Notice of Revision to Previously Announced Consolidated Estimates

Revision of Earnings Outlook and Causes

We have revised the previously announced consolidated estimates. For the fiscal year ending March 2027, operating revenue is expected to be 1,350 million yen (substantially reduced from the prior estimate of 3,000 million yen), operating income -2,100 million yen, ordinary income -2,150 million yen, net income attributable to owners of parent -2,200 million yen, and net income per share -76.65 yen. Although part of the planned sales of unlisted shares was realized as scheduled, sales of listed shares fell short of expectations, and delays in the partnership with JAIC Asset Management expanded losses. Accordingly, we will proceed with asset replacement to restore profitability under the medium-term plan.

Future Policy and Risk Factors

While lower-than-expected sales realizations and delays in new investments are expected to result in a deficit, there are assets from which recovery of 900 million yen is anticipated. Toward the final year of the medium-term plan, we intend to expand AUM using external funding where appropriate, accelerate sales and recovery of low-profitability assets, and reallocate assets to higher-return projects. Given continued interest rate increases and inflationary pressure in the investment environment, making a reasonable earnings forecast is difficult; therefore, the previously announced consolidated estimates are disclosed only as reference information.