investment in Aug.

2022

3

Non-disclosed

Non-disclosed

Non-disclosed

4

Non-disclosed

Non-disclosed

Non-disclosed

5

Tokyo

Tree burial project, Koenji Temple "Shiba Atago Forest TM"

Started operation in May. 2023

6

Kyoto City

Tree burial project, Kaihoji Temple "Fushimi Momoyama

Forest"

Started operation in Nov. 2023

(JPY million)

FY 2020

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Business results

Operating revenues

2,760

3,089

2,409

3,017

964

2,150

Operating gross profit

1,359

1,301

1,276

961

(427)

1,160

SG&A expenses

1,094

1,086

1,189

1,147

1,094

886

Operating income

265

214

86

(185)

(1,522)

273

Ordinary income

140

173

61

(224)

(1,569)

438

Net income

302

144

49

(269)

(1,574)

399

Financial position

Cash and deposits

3,920

3,699

2,740

2,464

1,750

3,292

Operational investment securities and operating loans of project oriented investment after deducting

allowance for possible investment loss

5,437

5,583

6,781

6,053

5,248

4,088

Operational investment securities of financial investment after deducting allowance for possible

investment loss

5,287

3,111

4,812

3,301

3,003

2,856

Loans payable, bonds & bonds with subscription rights

to shares

8,166

6,950

5,943

5,142

4,314

3,495

Total shareholders' equity

7,223

7,338

7,779

7,518

5,633

6,907

Total assets

15,800

14,657

14,972

13,413

10,438

10,693

(JPY million)

FY 2020

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

New & increased funds

1,359

151

1,001

3,701

1,400

1,569

AUM of funds - total *1

17,390

16,450

16,463

15,850

15,497

14,130

AUM of funds - JAIC *1

5,163

5,434

4,953

3,389

2,428

1,707

（Unit：M）

FY Mar. 2020

FY Mar. 2021

FY Mar. 2022

FY Mar. 2023

FY Mar. 2024

FY Mar. 2025

Investment Development Business（Project-oriented investment）

Asset Management Fees（Management fees, Other operating revenue）(a)

6

11

11

9

12

24

Project Operating Income（Fund interests income and Income gains etc., Other operating revenue）(b)

85

55

(15)

20

29

25

Project Operating Loss（Fund interests losses etc., Other operating cost）（ｃ)

150

110

141

386

281

137

Projecr Operating Income or Loss (b-c)

(65)

(54)

(156)

(366)

(251)

(111)

Proceeds（Proceeds of sales of operationa investment securities, Fund interests income and Income gains etc.）（d）

1,542

1,351

1,150

887

272

1,552

Cost of sales of operational investment securities (e)

489

587

509

90

262

513

Investment write-offs and Provision for allowance for possible investment losses（f）

-

-

-

75

-

88

Capital Gains from Project-oriented Investment (d-e-f)

1,052

763

640

722

10

951

Operating revenue subtotal (a+b+d)

1,634

1,418

1,145

917

314

1,603

Operating cost subtotal (c+e+f)

640

697

650

552

543

738

Operating gross profit subtotal

994

720

495

365

(229)

864

Investment Management Business（Private Equity Investment）

Asset Management Fees（Management fees, Other operating revenue）(g)

93

62

40

17

49

48

Success fees （Management fees）(h)

-

-

-

-

10

-

Proceeds（Proceeds of sales of operationa investment securities, Fund interests income and Income gains etc.）(i)

896

1,469

1,078

1,943

442

340

Cost of sales（Cost of sales of operational investment securities, Fund interests losses etc,）(j)

515

896

337

1,274

203

212

Investment write-offs and Provision for allowance for possible investment losses (k)

245

194

145

229

645

39

Capital gains & Income gains from Private Equity Investments(i-j-k)

135

378

595

439

(405)

89

Operating revenue subtotal (g+h+i)

989

1,532

1,119

1,960

502

388

Operating cost subtotal(j+k)

760

1,090

483

1,503

848

251

Operating gross profit subtotal

228

441

636

457

(346)

137

Fund platform Business

Administrative Service Fees（Management Fees, Other operating revenue）

136

138

144

139

147

158

Total

Operating revenue

2,760

3,089

2,409

3,017

964

2,150

Operating cost

1,401

1,788

1,133

2,056

1,392

990

Operating gross profit

1,359

1,301

1,276

961

(427)

1,160

③ Fund Platform Business

Fund operation service as a contractor

Private Equity investment

Project-oriented

investment

Previous JAIC

② Investment Management Business

① Investment Development Business



Investment Development

Business

  • This is an investment business targeting Special Purpose Companies (SPCs) that own tangible assets. We provide finance by raising investment funds through private equity funds or loans.

  • After constructing the operational assets, we either operate or sell it. We invest in private tangible assets that are less affected by inflation and economic trends. The main investment targets are follows;

    Energy: Renewable energy power plants, storage facilities

    Infrastructure: Logistics facilities Healthcare: Group homes for people with disabilities

    Fund Platform

    Business

    JAIC Business Services Co., Ltd., with years of experience as a fund administrator, provides middle and back-office services for fund operations.

    Investment Management

    Business

  • This is an investment business targeting various securities issued by corporations.

  • Leveraging our company's strengths, we form funds to engage in buyout investments and PIPEs targeting traditional assets such as listed stocks and bonds.

Additionally, we invest in alternative (non-traditional) assets. We conduct venture investments and buyouts in unlisted companies as well.

Wide range of network with venture companies

JAIC has track record of leading more than 300 invested venture companies to "Going Public". Through the long time investment activities, JAIC enjoys close relationship with wide range of venture companies. Based on this intangible asset, JAIC is utilizing the network to create value for invested companies through business matching and cultivating new business theme for JAIC's own.

Capability to capture up-to-date business information

Through the activity of exploring promising companies and investment opportunities, JAIC has capability to capture highly professional and cutting-edge information on various corporates.

Expertise to structure sophisticated finance scheme

JAIC's accumulated invested volume inside and outside of Japan is Japanese Yen 330 billion.

For the project oriented investment, in addition to providing direct equity investment, JAIC has been arranging various financing scheme utilizing project-finance approach and leverage financing together with financial institutions.

Historical background in Asian region

Since its establishment in 1981 by the Japan Association of Corporate Executives (Keizai Doyukai), JAIC has contributed to economic exchange between Japan and Asian countries over 35 years which led to high name recognition.



As an investment company that links Japan with the rest of the Asian region, we are committed to contributing to the creation of a safer, stabler and more efficient future society under the circumstances of structural problems caused by the declining birthrate and increasing aging population.

Management Philosophy

Based on our core value of being an SDGs investment company, we make efforts towards the achievement of a sustainable society through ensuring that our investment activities comply with the Management Philosophy.

Initiatives for Sustainability

Environment

  • Make efforts to reduce environmental impact and tackle the climate change problem through investment.

  • Provide support to startup companies that innovate for a circular society.

Social

  • Pursue initiatives to solve issues related to a low birthrate and aging population, and establish an inclusive society through investment.

  • Contribute to the growth of local societies and regional economies through collaboration with local financial institutions collaborating on specific projects.

  • Improve the workplace environment to enable highly motivated work through respecting human rights and ensuring diversity.

Governance

  • Build a sound organizational base.

  • Ensure thorough compliance.

  • Strengthen the risk management system and information security.

  • Ensure proper information disclosure and promote adequate dialogues with stakeholders.

Long-Term

Vision

Investment

Areas

Materiality

As an investment company that solves social issues

Health Care

Smart Agriculture

Distribution Center

Renewable Energy

Private Equity Investment

Fund Administration

Financial Results Overview for Year end of FY Mar. 2025 © Japan Asia Investment Co., Ltd. 2024 - 27 -



Company

name

Japan Asia Investment Co., Ltd. Abbreviation; JAIC

Head office

2F Medical Friend Building, 3-2-4 Kudn-kita, Chiyoda-ku, Tokyo 102-0073,

Japan

Established

July 10, 1981

Paid-in capital

100 million yen

Listed market

Tokyo Stock Exchange, Standard Market (Securities code 8518)

Employees

36 (Consolidated) / 21 (Non-consolidated)

Main business

Investment Development Business/Investment Management Business/ Fund

Platform Business

Directors

Representative Director, President, CEO

Shun Maruyama

Board Director, Senior Managing Executive Officer, COO

Tokuhito Hashi

Board Director, Managing Executive Officer, CFO

Kenji Kishimoto

Board Director, Executive Officer

Kazhiro Kawauchi

Chairman of Audit & Supervisory Committee

Kazunori Omori

Member of Audit & Supervisory Committee

Harumi Katagiri [Outside/Independent]

Ken Kudo [Outside/Independent]

  • The information in this document is for presentational purposes only and is not an inducement to invest in securities issued by JAIC.

  • Any forward-looking statements in 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 prior notice. Risks and uncertainties including changes to economic circumstances may cause results and projections to differ materially from those presented in the document.

  • JAIC owns all copyrights and other rights to all information contained in this material, and it is prohibited to copy or divert it without the permission of JAIC.

  • The figures in this document are based on consolidated financial statements prepared in accordance with the previous accounting standards.

  • This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail. JAIC assumes no responsibility for this translation or for direct, indirect or any other forms of damages arising from the translation.





Contact to:

https://www.jaic-vc.co.jp

IR team in Corporate Management Group IR e-mail : ir@jaic-vc.co.jp

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