Financial Results for the Fiscal Year Ended March 31, 2026 (FY2026)
April 28, 2026
NEC Capital Solutions Limited
Note: 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.
Financial Results for the Fiscal Year Ended March 31, 2026 (FY2026)
Financial Results for FY2026
Highlights of Financial Results
Business Environment
Financial Summary
Revenues by Business Segment
Business Results by Business Segment
Leasing Business
Finance Business
Investment Business
Operating Asset Balances
Procuring Funds
Credit Costs
Forecasts for the Fiscal Year Ending March 31,FY2027(FY2027)
(Appendix) Initiatives to Create Business Synergies with SBI Shinsei Bank Group
© NEC Capital Solutions Limited 2026 2
Financial Results for FY2026
© NEC Capital Solutions Limited 2026 3
Highlights of Financial Results
Business Environment
Total leasing contracts in the industry overall rose 3.0% Y/Y.
We need to continue to monitor future trends in the financing environment and bankruptcies.
Results in Key Business Units
In the Leasing Business, both contracts executed and new transactions increased significantly Y/Y, driven by GIGA-related projects and large-scale government projects. Finance Business decreased Y/Y in both contracts executed and new transactions mainly due to the decrease in factoring transactions.
Contracts executed : 22.6% up New transactions : 28.9% up
Contracts executed : 13.4% down New transactions : 13.3% down
Business Performance
Both revenue and profit increased Y/Y.
Net income posted record high profits of ¥9.2 billion (up 38.9% Y/Y).
Business Environment
Total Leasing Contracts:
Total leasing contracts in the industry overall rose 3.0% Y/Y and rose by 8.7% Y/Y for our mainstay Information and communication equipment leasing.
Bankruptcies:
Although total liabilities decreased Y/Y, the number of bankruptcies increased slightly Y/Y.
Y/Y change in total leasing contracts
Bankruptcies (Total liabilities/Number）
(%)
(Billions of Yen) (Number)
40
30
20
10
0
-10
-20
-30
2,500
2,000
1,500
1,000
500
Total liabilities
Number of bankruptcies
1,200
* By fiscal year
1,000
800
600
400
200
-40
Information and
communication equipment
* By fiscal year
Volume of leasing contracts
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
0 0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
(Source: Lease statistics of the Japan Leasing Association) (Source: Bankruptcy information on the website of Teikoku Data Bank; liabilities of companies that filed for bankruptcy)
Financial Summary
Revenues: Increased 20.1% Y/Y, driven by steady growth in the Leasing Business and sales of properties held for sale.
Net Income: In addition to higher profits in the Leasing Business and Investment Business, a significant contribution from other businesses led to record-high profit of 9.2 billion yen, representing a 38.9% Y/Y increase.
Performance measures
Main Reasons for Y/Y Increase/Decrease in Net Income
FY2025
FY2026
Y/Y Change
Net Assets
142.4
153.6
+7.9%
Shareholders' Equity
121.0
130.3
+7.7%
Equity Ratio (%)
9.9
9.7
—
Dividend per share (Yen)
150
150
—
(Billions of Yen)
Revenues
254.9
306.2
+20.1%
Operating Income
7.8
10.6
+36.4%
Ordinary Income
9.4
11.4
+21.1%
Profit attributable to owners of parent
6.6
9.2
+38.9%
Net Income per Share (Yen)
306.98
426.15
—
FY2025Operating Asset Balance
1,047.0
1,178.7
+12.6%
(Billions of Yen)
＋1.3
SG&A(Exclude credit costs)
Credit costs
-0.8
＋10.2
Non-controlling interests
-0.8
9.2
6.6 ONothers(Investmentn-operating
partnerships etc.)
Extraordinary Gains/Losses Income taxes
Gross profit
etc.
Funding cost
(Before excluding funding cost)
-3.3
-3.3
Net GP Increase including Fund losses :+11.5
-0.7
Revenues by Business Segment
Revenues by Business Segment
(Billions of Yen)
FY2025
FY2026
Y/Y Change
Leasing Business
Revenues
229.2
241.6
+5.4%
Gross Profit
16.0
18.1
+13.4%
Operating Profit
4.4
6.2
+42.7%
Finance Business
Revenues
7.6
8.7
+14.4%
Gross Profit
4.8
5.1
+6.2%
Operating Profit
2.9
1.9
-33.9%
Investment Business
Revenues
13.8
24.4
+76.4%
Gross Profit
6.9
8.7
+25.1%
Operating Profit
2.2
2.4
+7.9%
Other Business
Revenues
4.4
31.6
+621.2%
Gross Profit
2.1
4.8
+133.2%
Operating Profit
0.5
2.4
+358.6%
Total
Revenues
254.9
306.2
+20.1%
Gross Profit
29.7
36.6
+23.4%
Operating Profit
7.8
10.6
+36.4%
*Excluding adjustment amount
Leasing Business
The accumulation of operating assets contributed to higher revenue and profit Y/Y.
Finance Business
Although revenue and gross profit increased due to higher fee income and other factors, operating profit decreased Y/Y due to the provision of allowance for doubtful accounts and other factors.
Investment Business
Revenues and profit increased Y/Y, driven by higher interest income and gains on real estate sales.
Other Business
Revenue and profit increased significantly Y/Y, driven by sales of real estate held for sale and solar power generation equipment.
Business Results by Business Segment
Contracts Executed by Business Segment
New Transactions by Business Segment
Contracts Executed by Business Segment / New Transactions by Business Segment
Leasing Business saw a significant increase Y/Y, while Finance Business decreased Y/Y. Overall, there was an increase Y/Y.
Leasing Business
Contracts Executed by Customer Sector
New Transactions by Customer Sector
(For ref.) Contracts Executed by Equipment Type
Contracts Executed by Customer Sector
Public Sector demand increased significantly Y/Y, driven by the accumulation of GIGA-related projects and other large-scale projects.
Private-sector demand edged up Y/Y, although manufacturing and other sectors
declined.
New Transactions by Customer Sector
Public Sector demand increased significantly Y/Y, driven by the accumulation of GIGA-related projects and other large-scale projects
.• Private-sector demand decreased Y/Y due to declines in the manufacturing sector and other factors.
Finance Business
Contracts Executed by Form of Contract
Contracts Executed by Customer Sector
Contracts Executed by Form of Contract
Although overall results decreased Y/Y due to a decline in factoring and other factors, our focus area of Business
Loans increased significantly Y/Y.
Contracts Executed by Customer Sector
Although Real estate sector, which accounts for a large portion of Business Loans , increased significantly Y/Y, the
manufacturing sector, where Individual Factoring is more prevalent, decreased Y/Y.
Investment Business
Revenues by Business Segment
(Billions of Yen)
FY2025
FY2026
difference
Asset Business
Revenues
6.6
15.8
9.2
Gross profit
4.0
4.9
0.9
Operating income
0.4
0.5
0.1
Real Estate Business
Revenues
6.6
8.0
1.4
Gross profit
2.4
3.3
0.8
Operating income
1.8
2.0
0.2
Advisory
Services Business
Revenues
0.5
0.5
-0.0
Gross profit
0.5
0.5
-0.0
Operating income
0.0
-0.1
-0.2
Total (Consolidated)
Revenues
13.8
24.4
10.6
Gross profit
6.9
8.7
1.7
Operating income
2.2
2.4
0.2
*Excluding adjustment amount
Overall, both revenue and profit increased Y/Y, driven by stable earnings growth
in the real estate business.
Asset Business
Both revenue and profit increased Y/Y, driven by increases in purchased receivables and interest income.
Real Estate Business
Both revenue and profit increased Y/Y, with steady recording of sales of real estate for sale and rental income.
Advisory Services Business
Trended in line with the previous year’s levels
Operating Asset Balances
1,400
1,200
1,000
800
600
400
200
0
(Billions of Yen)
1178.742.1
194.8
251.4
690.4
590.6
615.4
231.5
242.7
119.3
152.0
29.9
48.1
Mar.2024 Mar.2025 Mar.2026
Leasing Business
Increased by ¥75.0 billion Y/Y due to the recording of assets related to GIGA projects and other large-scale government projects.
Finance Business
Increased by ¥19.8 billion Y/Y through the
promotion of asset replacement.
Investment Business
Increased by ¥42.8 billion Y/Y, driven by growth in purchased receivables and business loans.
Other Business
Maintain a balance roughly the same as the previous year while replacing assets.
Leasing Business Finance Business Investment Business Other Business
Procuring Funds
Funding Cost Ratio
Balance of Interest-bearing Debt
1.26%
1.03%
0.83%
Funding cost ratio (%)
= Cost of funding / Average Balance of Interest-bearing debt
1.3%
1.2%
1.1%
1.0%
0.9%
0.8%
0.7%
0.6%
0.5%
0.4%
0.3%
Composition of Interest-bearing Debt
100%
80%
60%
40%
20%
0%
FY2024 FY2025 FY2026
Funding cost ratio rose 0.23 percentage points Y/Y to 1.26%, despite lower foreign currency interest rates, reflecting higher yen interest rates
Direct funding ratio was 37.0% at the end-March 2026, we are aiming for a
direct funding ratio of approximately 40%. (37.3% at end-March 2025)
Direct funding ratio 37.0%
Mar.2024 Mar.2025 Mar.2026
(Billions of Yen)
Mar. | Mar. | ||||
2025 | Composition Ratio | 2026 | Composition Ratio | Y/Y Change | |
Short-term Borrowings | 88.5 | 8.6% | 60.6 | 5.5% | -27.9 |
Long-term Debts | 554.0 | 54.1% | 627.2 | 57.4% | +73.2 |
Commercial Paper | 266.0 | 26.0% | 270.0 | 24.7% | +4.0 |
Bonds | 113.6 | 11.1% | 133.1 | 12.2% | +19.5 |
Payables Under Securitized Lease Receivables | 2.2 | 0.2% | 1.8 | 0.2% | -0.4 |
Total | 1,024.3 | 100.0% | 1,092.7 | 100.0% | +68.3 |
Bonds Commercial Paper Long-term borrowing Short-term borrowing
Credit Costs
Credit Costs decreased in Leasing Business, but increased in Finance Business and Investment Business, resulting in an overall rise of ¥0.75 billion Y/Y.
2.2
Leasing Business
Finance Business
Investment Business
-0.2
0.6
0.8
0.8
1.0
1.4
0.6
(Billions of Yen)
-1FY2025 FY2026Forecasts for the Fiscal Year Ending March 31,2027(FY2027)
© NEC Capital Solutions Limited 2026 15
Earnings Forecasts
Achieving record-high net income, driven by the promotion of strategies under Mid-Term Plan 2028.
Maintaining the annual dividend of 150 yen per share, unchanged from the previous fiscal year.
Forecast
(Billions of Yen)
FY2026 (Actual) | FY2027 (Forecast) | ||
Revenues | 306.2 | 310.0 | |
Operating Income | 10.6 | 16.5 | |
Ordinary Income | 11.4 | 17.0 | |
Profit attributable to owners of parent | 9.2 | 10.0 | |
Net Income per Share (Yen) | 426.15 | 464.15 | |
Difference |
+3.8 |
+5.9 |
+5.6 |
+0.8 |
- |
Dividend per Share
(Yen)
Interim | Year-end | Total | |
FY2026 actual | 75.00 | 75.00 | 150.00 |
FY2027 forcast | 75.00 | 75.00 | 150.00 |
Appendix）Initiatives to Create Business Synergies with SBI Shinsei Bank Group
Since the conclusion of business collaboration agreement in October 2024, specific joint initiatives have been identified and advanced through regular consultative meetings.
In FY 2026, contracts executed achieved a steady increase as "Total 19.7billion yen, 36 cases”
FY2026 Results
＜FY2026＞
Real estate finance
15.7
19Cases
・Provision of mezzanine loans for office and residential properties
・Warehousing operations and fund establishment
Renewable energy
1.1
3Cases
Provision of mezzanine loans and execution of equity transactions for solar power
and energy storage facilities
・Establishment of funds for low-voltage solar power plants
2.9
14Cases
Other Business
・Cooperative leasing and assignment of receivables
(Billions of Yen)