Tokyo Century : Updated IR Presentation Material for the Fiscal Year Ended March 31, 2026

IR Presentation for the Fiscal Year Ended March 31, 2026 Tokyo Century Corporation (8439)

Copyright © 2026 Tokyo Century Corporation. All Rights Reserved.

Financial Highlights

Contents





Financial Highlights Executive Summary

Record net income of ¥111.3 billion (up ¥26.0 billion YoY), with ROA at 1.6% and ROE at 10.4%: Achieved Medium-Term Management Plan 2027 targets (Net income: ¥100.0 billion; ROA: 1.4%; ROE: 10%) ahead of schedule

FY2025

Results

FY2025

Key Topics

FY2026 Plan

Profit / Shareholder Returns

Recorded ¥46.8 billion after-tax impairment loss on biomass co-firing business, among others:

Cleared financial issues, securing a solid foundation for future growth

Base earnings power excluding one-time income/losses grew by ¥9.8 billion YoY, driven by International Business

Planned annual dividend: ¥80, up ¥8 from the revised plan; payout ratio: 35.1%

Accelerated growth investments and asset recycling to expand future earnings power

1. Expanded strategic collaboration in the U.S. data center business

   (Driving collaboration with NTT Group and Mitsubishi Estate)

2. Acquired an independent car rental company in Australia

   (Entry into an overseas car rental business)

3. Invested in a world-leading dry bulk vessel pool operator

   (Expansion of shipping business domain)

4. Converted AP into an equity-method affiliate

(Further expansion of corporate investment business)

Record net income of ¥123.0 billion:

Establish a foundation for growth and further strengthen base earnings power in this first year of the Medium-Term Management Plan 2030

Annual dividend: ¥90 (up ¥10 YoY); payout ratio 35.8% (4th consecutive year of increase)

Monitor indirect impact of macroeconomic trends (prices, interest rates, and FX) amid Middle East instability

Copyright © 2026 Tokyo Century Corporation. All Rights Reserved.

Financial Highlights

(Unit: Billions of yen)

• Achieved record-high net income and met the Medium-Term Management Plan 2027 target of ¥100.0 billion 2 years ahead of schedule

• Improved ROA and ROE steadily by growth strategies and asset recycling

  Net Income & ROE

1.2%

1.3%

1.6%

+0.3 pts

+1.4 pts

13.5%

15.0%

15.5%

+0.5 pts

8.8% 9.0% 10.4%

72.1

85.3

+26.0

30.5%

111.3

6,460.9

6,862.9

7,214.8

+351.9

5.1%

1,120.5

1,029.6

872.2

+90.9

8.8%

100.0

Previous Forecast (announced in Nov. 2025)

FY2023 FY2024 FY2025 Mar. 31, 2024 Mar. 31, 2025 Mar. 31, 2026 Mar. 31, 2024 Mar. 31, 2025 Mar. 31, 2026

Assumption: JPY/USD exchange rate

YoY Changes in Net Income (FY2025 vs. FY2024)

in operating segments

+9.8

111.3

*2 Increased from ¥55.7 billion (as of Q3) mainly due to the application of the annual effective tax rate.

84.4 94.2

FY2024

Result

Base earnings power has grown steadily

FY2025

Result

Results by Operating Segment

Billions of yen

Reclassification of Operating Segments

Effective from FY2026 (Fiscal Year Ending March 2027)

Domestic Business

Global Business

Social Infrastructure

Transport

Corporate Investment

Mobility

FY2026 Profit Plan

(Billions of yen)

*1 FY2025 results by segment are pro forma figures.

Factors Affecting Net Income (FY2026 Profit Plan)

Risk Assessment by Business Unit

Global Business

• No Middle East transactions

• Key watchpoints: Demand slowdown in CSI's business, driven by rising semiconductor and memory costs

Social Infrastructure

• No Middle East transactions

• Key watchpoints for renewable energy: Impact of higher electricity market prices and fuel costs driven by crude oil/LNG price hikes

Transport

• Aviation (ACG): No impact at present, despite leasing transactions with Middle Eastern airlines

• Key watchpoints: Decline in air passenger demand and airline performance trends amid rising crude oil prices Impact of maritime market instability on the shipping business

Mobility

• Potential used car price instability due to Middle East market stagnation

• Key watchpoints: Potential decrease in rental car demand in Japan due to fewer inbound tourists, driven by higher airfares amid rising crude oil prices

• Maintain progressive dividends as our basic stance, balancing investment in future growth with stable and continuous shareholder returns to achieve sustainable enhancement of shareholder value.

• Target payout ratio of 35% or higher while seeking dividend growth through earnings expansion.

Shareholder Returns

Full-Year Dividend per Share and Payout Ratio

Dividend payout ratio Dividend per Share (Yen)

• FY2025 Plan: 80 yen (payout ratio: 35.1%), up ¥8 from the revised plan of 72 yen

¥90.00

• FY2026 Plan: 90 yen (payout ratio: 35.8%), up ¥10 YoY, marking the 4th consecutive year of dividend increases

¥80.00

367%

¥52.00

¥34.00

¥34.50

¥35.75 ¥35.75

¥31.00

¥28.50

¥25.00

¥20.00

¥16.25

34.2%

34.7%

35.3% 35.5%

35.8%

¥10.00

¥11.00

¥12.00

¥13.00

25.9%

¥8.00

24.2%

23.5%

25.1%

18.0% 17.9%

17.6%

20.1%

21.1%

13.4%

16.7%

(Forecast)

%

¥62.00

%

10.3 11.3 12.3 13.3 14.3 15.3 16.3 17.3 18.3 19.3 20.3 21.3 22.3 23.3 24.3 25.3 26.3 27.3

Balance Sheet

(Billions of yen)

Mar. 31, Mar. 31,

2024 2025

Mar. 31,

2026

Change o/w

FX Impact*1

*1 Segment assets only

*2 Calculated by deducting segment assets from total assets

Topics FY2025 Key Topics

• Steady execution of growth investments and strategic asset sales to enhance business portfolio

  New Topics

  Divested U.S. data center development project

  Completed the first joint investment project with Mitsubishi Estate; expanding development investment to strengthen digital infrastructure

  Acquired independent Australian car rental company as a subsidiary

  Acquired 100% of shares in Bargain Car Rentals, a leading independent local player

  Invested in world-leading dry bulk vessel pool*1 operator

  Converted a core company of the Monaco-based, prominent CTM Group into an equity-method affiliate; aiming to expand shipping business area

  
  
  

  Q1-Q3 Topics

  *1 A framework for the joint operation of bulk carriers, where profits generated from transporting commodities such as iron ore and grain are shared among multiple shipowners.

  Global Business

  □ CSI acquired two forklift and GSE businesses

Data Center Business

• Expanding data center (DC) business through partnership with NTT DATA and Mitsubishi Estate

  NTT DATA Group: Joint Projects and Investments

  Mitsubishi Estate Group: Joint Projects and Investments

  • Collaboration in DC business started in June 2021

  • Joint investment in a promising U.S. market from Feb. 2024

    
    
    
    
    
    
    
    
    

  • Management of risk and return by replacing assets

  NAV2

  1st project

  2nd project,

  already sold

  2021

  2024

  3rd project

  Tokyo Century's acquisition costs: 459 million

  Equity stake: 50% as of the end of FY2025

  CH1, CH2, and CH3

  (Chicago)

  BOM8

  
  
  

  Expansion of Strategic Partnership in the Chicago Project

  Released: Jan. 20, 2026)

  • Partial share transfer to JICT*1, a partner with an extensive track record and expertise in DC business

  • Objectives: Expand the project and enhance value through a three-way partnership with the NTT Group and JICT.

    • Shares transferred: 30%

    • Transfer costs: 310 million

    • Equity stake after the share transfer: 50%

News Release: "Announcement of Partial Share Transfer and Resulting Change in the Status of Subsidiaries"

https://ssl4.eir-parts.net/doc/8439/tdnet/2742494/00.pdf

Completion of 1st Joint DC Project Released: Feb. 9, 2026)

• Hyperscale DC development/investment projects underway primarily in Northern Virginia, a world-leading DC hub, through TA Realty (Mitsubishi Estate's U.S. subsidiary)

• NOVA Business Park: 5-building DC project

Completed 2 buildings in Sept. 2025; both sold to a third-party investor in Dec. 2025

News Release: "Tokyo Century Sells U.S. Data Center Development Project "NOVA Business Park" https://www.tokyocentury.co.jp/en/newsroom/news/pdf/d05cee29e364b8c301a7ff1a9962e485 ef16e2e8.pdf

Over 495 million (approx. ¥76.7 billion; 817 MW) committed to U.S. DC projects managed by TA Realty, with an expanded regional footprint

Expansion and acceleration of U.S. DC development through a robust partnership with Mitsubishi Estate, capturing surging global digital infrastructure demand

Acquisition of Shares in Australian Car Rental Company

• First stand-alone investment in an overseas car rental company, establishing a business foundation in the growing Australian mobility market

Company Overview

Strategic Significance & Objectives of Acquisition

Established:

2005

Revenue:

No. 1

among Australian car rental companies

Locations:

14 branches

Fleet Size:

Approx. 5,000 vehicles

• Utilization of Operational Expertise

  • Leverage insights from NRS operations (e.g., optimal fleet control, highly efficient branch operations, and service upgrades through digital transformation)

• Global Expansion

  • Expand overseas mobility business

  • Entry into Australia's robust car rental market as the first step

• Value Chain Creation

  • Accelerate expansion into adjacent areas, including vehicle leasing, financing, and used car sales etc.

  • Goal: Establish a comprehensive mobility business value chain

Growth Strategies of Bargain

• Build a stable customer base by expanding new branches and acquiring corporate clients

• Enhance brand power through digital transformation and improve direct sales ratio and unit sales price

• Improve utilization rates through accurate demand forecasting and vehicle allocation

Overview

Future Strategies

Strategic Investment in the CTM Group, a Top-Tier Dry Bulk Vessel Pool Operator

5-Year Target:

30-vessel fleet

Bretta

Navigation

Tokyo

Century

Barque AS

(Norwegian maritime investor)

Existing

Shareholder

Capital

Participation

20 vessels

13 existing + 7 newbuildings

* 100% sourced from Japanese shipowners and shipyards

CTM Ltd. (Equity-Method Affiliate)

Current Fleet:

Enhance operator functions, building a system that covers everything from vessel ownership to operation and management

Rapid upside capture during favorable market conditions

High profitability through an asset-light model

Lower market exposure with charter cover

Capital gains from vessel sales

Ship recycling

Operator

Ship owner

Shipbuilding

Ship finance

JOLCO

Unentered Existing

New entry

Strengths of CTM Ltd.

1

Operations via World-Leading Dry Bulk Vessel Pool Pool operations of 70-80 vessels by CTM S.A.M., incorporating the CTM Ltd. fleet

Resilience to market volatility and improvement in ROA

Investment (joint venture, etc.)

Fund business

2

Top-Tier Operational Expertise

Consistently outperforming market averages through proprietary routing and allocation logic

3

Real-time Market Analysis

Specialized operations backed by

in-house ship management functions

Integration of world-class operational expertise

Evolution to an Integrated Maritime Service Provider

• Fusion of ship ownership and operational expertise

• Shifting from a simple vessel-leasing model to next-generation asset management that converts market volatility into profit through deep operational insights

  Our proprietary vessel completed in 2026 (HERMES CENTURY)

  Insurance Settlement Proceeds Related to Russia Exposure
  
  

  • Received Insurance Settlement Proceeds Related to ACG's Exposure to Russian Airlines

    Breakdown of Insurance Settlement Proceeds*1

    *1: All dollar amounts are in U.S. dollars.

    1

    
    
    

    3

    • As a result of settlement negotiations, insurance settlement proceeds increased to $551 million (total of through shown below), up 153 million from 398 million, the amount announced on May 7, 2025.

      1

      
      
      

      2

      
      
      

    • Extraordinary income (worth $506 million) was recorded in Q2 due to insurance settlement proceeds and shown below.

      3

    • Extraordinary income (worth $45 million) was recorded in the second half due to additional agreements for insurance settlement proceeds shown below.

    • With these, ACG has reached settlement agreements with all of its war risk insurers that were party to the litigation in California, USA.

Subtotal: $153 million

1

$398 million

Settlements announced on May 7, 2025*2

Additional settlements

Additional settlements

Total

2

$108 million

3

$45 million

+ +

*2: Included in the annual forecast

Subtotal: Approx. $506 million

Recorded in Q2

Subtotal: Approx. $45 million Recorded in the second half (Q3: $38 million, Q4: $6 million)

Results by Operating Segment Results of Equipment Leasing

Ownership

50%

* 1 After-tax basis

Non-consolidated basis; excl. consolidated subsidiaries and equity-method affiliates)

*2 Spread (%) = Lease yield (incl. service fees) − Internal cost (incl. market rates and other expenses), excl. re-leasing

1,000

500

(Billions of yen)

Line Chart: Spread (Index: FY2022 = 100

152

100.0 142

142

148

140

134

122

110

96

104

50.0

Contract Amount (Left Axis)

0

Annual Spread (Index)

FY2022

100

FY2023

96

FY2024

140

FY2025

144

70

104

83

106

93

167

* After-tax basis

: 59.5%

Results of Automobility

Ownership

: 88.6%

when compared to April 2019

Average Price of Used Vehicles 198 for March 2026

200

175

150

125

100 Source: Created by Tokyo Century based on auction data (prices of vehicles

NRS's Ordinary Income

(Billions of yen)

5.4

4.4

2.6

2.0

5.0

3.4

5.7

3.0

5.4

3.8

6.2

Forecast

6.4

3.4

2026

sold) of USS, a leading used car auction provider in Japan

75

Full-year Total

¥14.4 billion

Full-year Total

¥17.1 billion

Full-year Total

¥18.8 billion

2019/4 2020/4 2021/4 2022/4 2023/4 2024/4 2025/4

Results of Specialty Financing

Key Factors

Aviation

Income increased substantially, primarily driven by insurance settlement proceeds related to Russia exposure(+65.0) and reversal of tax expense (+19.0)

Shipping

Income decreased, mainly due to foreign exchange valuation losses at equity-method affiliates and the absence of gains on vessel sales recorded in the previous year.

Real Estate

Results remained flat, as impairment losses on real estate goodwill, etc., were offset by gains on sales of U.S. data centers and other assets.

PI, Etc.

Income increased, primarily driven by capital gains in the PI business.

*1 Gains/losses on divestment of PI and sales of operational investment securities

*2 After-tax basis

Gains on Sales & Impairment Losses

FY2025

• Insurance settlement proceeds in aviation (+65.0)

• Gains on sales in real estate, principal investment (+15.5)

• Impairment losses on aircraft leasing assets, real estate assets and goodwill etc. (−10.3)

  FY2024:

• Gains on sales in real estate, principal investment (+9.1)

• Impairment losses on aircraft leasing assets (−3.9)

  
  
  ACG's Financial Performance
  
  
  
  

  • Significant increase in pre-tax income due to insurance settlements related to Russia exposure

    Regional Exposure*2

*1 Calculated excluding one-time income associated with Russia insurance recovery

Middle East & Africa

8%

United States & Canada 12%

Asia Pacific

24%

FY2025 Deliveries: 56 aircraft

22

24

17

27

16

6

11

16

17

12

6

(Aircraft)

Europe

40%

Central America, South America & Mexico

16%

Total Aircraft: 446 Owned: 278; Managed: 33; Committed: 135)

Weighted-average fleet age: 5.4 years

Narrowbody by NBV: 84% Narrowbody by count: 94%)

Airbus

Boeing

*2 Current as of December 31, 2025

2026 2027 2028 2029 2030 and beyond

ACG's Financial Performance (2)

Updated on May 19

ACG's Earnings Power

Updated on May 19

USD million

Annual Total

249 253 253 251

250

217 215 220 216 209 204

249

212 204 216

256

233

258

283 285 283

253 258 247 249 262

272 266

275

3.75%

4. 0

Operating lease revenue

90

Interest

2.50%

72 73

74 77

67 69 73 72

76 64 62 67

76

58 63

96 103 108 109 103 105 107 96 94 97 98 107

106

expense, net

Federal funds rate

1Ǫ 2Ǫ 3Ǫ 4Ǫ 1Ǫ 2Ǫ 3Ǫ 4Ǫ 1Ǫ 2Ǫ 3Ǫ 4Ǫ 1Ǫ 2Ǫ 3Ǫ 4Ǫ 1Ǫ 2Ǫ 3Ǫ 4Ǫ 1Ǫ 2Ǫ 3Ǫ 4Ǫ 1Ǫ 2Ǫ 3Ǫ 4Ǫ 1Ǫ FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025 FY2026

Annual Total

0

46

10 14 10

1 0 1

12

4 4 △ 2 1 0 0 5

10

1 1 4

54 57

44

38 39

27

22

15

5

(10)

1Ǫ 2Ǫ 3Ǫ 4Ǫ

1Ǫ 2Ǫ 3Ǫ 4Ǫ

1Ǫ 2Ǫ 3Ǫ 4Ǫ

1Ǫ 2Ǫ 3Ǫ 4Ǫ

1Ǫ 2Ǫ 3Ǫ 4Ǫ

1Ǫ 2Ǫ 3Ǫ 4Ǫ

1Ǫ 2Ǫ 3Ǫ 4Ǫ 1Ǫ

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025 FY2026

Real Estate Business: Portfolio Strategy

Changes in Portfolio

Project Track Record & Completion Schedule

Japan

Collaboration with prime partners underway for large-scale urban development projects, etc.

Overseas

Key components: data centers that are expected to grow in demand, logistics facilities and rental housing experiencing ongoing stable growth

TC Kobelco Real Estate

Steady increase in project pipelines such as logistics facilities

Many development projects underway together with prime partners in Japan and overseas

Changes in Segment Assets

Billions of yen

675.5

797.2

559.9

484.7

NTT Urban Development

OUE

Harajuku Quest

(Completed in August 2025)

Yao Logistics Center

Completed in August 2025

Hotel Indigo Changi Airport

in Singapore

2025

2026 and beyond

Mitsubishi Estate

TOKYO TORCH

HIBIYA

CROSSPARK

Data Center

Development in the U.S.

Torch Tower

(Building B)

Legendary-luxury brand

Dorchester Collection

South Zone Tower

758.8

Mar. 31, 2022 Mar. 31, 2023 Mar. 31, 2024 Mar. 31, 2025 Mar. 31, 2026

Japan (leasing, development projects, etc.) Overseas (fund investments, etc.)

TC Kobelco Real Estate



AP as an Equity-Method Affiliate

• Targeting significant expansion of investments in companies, with the AP Group as a core player

Vision for Enhanced Partnership with AP

Segment Asset Changes and Outlook*1

Lead the way in resolving social structural issues by combining AP's expertise in corporate value enhancement and management support

with Tokyo Century's networks

elf

Key Investments in FY2025

Investment Outline

*1 Excl. investments in AP its

• Investment Period Approx. 5 years

• Amount per project: ¥5.0-10.0 billion

• Target ROA*2: More than 10%

*2 Ordinary income-based

Targeting approx.

¥100.0 billion

(Billions of yen)

Driving the investment and return cycle to achieve gains on sales

38.9

26.7

26.1

20.4

Mar. 31,

2023

Mar. 31,

2024

Mar. 31,

2025

Mar. 31,

2026

In a few years

Outlook

Social Issues

and more…

Regional Revitalization

Overseas Expansion

Stagnant Productivity

Making AP an Equity-Method Affiliate

• Acquisition of an additional stake in Advantage Partners Pte. Ltd.

  (the holding company of the AP Group), as announced in September 2025

• Ownership after acquisition: 33.3% (on a fully diluted basis)

  
  
  

• Aim: To expand investments in companies through an enhanced partnership with AP while maintaining its management independence

Aug.: Acquisition of a stake in ACT-ONE Yamaichi

Sept.: Acquisition of a stake in MAFTEC

Sept.: Completion of TOB for Furukawa Battery

Approx. ¥10 billion

Increasing inquiries for carve-out, business

successions, privatization, etc.

(Billions of yen)

Net income

8.9

3.3

0.8

8.6

CSI

7.2

16.3

YoY

FY2024

Result

Results of International Business

* After-tax basis

• Past 3 Years: Enhanced capital efficiency by divesting securities in Asia and streamlining the existing branch network

• FY2026 Policy: Continue to drive further capital efficiency initiatives

  Investment Securities (Book Value)

  
  
  

  Divested approx.

  ¥15.0 billion over 3 years

  Planned further divestments

  
  
  

  Past 3-Year Results Future Outlook

  CSI's Financial Performance
  
  

  M&A Targets

Latin America Europe Asia Net income

61.7

1,515

2,727

91

2,318

51

491

16.6

2,659

3,132

63.9

58.9

74

575

70.4

Dec. 31 2016*1

Dec. 31

2022

Dec. 31

2023

Dec. 31

2024

Dec. 31

2025

*2 FMV lease: A flexible lease agreement that allows customers to select an option from among return, purchase, extension, etc. at the end of their lease term, where the price for the option is decided based on the then-current fair market value (FMV)

*1 CSI Leasing became Tokyo Century's wholly owned subsidiary.

*3 GSE

Ground Support Equipment business focuses on the management, maintenance, and sales of specialized airport vehicles and equipment for aircraft ground operations, including

Results of Environmental Infrastructure

Energy Mix

Shift in the

Maximize revenues by contributing to power grid stability and solar power curtailment mitigation

Thermal Power Generation

Retirement of Stable Power Sources

Renewable Energy

Significant fluctuations in power generation

Increasing need for balancing capacity

Payment for (1)-(3)

1. Power supply through the wholesale market

2. Balancing

3. Provision of future supply

   Power demand rising, led by AI and data centers

   Tokyo Century's Strengths

Future Outlook

Tokyo Century-operated grid storage (Iwate Kitakami Power Storage Station)

capacity

Key Partners

Investment Target: IRR over 10%

Project Scale 2-50 MW

Approx.

200 MW

Approx.

500 MW

Approx.

600 MW

Mar. 31, 2025 Mar. 31, 2026 Future

Appendix

Tokyo Century's Strengths and Partnerships Businesses Focused on Asset Value

• Business Models Built on Tokyo Century's Unique Strengths (1)

  Value Creation Driven by Discerning Eye for Asset Value

Sales Activities

Provision of ICT equipment, automobiles, aircraft, ships, real estate, trucks, solar panels, etc. Identification of assets and services desired by customers

Discernment of Asset Value

Tokyo Century's Strength

Flexible usage models and prices tailored to customer needs

Appraisal of appropriate value based on resale value calculated by accounting for estimated period of use

Reduction of costs necessary for customers to use assets

Initial Earnings

Earnings generated by providing assets customers desire (leasing, rental, financing, etc.)

Creation of Value-Added Services

One-stop supply of assets and services that realize customer convenience

(asset management services for fleet, aircraft, etc., ITAD services, technical management, and more)

Re-Leasing or Sale in Secondary Market

Re-leasing or sale in secondary market of assets returned by customers Long-accumulated expertise for maximizing sale prices in secondary market

Secondary Earnings

Earnings from extension of leasing period or sale in secondary market of assets returned by customers (re-leasing, sales, etc.)

• Provision of assets customers desire when needed

• Management of customers' assets to reduce their administrative burden

• Distribution of used assets to promote reuse

Partnership Businesses

• Business Models Built on Tokyo Century's Unique Strengths (2)

  Value Creation Driven by Excellence in Earning Trust of Customers

Creation of Collaborative Projects Together with Partners

Advancement of negotiations for developing collaborative projects based on understanding of asset-related issues faced by partners and new business ventures partners want to undertake using assets

Provision of Financial Services

Supply of funding for collaborative projects as financer Joint investment and business operation with partners Undertaking of asset management

Involvement of prime partners

Tokyo Century's Strength Support for Asset Efficiency

Support for asset efficiency through joint ownership of assets and businesses with

customers as financer

Accumulated Trust and Track Record

Trust forged with customers over long history and track record of collaborative partnerships with numerous prime partners encouraging Tokyo Century to be chosen to hold customer assets or act as partner in joint businesses

Earnings from joint businesses, etc.

ns

Income Gai

Business Growth for Synergies

Maximization of earnings through business growth while sharing risks via joint investment

Utilization of Tokyo Century's customer network and mutual coordination among five operating segments

Capital Gains

Principal investment etc.

• Promotion of large-scale projects with social significance

• Support for new pursuits of customers

• Provision of social infrastructure indispensable to economic activities

Strategic Alliances with Prime Partners

• Business collaborations with prime partners expanding in Japan and overseas

Partnership with the NTT Group

2021: Start of Data Center Business

Evolving into a strategic partnership across diverse business sectors

2020: Capital & Business Alliance

Launched joint operations in the U.S. and India

2005: Start of Partnership

Established joint venture for leasing and financing

January 2026 Release

Founded NCS - Grew into an industry leader

Ownership

Tokyo Century: 59.5%

Ownership

Tokyo Century: 50%

NTT: 40

NTT Finance: 10

Expansion of Strategic Collaboration in Chicago Projects

- Transfer of a 30% JV stake held by a TC

NTT: 40.5

Ordinary Income

subsidiary to JICT

Ordinary Income

Millions of yen)

15,502

Millions of yen)

24,458

- Tri-party collaboration (TC, NTT Group, JICT): Further expand business and enhance value

12,420

9,283

"Announcement of Partial Share Transfer and Resulting Change in the Status of Subsidiaries"

https://ssl4.eir-parts.net/doc/8439/tdnet/2742494/00.pdf

16,961

Collaboration Areas

2015 2020 2025

2021 2025

Update on ZAXIS Finance

Partnership with ITOCHU

• Steady business expansion in FY2025, with growth in both operating assets and profits

ZAXIS Finance: Business Structure

• Providing rapid credit approval and competitive financing for construction machinery purchases

  
  
  

  Provision of sales financing for Hitachi Construction Machinery Group products in North America

  Trend in Operating Assets (Non-Consolidated)

  Steady growth

  Mar. 31,

  2024

  Mar. 31,

  2025

  Mar. 31,

  2026

  
  
  

  (USD million) 1,500

  1,000

  
  
  
  
  

  Business management including finance services

  Ownership: 35%

  Provision of marketing information and resale of construction machinery

  Proposal of finance products and establishment of credit underwriting systems

Ownership: 35% Ownership: 30%

500

0

Other Collaboration Initiatives

Expanding collaboration in high-

growth sectors, such as construction/truck finance, environment & energy, mobile devices, and FamilyMart

Examples of Collaboration with Partners

* Equity-method affiliates

Disclaimer and Definitions

• Any statements in this document, other than those of historical facts, are forward-looking statements about the future performance of Tokyo Century Corporation and its Group companies, which are based on management's assumptions and beliefs in light of information currently available, and involve risks and uncertainties. Actual results may differ materially from these forecasts.

• Please make your final investment decisions based on your own judgment and at your own responsibility.

• NTL: NTT TC Leasing Co., Ltd. (General leasing and finance)

• NCS: Nippon Car Solutions Co., Ltd.

  Auto leasing)
  
  

• NRS: Nippon Rent-A-Car Service, Inc.

  Car rental
  
  

• ACG: Aviation Capital Group LLC

  Aviation leasing
  
  

• AP: Advantage Partners Pte. Ltd.

• CSI: CSI Leasing, Inc.

  IT equipment leasing
  
  

• PI: Principal Investment

• Net income: Net income attributable to owners of parent

• ROA: Return on total assets

• Financing cost ratio: Financing cost (Funding cost + Interest expense) / {(Interest-bearing debt at prior fiscal year end + Interest-bearing debt at current fiscal year end

  / 2}
  
  

• Gains on sales & impairment losses: Calculated as an estimate

  Gains on sale: Total of gains (losses) on sales of real estate and operational investment securities, extraordinary income, etc. Impairment losses: Total of impairment, bad debt expenses, and losses on valuation of operational investment securities, extraordinary losses etc.

• All numerical terms and names presented in this report conform to the "short scale" numerical system (i.e., "billion" = "109" and "trillion" = "1012").

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