Overview of Latest Financial Results

During the three months ended June 30, 2025, revenues increased ¥13,300 million, or 4.0%, to ¥347,600 million, and gross profit increased ¥5,000 million, or 7.0%, to ¥77,200 million, respectively, from the same period of the previous fiscal year. The latter was mainly due to an increase in income in the International Business segment.

Selling, general and administrative expenses increased ¥4,200 million, or 11.1%, to ¥41,900 million from the same period of the previous fiscal year, mainly due to increases in personnel and non-personnel expenses in the International Business segment.

Non-operating income minus non-operating expenses amounted to a net income of ¥2,000 million, down ¥1,800 million, or 47.2%, from the same period of the previous fiscal year. This was mainly caused by a decrease in equity in earnings of affiliates.

Due to the factors mentioned above, ordinary income decreased ¥900 million, or 2.4%, to ¥37,300 million from the same period of the previous fiscal year.

Extraordinary income minus extraordinary losses amounted to a net loss of ¥100 million, mainly due to loss on valuation of investment securities. Income taxes decreased ¥200 million, or 1.8%, to ¥11,300 million from the same period of the previous fiscal year. Net income attributable to non-controlling interests increased ¥200 million, or 4.3%, to ¥3,800 million from the same period of the previous fiscal year.

As a result, net income attributable to owners of parent decreased ¥900 million, or 4.0%, to ¥22,100 million from the same period of the previous fiscal year.

Total assets at the end of the first quarter of the fiscal year ending March 31, 2026 decreased ¥75,900 million, or 1.1%, to ¥6,787,000 million, and segment assets decreased ¥89,800 million, or 1.5%, to ¥5,970,000 million, respectively, from the end of the previous fiscal year.

Total liabilities decreased ¥26,700 million, or 0.5%, to ¥5,659,300 million, and interest-bearing debts increased ¥74,600 million, or 1.5%, to ¥4,987,200 million, respectively, from the end of the previous fiscal year.

Total net assets decreased ¥49,200 million, or 4.2%, to ¥1,127,700 million from the end of the previous fiscal year. This was mainly caused by a ¥54,100 million decrease in translation adjustments while retained earnings increased by ¥5,900 million.

As a result, the shareholders’ equity ratio decreased by 0.5 percentage points compared with the end of the previous fiscal year to 14.5%.

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Revenues increased ¥3,700 million, or 3.2%, to ¥117,400 million, and segment income increased ¥700 million, or 11.2%, to ¥6,800 million, respectively, from the same period of the previous fiscal year. The increase in segment income was mainly due to higher profits from joint investment businesses with partners. The balance of segment assets decreased ¥7,800 million, or 0.6%, to ¥1,267,200 million from the end of the previous fiscal year.

Revenues increased ¥3,300 million, or 4.2%, to ¥82,700 million, and segment income increased ¥300 million, or 4.9%, to ¥6,300 million, respectively, from the same period of the previous fiscal year. The increase in segment income was mainly because of higher car rental prices per unit as a result of higher sales from inbound tourism. The balance of segment assets increased ¥2,900 million, or 0.6%, to ¥503,700 million from the end of the previous fiscal year.

Revenues increased ¥3,200 million, or 4.1%, to ¥80,700 million, and segment income decreased ¥3,300 million, or 29.0%, to ¥8,000 million, respectively, from the same period of the previous fiscal year. The decrease in segment income was mainly because of the absence of one-time gains from the aviation business recorded for the same period of the previous fiscal year. The balance of segment assets decreased ¥43,200 million, or 1.5%, to ¥2,929,700 million from the end of the previous fiscal year mainly due to foreign exchange fluctuations.

Revenues increased ¥5,400 million, or 11.2%, to ¥53,400 million, and segment income increased ¥1,700 million, or 80.2%, to ¥3,800 million, respectively, from the same period of the previous fiscal year. The increase in segment income was mainly because of an increase in gain on sale of operational investment securities. The balance of segment assets decreased ¥40,500 million, or 4.1%, to ¥936,800 million from the end of the previous fiscal year mainly due to foreign exchange fluctuations.

Revenues decreased ¥2,200 million, or 14.1%, to ¥13,200 million, and segment income increased ¥200 million, or 88.4%, to ¥500 million, respectively, from the same period of the previous fiscal year. The increase in segment income was mainly due to an achievement of profitability in biomass co-firing power generation business. The balance of segment assets increased ¥700 million, or 0.3%, to ¥285,900 million from the end of the previous fiscal year.