Financial Presentation for 4Q, FY2024

• 1．Executive summary (Consolidated) Ｐ3

• 2．Summary Financial Results for FY 2024 Ｐ4

• 3．Summary Financial Results for FY 2024 (Non-Consolidated) Ｐ5

• 4．Gross Profit by Business (Non-Consolidated) Ｐ6

• 5．Summary of Financial Results for FY 2024 (JSF Trust Bank） Ｐ7

• 6．Performance Forecasts for FY 2025 Ｐ8

• 7．Shareholder Returns in FY 2025 Ｐ9

2

1. Executive Summary (Consolidated)

   (¥ mn)	FY 2024 Full Year	YoY Chg.	% YoY Chg.	Highlights
   Operating profit	11,329	+1,149	+11.3%
   Ordinary profit	12,507	+1,482	+13.4%
   Profit attributable to owners of parent	10,375	+2,345	+29.2%

   • Showed steady performance in margin loan, and security financing such as equity repo transactions.

   • The gains on the sale of real estate held by the consolidated subsidiary and on the sale of unlisted stocks held by JSF were recorded as extraordinary income.

   ROE:7.4%

   
   
   
2. Summary Financial Results for FY2024

   (¥ mn)		Consolidated			Non-consolidated
   		FY 2024 Full Year	YoY Chg.	% YoY Chg.		JSF		JSF Trust Bank		Nihon Building
   							YoY Chg.		YoY Chg.		YoY Chg.
   Operating revenues (Except premium charges)		55,334	+12,582	(+29.4%)		49,019	+10,206	5,737	+2,468	1,209	-13
   	Including premium charges	59,486	+9,226	(+18.4%)		53,172	+6,850
   Operating expenses (Except premium charges)		36,606	+11,445	(+45.5%)		34,132	+9,111	2,694	+2,426	23	-4
   	Including premium charges	40,740	+8,124	(+24.9%)		38,266	+5,790
   General & administrative expenses		7,416	-47	(-0.6%)		5,873	-247	1,288	+142	660	+61
   Operating profit		11,329	+1,149	(+11.3%)		9,031	+1,307	1,754	-99	524	-71
   Ordinary profit		12,507	+1,482	(+13.4%)		10,608	+538	1,755	-99	715	+2
   	Gain or loss in equity-method	774	+217	(+39.1%)
   Extraordinary profit or loss		1,828	+1,810	(―)		664	+646	-	(―)	1,163	＋1,163
   Profit attributable to owners of parent /Net income		10,375	+2,345	(+29.2%)		8,487	+601	1,226	-60	1,237	+767

   
   
   
3. Summary Financial Results for FY2024

   Key Points

   
   
   

   • Gross profit

     • Exceeded previous year by 7.7% due to increased demand for funds by steady stock market development and rising market interest rates.

     • In securities investment, increased profits due to carry revenue accumulation and the effect of portfolio substitution.

   • Ordinary profit

     • Dividends from consolidated subsidiaries decreased by ¥872 million YoY, as JSF received dividends based on profits for FY 2023 in two installments. It had no impact on consolidated results because of consolidation eliminations.

(Non-Consolidated)

*1 Excluding premium charge

*2 Equity repo, Bond repo and gensaki transactions, Loans for negotiable margin transactions, General stock lending, Retail loans

1. Gross Profit by Business (Non-Consolidated)

   (¥ mn)

   Type of transaction		FY 2024 Full Year	YoY Chg.	% YoY Chg.	Key Points
   Margin loan business (Margin loan/Stock loan)		4,390	＋575	（+15.1％）
   Securities financing	Equity repo transactions	1,762	+12	(+0.7%)
   	Bond repo and gensaki transactions	4,060	-677	(-14.3%)
   	Loans for negotiable margin transactions	358	+133	(+59.2%)
   	General stock lending	664	-35	(-5.0%)
   	Loans to retail	505	+63	(+14.3%)
   	Total	7,351	-503	(-6.4%)
   Securities Investment		3,164	+987	(+45.4%)

   • The profit on margin loans increased steadily due to the steady stock market development and changes in the interest rate environment, leading to an overall increase in the profit of the margin loan business. The profit on stock loans decreased due to repurchases to secure profits during the market adjustment phase in August 2024.

   • Showed steady performance in equity repo transaction mainly due to increased demand for funds from securities companies by changes in interest rate conditions.

   • Needs for collateral use and international financial regulatory compliance remain strong.

   • As a result of market interest rates fluctuating within a certain range, the interest margin slightly decreased compared to the previous year, during which profits had increased significantly.

   • Increased profit due to increased demand for funds due to steady stock market development.

   • Fail-cover needs remain strong, but profits slightly decreased compared to last year, when profits had increased significantly.

   • Increased profit due to the revision of loan conditions, including expansion of eligible collateral in addition to steady stock market development.

   • Increased profits due to carry revenue accumulation and the effect of portfolio substitution.

   
   
   

   Key Points

   
   
   

   • Trust fees

     • Trust fees from custodial trust services continued to drive increased revenue and profit.

1. Summary of Financial Results for FY 2024 (JSF Trust Bank）

   JSF Trust Bank (Non-consolidated)
   	(¥ mn)		FY 2024 Full Year	YoY Chg.	% YoY Chg.
   	Ordinary revenues		5,739	+2,384	（+71.0%）
   		Trust fees	1,690	+108	（+6.8%）
   	Ordinary expenses		3,983	+2,484	（+165.6%）
   	Ordinary profit		1,755	-99	（-5.3%）
   	Net income		1,226	-60	（-4.7%）

   
   
   
2. Performance Forecasts for FY 2025

   （¥ mn）			FY 2025 Performance Forecasts	Y o Y	Change from previous forecasts
   Consolidated
   	Operating profit		12,400	+1,070	ー
   	Ordinary profit		13,200	+692	ー
   	Profit attributable to owners of parent		9,400	-975	ー
   	JSF	Operating profit	10,300	+1,269	ー
   		Ordinary profit	12,900	+2,292	ー
   		Net income	9,600	+1,113	ー
   	JSF Trust and Banking	Ordinary profit	1,773	+17	ー
   		Net income	1,230	+3	ー
   	Nihon Building	Operating profit	435	-89	ー
   		Ordinary profit	695	-20	ー
   		Net income	455	-782	ー

   
   
   
3. Shareholder Returns

Shareholder Return Policy

Dividends per share and Share Buy-Back amount

The ordinary dividend is expected to increase by ¥12

* The estimated performance for FY 2025 was released on May 15, 2025.

In the above chart, dividends per share in FY 2025 are forecasts and share buy-back amount is maximum amount of repurchase.

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