Overview of Latest Financial Results

During the nine months ended December 31, 2025, revenues increased ¥28,300 million, or 2.8%, to ¥1,040,100 million, and gross profit increased ¥18,900 million, or 9.1%, to ¥227,300 million, respectively, from the same period of the previous fiscal year. The latter was mainly due to an increase in income in the Automobility, International Business, and Environmental Infrastructure segments.

Selling, general and administrative expenses increased ¥7,900 million, or 6.7%, to ¥125,900 million from the same period of the previous fiscal year, mainly due to increases in personnel and non-personnel expenses in the International Business and Automobility segments.

Non-operating income minus non-operating expenses amounted to a net income of ¥10,000 million, down ¥1,200 million, or 10.8%, from the same period of the previous fiscal year. This was mainly caused by a decrease in foreign exchange gains.

Due to the factors mentioned above, ordinary income increased ¥9,700 million, or 9.6%, to ¥111,400 million from the same period of the previous fiscal year.

Extraordinary income minus extraordinary losses amounted to a net income of ¥63,300 million, up ¥52,100 million, or 464.2%, mainly due to the recording of Russia-related insurance settlement. Income taxes increased ¥20,200 million, or 62.7%, to ¥52,500 million from the same period of the previous fiscal year. Net income attributable to non-controlling interests decreased ¥2,300 million, or 27.1%, to ¥6,300 million from the same period of the previous fiscal year.

As a result, net income attributable to owners of parent increased ¥43,900 million, or 60.9%, to ¥115,900 million from the same period of the previous fiscal year.

Total assets at the end of the third quarter of the fiscal year ending March 31, 2026 increased ¥193,000 million, or 2.8%, to ¥7,055,900 million, and segment assets increased ¥86,100 million, or 1.4%, to ¥6,146,000 million, respectively, from the end of the previous fiscal year.

Total liabilities increased ¥164,900 million, or 2.9%, to ¥5,850,900 million, and interest-bearing debts increased ¥184,000 million, or 3.7%, to ¥5,096,600 million, respectively, from the end of the previous fiscal year.

Total net assets increased ¥28,100 million, or 2.4%, to ¥1,205,000 million from the end of the previous fiscal year.

As a result, the shareholders’ equity ratio reached 15.0%.

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Revenues increased ¥9,500 million, or 2.9%, to ¥342,400 million, and segment income increased ¥1,900 million, or 11.3%, to ¥19,100 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 increased ¥1,200 million, or 0.1%, to ¥1,276,200 million from the end of the previous fiscal year.

Revenues increased ¥9,300 million, or 4.1%, to ¥238,000 million, and segment income decreased ¥4,800 million, or 32.6%, to ¥10,000 million, respectively, from the same period of the previous fiscal year. The decrease in segment income was mainly because of the recording of extraordinary losses related to a subsidiary’s IT systems. The balance of segment assets increased ¥20,300 million, or 4.1%, to ¥521,100 million from the end of the previous fiscal year.

Revenues decreased ¥8,300 million, or 3.4%, to ¥238,800 million, and segment income increased ¥52,000 million, or 165.7%, to ¥83,400 million, respectively, from the same period of the previous fiscal year. The increase in segment income was mainly because of the recording of Russia-related insurance settlement at Aviation Capital Group LLC, a consolidated subsidiary. The balance of segment assets increased ¥43,500 million, or 1.5%, to ¥3,016,500 million from the end of the previous fiscal year.

Revenues increased ¥12,300 million, or 7.8%, to ¥169,500 million, and segment income decreased ¥300 million, or 3.2%, to ¥9,400 million, respectively, from the same period of the previous fiscal year. The balance of segment assets increased ¥18,100 million, or 1.8%, to ¥995,300 million from the end of the previous fiscal year.

Revenues increased ¥5,700 million, or 12.5%, to ¥51,100 million, and segment income increased ¥1,300 million, or 157.2%, to ¥2,100 million, respectively, from the same period of the previous fiscal year. The increase in segment income was mainly due to an increase in gain on sale of the solar power business and an achievement of profitability in biomass co-firing power generation business. The balance of segment assets increased ¥5,300 million, or 1.9%, to ¥290,500 million from the end of the previous fiscal year.