Matters Concerning Business Plan and Growth Potential

Growth Strategy and Fund Operation Progress

Integral Corporation plans to newly establish the Private Equity Fund No. 5 Series in 2025 and commence operations with assets under management of approximately 250 billion yen. The previous fund series have grown steadily, demonstrating high profitability with a gross MOIC of 3.1x and a gross IRR of 31.5%. Additionally, the Real Estate Fund No. 1 and the Global Tech Growth Fund are also scheduled to launch in the same year. As a result, the number of investment professionals will increase from 73 to 113, and the asset management scale (FE-AUM) will reach 378.9 billion yen.

Investment Activities and Earnings Outlook

As of the end of December 2025, multiple investment projects are underway, including capital participation and tender offers in diverse domestic and international companies. In the real estate investment business, the total contract-based property acquisition amount by the Integral Real Estate Fund No. 1 exceeds 40 billion yen, demonstrating proactive investment activities. On the earnings front, revenue (net sales) for 2025 is forecasted at 13.6 billion yen and net income attributable to owners of parent at 6.0 billion yen, both expected to decline compared to the previous period due to cost impact (CI). Going forward, the company aims for growth through various value-up strategies and global investment expansion.