T&d Holdings, Inc.TSE: 8795

Financial Summary for the Nine Months Ended December 31, 2025

· Issued by T&d Holdings, Inc.
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FINANCIAL SUMMARY

(For the nine months ended December 31, 2025)

February 13, 2026

Name of Company: T&D Holdings, Inc.

Stock Listings: Tokyo

Security Code No.: 8795

Head Office: Tokyo, Japan

URL: https://www.td-holdings.co.jp/en/ Projected Starting Date of Dividend Distribution: -

Supplemental Information for Quarterly Financial Statements: Available

Holding of Quarterly Financial Results Meeting: Yes (for institutional investors and analysts) IR Conference Call

  1. Consolidated Operating Results for the Nine Months Ended December 31, 2025 (April 1, 2025 - December 31, 2025)

    1. Results of Operations

      Note: Amounts of less than one million yen are omitted, and percentages have been rounded to the nearest percent. % changes are presented in comparison with the same period of the previous year.

      Ordinary Revenues

      % change

      Ordinary Profit

      % change

      Profit Attributable to Owners of Parent

      % change

      Nine months ended December 31, 2025

      ¥2,607,874 million

      3.0

      ¥180,341 million

      0.6

      ¥108,652 million

      (9.8)

      Nine months ended December 31, 2024

      ¥2,531,224 million

      7.2

      ¥179,184 million

      64.8

      ¥120,505 million

      85.9

      Note: Comprehensive income was ¥357,719 million (230.5％) for the nine months ended December 31, 2025, and ¥108,223 million ((58.2)％) for the nine months ended December 31, 2024.

      Earnings per Share

      Earnings per Share (Fully Diluted)

      Nine months ended December 31, 2025

      ¥216.76

      ¥216.68

      Nine months ended December 31, 2024

      ¥229.48

      ¥229.37

    2. Financial Conditions

    Total Assets

    Net Assets

    Equity Ratio

    As of December 31, 2025

    ¥17,343,293 million

    ¥1,624,294 million

    9.3%

    As of March 31, 2025

    ¥16,712,943 million

    ¥1,409,064 million

    8.4%

    Reference: Equity was ¥1,618,752 million as of December 31, 2025, and ¥1,403,038 million as of March 31, 2025.

  2. Dividends

    Dividends per share

    First Quarter-end

    Second Quarter-end

    Third Quarter-end

    Year-end

    Annual

    Year Ended March 31, 2025

    -

    ¥40.00

    -

    ¥40.00

    ¥80.00

    Year Ending March 31, 2026

    -

    ¥62.00

    -

    Year Ending March 31, 2026

    (Forecast)

    ¥62.00

    ¥124.00

    Note: Revisions to previously announced dividend forecasts: None

  3. Consolidated Earnings Forecasts for the Year Ending March 31, 2026 (April 1, 2025 - March 31, 2026)

    Note: % changes are presented in comparison with the same period of the previous year.

    Ordinary Revenues

    Ordinary Profit

    Profit Attributable to Owners of Parent

    Earnings per Share

    Year ending March 31, 2026

    ¥3,010,000

    (19.3)%

    million

    ¥223,000

    12.3%

    million

    ¥118,000

    (6.6)%

    million

    ¥230.43

    Note: Revisions to previously announced financial forecasts: None

    Consolidated Earnings Forecasts for the year ending March 31, 2026 for Group adjusted profit is ¥146,000 million (4.2%), and Group adjusted profit for the nine months ended December 31, 2025 was ¥122,500 million (22.1%).

    • Group adjusted profit is one of the indicators to measure the source of shareholder returns and the actual business conditions of the Group. Specifically, this is calculated by adjusting the profit attributable to owners of parent for the following items:

      1. Accounting valuation gains or losses with no economic substance arising from market fluctuations, etc.

      2. Additional internal reserves (reversal) in excess of the legal standard requirements

      3. Amortization of goodwill, etc.

  4. Notes

  1. Significant Changes in the Scope of Consolidation during the Consolidated Cumulative Quarter: Yes

    Newly consolidated: 9 companies (Names of companies) Viridium Group Sarl and its 7 subsidiaries, as well as 1 other company

  2. Adoption of Special Accounting Method for the Quarterly Consolidated Financial Reporting: None

  3. Changes in Accounting Policies, Accounting Estimates and Restatement of Corrections

    1. Changes in accounting policies due to the revision of accounting standards and other regulations: None

    2. Changes accounting policies other than 1. above: None

    3. Changes in accounting estimates: None

    4. Restatement of corrections: None

  4. Number of Outstanding Shares (Common Stock)

    1. Number of outstanding shares including treasury shares at the end of the period:

      As of December 31, 2025: 544,000,000

      As of March 31, 2025: 544,000,000

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

      As of December 31, 2025: 58,431,561

      As of March 31, 2025: 31,906,171

    3. Average number of outstanding shares during the period:

For the nine months ended December 31, 2025: 501,244,929

For the nine months ended December 31, 2024: 525,114,431

Note: The company’s shares remaining in BIP (Board Incentive Plan) Trust (1,171,900 shares as of December 31, 2025, and 1,303,900 shares as of March 31, 2025) and stock-granting ESOP (Employee Stock Ownership Plan) Trust (1,558,236 shares as of December 31, 2025, and 1,563,331 shares as of March 31, 2025) were included in the number of treasury shares at the end of the period.

In calculating average number of outstanding shares during the period, average number of outstanding shares during the period of the company’s shares remaining in BIP Trust (1,211,146 shares as of December 31, 2025, and 1,147,091 shares as of December 31, 2024) and stock-granting ESOP Trust (1,560,989 shares as of December 31, 2025, and 1,217,408 shares as of December 31, 2024) were deducted.

  • Review of the Japanese-language originals of the attached quarterly consolidated financial statements by certified public accountants or an audit firm: Yes (voluntary).

  • Explanation for the proper use of earnings forecasts and other special remarks

Forward-looking statements made in this document, including earnings forecasts, are based on current obtained information and certain assumptions which are deemed rational by the Company. The Company offers no assurance that these statements will be realized. Actual results may differ substantially due to various factors.

Contents of Appendix
  1. Overview of Results of Operation, etc 2

    1. Overview of Consolidated Financial Results for the nine months ended December 31, 2025 2

    2. Overview of Consolidated Financial Conditions as of December 31, 2025 3

  2. Quarterly Consolidated Financial Statements and Main Notes 4

  1. Quarterly Consolidated Balance Sheet 4

  2. Quarterly Consolidated Statement of Operations and

    Quarterly Consolidated Statement of Comprehensive Income 6

    Quarterly Consolidated Statement of Operations

    For the nine months ended December 31, 2025 6

    Quarterly Consolidated Statement of Comprehensive Income

    For the nine months ended December 31, 2025 7

  3. Notes on Quarterly Consolidated Financial Statements 8

[Notes on Applicable Financial Reporting Framework] 8

[Notes on Going-Concern Assumption] 8

[Notes on Material Changes in Shareholders’ Equity] 8

[Additional Information] 8

[Notes on Segment Information, etc.] 9

[Notes on Quarterly Consolidated Statement of Cash Flows] 9

[Significant Subsequent Events] 10

Independent Auditor’s Interim Review Report on

Quarterly Consolidated Financial Statements 11

*Supplementary materials for financial statements are available on T&D Holdings’ website.

Please refer to the supplementary materials (T&D Insurance Group’s Financial Results) disclosed today. URL: https://www.td-holdings.co.jp/en/ir/document/results.php

  1. Overview of Results of Operation, etc.

    As described in 2. Quarterly Consolidated Financial Statements and Main Notes (3) Notes on Quarterly Consolidated Financial Statements [Additional Information], some of our foreign affiliates has applied “Financial Services -Insurance” (Topic944) (ASU2018-12, ASU2019-09, ASU2020-11) from the beginning of the consolidated accounting period for the three months ended June 30, 2025. In accordance with this application, certain insurance liabilities of the affiliate were evaluated using a new calculation method, which included a change in discount rate and a review of insurance assumptions. Comparisons with the same period of the previous fiscal year and the previous fiscal year-end were made based on figures after retrospective application, reflecting the relevant accounting treatment.

    1. Overview of Consolidated Financial Results for the nine months ended December 31, 2025

      For the nine months ended December 31, 2025, ordinary revenues increased by ¥76.6 billion or 3.0 percent from the consolidated accounting period for the nine months ended December 31, 2024 to ¥2,607.8 billion, which were a total of income from insurance premiums of ¥1,988.2 billion (down 1.6 percent), investment income of

      ¥552.2 billion (up 34.4 percent), and other ordinary revenues of ¥67.4 billion (down 3.6 percent).

      Ordinary expenses increased by ¥75.4 billion or 3.2 percent from the consolidated accounting period for the nine months ended December 31, 2024 to ¥2,427.5 billion, which were a total of insurance claims and other payments of ¥1,755.7 billion (down 1.5 percent), provision for policy reserves of ¥198.5 billion (up 45.1 percent), investment expenses of ¥204.6 billion (up 18.0 percent), operating expenses of ¥202.5 billion (up 2.8 percent), other ordinary expenses of ¥64.5 billion (up 5.1 percent), and equity in losses of affiliates of ¥1.3 billion (-percent).

      As a result, ordinary profit which is subtracting ordinary expenses from ordinary revenues, increased by ¥ 1.1 billion from consolidated accounting period for the nine months ended December 31, 2024 to ¥180.3 billion (up 0.6 percent).

      Extraordinary gains were ¥5.4 billion (up 14.5 percent) and extraordinary losses were ¥16.4 billion (up 112.9 percent). Profit attributable to owners of parent decreased by ¥11.8 billion from consolidated accounting period for the nine months ended December 31, 2024 to ¥108.6 billion (down 9.8 percent), which is ordinary profit after adding or deducting extraordinary gains and losses, provision for reserve for policyholder dividends and total income taxes. Group adjusted profit increased by 22.1 percent from the consolidated accounting period for the nine months ended December 31, 2024 to ¥122.5 billion.

      Comprehensive income was ¥357.7 billion (up 230.5 percent), which was a total of profit of ¥109.0 billion (down 9.9 percent) and other comprehensive income of ¥248.7 billion (loss of ¥12.7 billion for the nine months ended December 31, 2024).

      1. Ordinary Revenues

        (Billions of yen)

        Nine months ended

        December 31, 2024

        Nine months ended

        December 31, 2025

        Increase

        (Decrease)

        Consolidated

        2,531.2

        2,607.8

        76.6

        Taiyo Life

        804.9

        968.2

        163.3

        Daido Life

        877.5

        924.9

        47.4

        T&D Financial Life

        787.5

        685.4

        (102.1)

        T&D United Capital (consolidated)

        33.4

        0.4

        (33.0)

        Note: The differences between the consolidated figures and the sum of four companies are due to ordinary revenues of consolidated subsidiaries other than the four companies and adjustments between the consolidated companies, etc.

      2. Ordinary Profit(loss)

        (Billions of yen)

        Nine months ended December 31, 2024

        Nine months ended December 31, 2025

        Increase (Decrease)

        Consolidated

        179.1

        180.3

        1.1

        Taiyo Life

        56.8

        67.5

        10.6

        Daido Life

        86.5

        110.9

        24.3

        T&D Financial Life

        6.4

        7.8

        1.4

        T&D United Capital (consolidated)

        30.4

        (3.4)

        (33.8)

        Note: The differences between the consolidated figures and the sum of four companies are due to ordinary profit of consolidated subsidiaries other than the four companies and adjustments between the consolidated companies, etc.

      3. Profit(loss) attributable to owners of parent

        (Billions of yen)

        Nine months ended December 31, 2024

        Nine months ended December 31, 2025

        Increase (Decrease)

        Consolidated

        120.5

        108.6

        (11.8)

        Taiyo Life

        35.9

        40.0

        4.1

        Daido Life

        52.9

        68.8

        15.9

        T&D Financial Life

        4.3

        4.8

        0.5

        T&D United Capital (consolidated)

        29.6

        (4.0)

        (33.7)

        Notes:

        1. The differences between the consolidated figures and the sum of four companies are due to profit of consolidated subsidiaries other than the four companies and adjustments between the consolidated companies, etc.

        2. Figures of the three life insurance companies are profit.

    2. Overview of Consolidated Financial Conditions as of December 31, 2025

As of December 31, 2025, total assets were ¥17,343.2 billion (up 3.8 percent from the previous fiscal year-end). The main components of the total assets were securities, mainly public and corporate bonds, of ¥12,876.3 billion (up 4.6 percent), loans of ¥1,620.9 billion (down 2.0 percent), monetary trusts of ¥1,186.0 billion (up 6.3 percent), cash and deposits of ¥453.2 billion (down 41.8 percent), and tangible fixed assets of ¥ 369.5 billion (down 1.1 percent).

Total liabilities were ¥15,718.9 billion (up 2.7 percent). Policy reserves accounting for a substantial portion of total liabilities were ¥13,915.3 billion (up 1.4 percent).

Total net assets were ¥1,624.2 billion (up 15.3 percent) of which valuation difference on available-for-sale securities was ¥754.1 billion (up 41.5 percent).

As of December 31, 2025, consolidated solvency margin ratio was 944.5 percent (960.7 percent at the previous fiscal year-end) .

- T&D Holdings, Inc.