Financial Results
for the 1st Quarter of Fiscal Year Ending March 31, 2024
Mitsubishi HC Capital Inc.
August 10, 2023

Legal Disclaimer
 This presentation contains forward-looking statements regarding estimations, forecasts, targets and plans in relation to the results ofoperations, financial conditions and other overall management of Mitsubishi HC Capital Inc. and/or its group companies.
 These forward-looking statements are inherently subject to a number of risks and uncertainties that could cause the actual results,
performance, achievements, financial position etc. to differ materially from the information expressed or implied by these forward-looking
statements, which is based on assumptions and beliefs in light of information currently available to the management of Mitsubishi HC
Capital Inc. at the time of publication. Accordingly, due to various risks and uncertainties, the statements are not a guarantee of future
performance or developments. We may not be successful in implementing our business strategy, and management may fail to achieve its
targets for a wide range of possible reasons.
 Amounts are rounded down in this presentation, which may cause a fractional error in total amounts. We undertake no obligation to
update or correct any forward-looking statements after the date of this presentation. The information set forth in this presentation is subject
to change without notice.
 This presentation is not intended to solicit, offer, or sell investments in any jurisdiction, and should not be the sole basis for making
investment and other decisions. The reader is cautioned not to place undue reliance on forward-looking statements.
 We assume no liability for any damage resulting from the use.
 This presentation is created in Japanese and translated into English. The Japanese text is the original and the English text is for reference
purposes. If there is any conflict or inconsistency between these two texts, the Japanese text shall prevail.

Definitions of Terms and Figures Used in this Presentation
 MHC: Mitsubishi HC Capital MUL: Mitsubishi UFJ Lease & Finance HC: Hitachi Capital JSA: Jackson Square Aviation (Aircraft leasing company) ELF: Engine Lease Finance (Aircraft engine leasing company)
 CAI: CAI International (Marine container leasing company)
 BIL: Beacon Intermodal Leasing(Merger with CAI (surviving company) completed in January 2023)
 DAF: Diamond Asset Finance (Share transfer completed in March 2023)
 CPD: CenterPoint Development (Became a wholly-owned subsidiary in April 2023)

 CA: Mitsubishi HC Capital Auto Lease(Merger with Mitsubishi Auto Leasing (surviving
company) completed in April 2023)
 Net Income:Net income (quarterly/annually) attributable toowners of the parent
 Segment Assets:“Operating assets” + “equity-method investments” +“goodwill” + “investment securities, etc.”

1IndexI.

Financial SummaryII.

Financial Results for 1Q FYE 3/2024

III. Segment Updates
IV. Financial Forecast for FYE 3/2024

V. Appendix

2

I.

Financial Summary3

Financial Summary Progress against the financial forecast for FYE 3/2024 (net income: 120.0 billion yen) was 29.3%.
 Financial forecast for FYE 3/2024 remains unchanged.

Gross profit increased by 1.3 billion yen (1.5%) YoY to 94.6 billion yen.
Gross profit for 1Q FYE 3/2024 increased by 1.3 billion yen (1.5%) YoY to 94.6 billion yen mainly thanks to
the growth of the aviation business and the positive effects by adjusting fiscal period associated with thereorganization of subsidiaries* in the Americas, while lowered profitability caused by rising cost of funds insubsidiaries mainly in Europe and the Americas in the Global Business segment and the negative effects
by the deconsolidation of DAF and CA in FYE 3/2023.

Recurring income decreased by 4.1 billion yen (10.0%) YoY to 37.7 billion yen.


Recurring income for 1Q FYE 3/2024 decreased by 4.1 billion yen (10.0%) YoY to 37.7 billion yen mainly
due to an increase in expenses associated with the promotion of business activities in subsidiaries mainlyin Europe and the Americas, and an increase in credit costs in line with the worsening market condition in
the Americas in the Global Business segment.

Net income increased by 3.0 billion yen (9.6%) YoY to 35.1 billion yen.


Net income for 1Q FYE 3/2024 increased by 3.0 billion yen (9.6%) YoY to 35.1 billion yen mainly thanks toposting of extraordinary income in the real estate business as a result of making CPD our wholly-owned
subsidiary.

* Refer to page 8 for details.
4II. Financial Results for 1Q FYE 3/2024

5

Financial Results for 1Q FYE 3/2024


Net income for 1Q FYE 3/2024 increased by 3.0 billion yen (9.6%) YoY to 35.1 billion yen thanks to the growth of the aviation business,posting of extraordinary income in the real estate business as a result of making CPD our wholly-owned subsidiary, etc., while thenegative effects by the deconsolidation of DAF and CA in FYE 3/2023 and other factors.

Progress against the financial forecast for FYE 3/2024 (net income: 120.0 billion yen) was 29.3%.
(a)

(b)

(c)=(b)-(a)1Q
FYE 3/2023

1Q
FYE 3/2024

YoY Change(Billion Yen)(d)(e)=(c)/(a)Impact ofFluctuation in
Exchange Rates*2

YoY
Change(%)

1

Revenues

460.3

476.8

+16.4

+15.2

+3.6%

2

Gross Profit

93.2

94.6

+1.3

+4.8

+1.5%

3

Operating Income

40.4

36.2

-4.1

+2.3

-10.3%

4

Recurring Income

41.9

37.7

-4.1

+2.3

-10.0%+9.6%

5

Net Income

32.0

35.1

+3.0

+1.8*3

6

New Transactions Volume

609.2

658.3

+49.0

+27.7

+8.1%

7

Total Segment Assets

9,632.9*4

9,890.2+257.3*5+275.1+2.7%*58ROA*1

1.2%*6

1.3%*7+0.1pt9ROE*1

9.4%*6

9.0%*7-0.4pt*4*1 Based on net income*2 Calculated by difference YoY in exchange rates when incorporating the financial *5
statements in overseas subsidiaries (refer to page 29 for applied exchange rates) *6*3 The impact was approx. +3.4 billion yen, including a decrease in exchange
revaluation losses (approx. +1.6 billion yen) in relation to foreign currencydenominated borrowings for aircraft leasing transactions in MHC.
*7
Note: As MHC denominates financial statements in JPY, foreign currencydenominated assets and liabilities are converted into JPY.
However, for accounting purposes, while assets (aircraft) use the exchange
rate as of the lease start date, the liabilities (borrowing) use the exchange
rate as of the final day of the fiscal period. Therefore, exchange revaluation
losses or gains (weak yen: revaluation losses, strong yen: revaluation gains)
may occur

FYE 3/2023
Comparison figures between FYE 3/2023 and this quarter-end
Numerator: Annualized net income by quadrupling the quarterly net income for 1Q FYE 3/2023
Denominator: Average of FYE 3/2022 equity or total assets and end of 1Q FYE 3/2023 equity or
total assets
Numerator: Annualized net income by quadrupling the quarterly net income for 1Q FYE 3/2024
Denominator: Average of FYE 3/2023 equity or total assets and end of 1Q FYE 3/2024 equity or
total assets

6Increase/Decrease Factors in Net Income
Attributable to Owners of the Parent (YoY)
Increase/Decrease in Net Income Attributable to Owners of the Parent(Billion Yen)

(1)
+1.7

(2)
0.0

(4)
+5.7

(5)
+1.4

Net Income+3.0

Positive effects on net income(1) Business growth*1 : Up 1.7 billion yen +- :: Negative
effects on net income






-6.0
(3)

32.0

35.1



Aviation: +4.2 billion yen
An increase in leasing revenue, a decrease in exchange revaluation losses related
to aircraft leasing transactions in MHC, etc.
Global Business: +2.8 billion yen
Positive effects by the reorganization of subsidiaries in the Americas *2, etc.
Real Estate: +1.9 billion yen
Posting of large gains on sales in investment business, etc.
Customer Solutions: -4.7 billion yen
An absence of the large gains on sales and insurance claim income recorded in
1Q FYE 3/2023, etc.
Environment & Energy*3: -2.3 billion yen
Negative effects by the reorganization of subsidiaries*2, a decrease in gains onsales of owned assets, etc.

(2) Credit costs : 0.0 billion yen
Positive Factors

1Q
FYE 3/2023

Business
Growth*¹

Credit Costs(Billion Yen)Negative Factors

OperatingExpenses

Extraordinary
Income/Loss

1Q
FYE 3/2023

Others1Q
FYE 3/2024

1Q
FYE 3/2024

Global Business: -2.7 billion yen
An increase in credit costs in line with the worsening market condition in theAmericas, etc.
Real Estate: +2.1 billion yen
An absence of credit costs for a certain project in the U.S.A. recorded in
1Q FYE 3/2023(3) Operating expenses : Up 6.0 billion yen(1) Business Growth*1

93.7

95.5

(2) Credit Costs

4.5

4.4

(3) Operating Expenses

47.2

53.3

(4) Extraordinary Income/Loss

0.3

6.0

(5) Others

10.1

8.7

(Note) Figures shown in (1) through (4) are pre-tax basis. Taxes are included in (5)*1 Gross profit + non-operating income/expenses(however, non-operating income/expenses do not include gains on bad debts recovered)*2 Refer to page 8 for details*3 The segment name was changed due to the reorganization on April 1, 2023

Global Business: -5.6 billion yen
Negative effects by the reorganization of subsidiaries in the Americas *2, anincrease in expenses associated with the promotion of the business activities insubsidiaries in Europe and the Americas, etc.

(4) Extraordinary income/loss : Up 5.7 billion yen
Real Estate: +4.8 billion yen
Posting of extraordinary income as a result of making CPD our wholly-owned
subsidiary
Customer Solutions: +0.7 billion yen
Sales of strategic shareholdings

7Effects by Adjusting Fiscal Period Associated withReorganization of Subsidiaries
 On April 1, 2023, our Group companies in the U.S.A., Mitsubishi HC Capital America, Inc. (“MHCA”), Mitsubishi
HC Capital (U.S.A.) Inc. (“MHCUSA”), and ENGS Commercial Finance Co. (“ENGS”), were integrated, with
MHCA being the surviving company.
 On the same day, our Group companies engaged in the solar power generation business, etc., Mitsubishi HC
Capital Energy Inc. (“Energy”) and HGE Ltd. (“HGE”), were integrated, with Energy being the surviving company.

 The effects of these mergers in 1Q FYE 3/2024 are as follows.
Merged on April 1
2022
Jan.

Feb.

Mar.

Apr.

May

Jun.

Jul.

2023
Aug. Sep.

Oct.

Nov. Dec.

Jan.

Feb.

Mar.

Apr.

FYE 3/2023

May

Jun.

FYE 3/2024

YoY Impact on PL

MHCA(FYE: March)

1Q

2Q

3Q

1 Effect of profit increase

4Q
MHCA

Former
MHCUSA andENGS(FYE: December)

FYE 3/2023
1Q

2Q

3Q

1Q

1 1Q

4Q

FYE 3/2023

FYE 3/2024

Energy(FYE: January)(FYE: Mar.)FYE 3/2024

Energy
1Q

2Q

3Q

4Q

(FYE: Jan.)

2 Cause of profit decrease

1Q
FYE 3/2023

2

Former HGE(FYE: March)

1Q

2Q

3Q

4Q

Financial results of theformer MHCUSA and ENGS
for the period from January
to March 2023 (threemonths) were incorporated
in addition to the results of
MHCA for the period from
April to June 2023 (threemonths) after the merger ofthree companies.

As for the former HGE, thefinancial results for April
2023 (one month) only wereincorporated.

8

III. Segment Updates

9Increase/Decrease Factors in Segment Profit (YoY)
Segment Profit(Billion Yen)

Total：32.0

Segment Profit

Total：35.1
0.8(Billion Yen)

1Q
1Q
FYE 3/2023 FYE 3/2024

YoY

1.3
2.6
11.7

【 - 】 Absence of large gains on sales related to real estate leasing

Customer
Solutions

11.2

8.2

-3.0

GlobalBusiness

10.2

4.0

-6.2

4.6
1.9

5.4

Major Factors for Changes in Segment Profit

and non-operating income in a certain deal (insurance claim
income), which were recorded in 1Q FYE 3/2023【 - 】 An increase in expenses associated with the promotion ofbusiness activities mainly in subsidiaries in Europe and theAmericas, and an increase in credit costs in line with theworsening market condition in the Americas【 + 】 A decrease in tax expenses associated with the absorptiontype merger of subsidiaries

Environment& Energy*

1.9

2.6

Aviation

-0.9

2.3

+3.2

4.0

Logistics

4.6

5.4

+0.7 【 + 】 An increase in gains on sales of owned assets

10.2

2.6

+0.7 【 - 】 Negative effects by the reorganization of subsidiaries,
a decrease in gains on sales of owned assets

2.3【 + 】 Increases in leasing revenue and gains on sales of owned
assets and a decrease in exchange revaluation losses related
to aircraft leasing transactions in MHC【 + 】 An increase in gains on sales of owned assets, an absence of

11.2

2.6

11.7

+9.0

Mobility

1.3

0.8-0.4 【 - 】 Negative effects by the deconsolidation of CA in FYE 3/2023

Adjustments

0.8

-0.2

-1.1

Total

32.0

35.1

+3.0

8.2
0.8
-0.9

-0.2

1Q
FYE 3/2023

1Q
FYE 3/2024

credit costs for a project in the U.S.A recorded in 1Q FYE
3/2023, and posting of extraordinary income as a result of
making CPD our wholly-owned subsidiary

Real Estate-* The segment name was changed due to the reorganization on April 1, 2023

10

Customer Solutions
Major Figures (Billion Yen)
1Q
FYE 3/2023*1

1Q
FYE 3/2024

Comments
YoY*2

Gross Profit

31.2

27.8

-3.4

Recurring Income

16.7

11.3

-5.3

Segment Profit

11.2

8.2

-3.0

New Transactions Volume

211.2

232.9

+21.6

Customer Finance*3

167.9

191.0

+23.0

Vendor Solution

43.3

41.8

-1.4

3,227.7

3,205.8-21.8

2,721.9

2,699.1

-22.7

505.8

506.6

+0.8

Segment Assets
Customer Finance*3
Vendor Solution*1 Segment assets figures are for FYE 3/2023*2 Segment assets figures are a comparison between FYE 3/2023 and this quarter-end*3 Strategic shareholdings, inventory of the used product purchasing and sales business, etc.
are included

Gross profit decreased YoY due to an absence of large
gains on sales related to real estate leasing recorded in
1Q FYE 3/2023, etc.

Segment profit decreased YoY due to an absence of
non-operating income in a certain deal (insurance claim
income) recorded in 1Q FYE 3/2023, etc., in addition toa decrease in gross profit.



New transactions volume increased YoY thanks to the
execution of multiple large transactions.

Segment Assets of Customer Solutions by Transaction Type
(1Q FYE 3/2024)
Others5.8%
Installment/Loans
14.9%

Total
3,205.8
Billion Yen

Leasing
79.3%

11

Global Business
Major Figures*1 (Billion Yen)
1Q
FYE 3/2023*2

1Q
FYE 3/2024

Comments
YoY*3

Gross Profit

31.2

33.9

+2.6

Recurring Income

12.6

7.0

-5.6

Segment Profit

10.2

4.0

-6.2

Europe

5.5

2.9

-2.5

Americas

3.8

1.4

-2.4

China

0.4

-1.1

-1.5

ASEAN

0.6

0.9

+0.3

Others

-0.1

-0.1

0.0

322.3

355.5

+33.1

Europe

177.7

177.7

0.0

Americas

98.0

139.5

+41.4

China

22.7

13.4

-9.2

ASEAN

23.8

24.8

+1.0

Others---2,644.2

2,922.0+277.7

Europe1,310.7

1,468.1+157.3

Americas934.8

1,046.6+111.8

China

162.1

161.1

-0.9

ASEAN

234.5

238.3

+3.7

Others

2.0

7.6

+5.6

.

New Transactions Volume

Segment Assets

Gross profit increased YoY thanks to the positive effects byadjusting fiscal period associated with the reorganization ofsubsidiaries in the Americas, etc., while the lowered profitability
caused by the rising cost of funds mainly in subsidiaries in
Europe and the Americas.



Segment profit decreased YoY due to an increase in expenses
associated with the promotion of business activities insubsidiaries mainly in Europe and the Americas, an increase incredit costs in line with the worsening market condition in theAmericas, etc.

Segment assets increased compared to FYE 3/2023 thanks toan increase in new transactions volume in the Americas, theimpact of exchange rates, etc.

Segment Assets of Global Business*1 by Region (1Q FYE 3/2024)

Others
ASEAN
0.3%
8.2%
China
5.5%

Americas
35.8%

Total
2,922.0
Billion Yen

Europe50.2%*1 As the figures are results for the Global Business segment, figures for overseas business in
the Aviation, Logistics, and other segments are not included*2 Segment assets figures are for FYE 3/2023*3 Segment assets figures are a comparison between FYE 3/2023 and this quarter-end

12

Environment & Energy
Major Figures (Billion Yen)
1Q
FYE 3/2023*1
3.2

1Q
FYE 3/2024

Comments
YoY*2

1.9

1.8
0.6
2.6

-1.4
-2.0
+0.7

New Transactions Volume

17.7

4.4

-13.3

Segment Assets
Finance Business
Renewable Energy
Business
Domestic
Overseas
Others

433.2
92.9

440.9
90.3

+7.6
-2.5

295.7

300.9

+5.2

219.4
76.2
44.6

219.0
81.9
49.6

-0.4
+5.6
+4.9

Gross Profit
Recurring Income
Segment Profit

2.6*1 Segment assets figures are for FYE 3/2023*2 Segment assets figures are a comparison between FYE 3/2023 and this quarter-end

Gross profit decreased YoY due to the negative effects byadjusting fiscal period associated with the reorganizationof subsidiaries, a decrease in gains on sales of owned
assets, etc.

Segment profit increased YoY thanks to a decrease in tax
expenses associated with the absorption-type merger ofsubsidiaries, while profit from equity-method investments
decreased.

Equity-owned Power Generation Capacity of Renewable Energy
Generation Business (1Q FYE 3/2024)(1) Capacity in Operation

Equity-owned Power Generation Capacity of Renewable Energy
Generation Business*3*4 (MW)

Total
Solar Power
Domestic
Overseas
Wind Power
Domestic
Overseas
OthersFYE 3/2023

1Q
FYE 3/2024

1,366
1,020
990
30
340
193
147
4

1,368
1,023
992
30
339
192
147
4

Change fromFYE 3/2023
+2
+3
+2
0
-1
-1
-

Others0.4%(2) Capacity Including Projects
under Development
Others1.8%

Wind Power
29.7%

Wind Power
24.8%

Total
1,368MW
Solar Power
74.8%

Total
1,632MW
Solar Power
68.5%*3 Management figures*4 Equity-owned power generation capacity in domestic and overseas renewable energy business.
The output corresponds to the segment assets of the domestic renewable energy business anda part of the overseas renewable energy business

13

Aviation
Major Figures (Billion Yen)
1Q
FYE 3/2023*1

Comments
YoY*2



+2.3
+4.1
+3.2

Gross profit increased YoY thanks to an increase inleasing revenue and gains on sales of owned assets
associated with the market recovery, etc.

Segment profit increased YoY thanks to a decrease in
exchange revaluation losses on foreign currencydenominated borrowings related to aircraft leasingtransactions in MHC, etc., in addition to an increase ingross profit.



Segment assets increased compared to FYE 3/2023
thanks to the execution of new aircraft leasingtransactions, the impact of exchange rates, etc.

Gross Profit
Recurring Income
Segment Profit

-1.2
-0.9

9.0
2.8
2.3

New Transactions Volume

13.5

41.8

+28.2

1,640.2

1,654.4+14.2

Aircraft Leasing (JSA)

1,203.6

1,223.7+20.1

Engine Leasing (ELF)

366.5

368.8

+2.2

Aircraft Leasing, etc. (MHC)

70.0

61.8

-8.1

Segment Assets

6.7

1Q
FYE 3/2024*1 Segment assets figures are for FYE 3/2023*2 Segment assets figures are a comparison between FYE 3/2023 and this quarter-end

Owned Aviation-related Assets (1Q FYE 3/2024)

Owned Aviation-related Assets*3*4
FYE 3/2023

1Q
FYE 3/2024

Number of Aircraft (JSA)

199

201

+2

Number of Aircraft
Purchased
Number of Aircraft Sold

13*5

4*6

-

5*5

2*6

-

Average Age (JSA)

4.9 years

5.0 years+0.1 years

Average Remaining Leasing
Term (JSA)

7.1 years

7.0 years-0.1 years

347

347

-

Number of Aircraft
Engines (ELF)
*3
*4
*5
*6

Management figures
Figures before consolidation adjustments
Actual number for FYE 3/2023
Actual number for 1Q FYE 3/2024(1) Aircraft Assetby Type/Region

Change fromFYE 3/2023(2) Aircraft Engine
by Region

Middle East & Others
6.5%

Middle East & Others
9.9%

Europe23.9% Number Americas
38.8%

Europe18.8% Number

Others11.4%

Numberof
Aircraft
Narrow Body*7
88.6%

of
Aircraft

Asia/Oceania
30.8%

of
EnginesAmericas44.6%

Asia/Oceania
26.7%*7 Single-aisle aircraft mainly used for domestic and short-distance flights(A320 series by Airbus, B737 series by Boeing, etc.)14Logistics
Major Figures (Billion Yen)
1Q
FYE 3/2023*1

1Q
FYE 3/2024

Comments
YoY*2

8.5

9.5

+1.0

Recurring Income

5.8

6.6

+0.8

Segment Profit

4.6

5.4

+0.7

New Transactions Volume

15.5

5.1

-10.4

1,092.9

1,090.2-2.6

Marine Containers

793.0

776.5

-16.4

Railway Freight Cars

256.8

277.4

+20.5

Shipping

43.0

36.2

-6.7

Gross Profit

Segment Assets

Segment profit increased YoY thanks to an increase ingains on sales of owned assets (mainly shipping), etc.

Segment assets decreased compared to FYE 3/2023 dueto the sales of shipping assets, the execution of newtransactions in the marine container business being
temporarily suppressed considering that market
conditions had entered a corrective phase, and otherfactors.

*1 Segment assets figures are for FYE 3/2023*2 Segment assets figures are a comparison between FYE 3/2023 and this quarter-end

Owned Logistics-related Assets*3

Marine Container Fleet(TEU 1,000*4)

Trend of Marine Container Fleet (TEU 1,000)*6

FYE 3/2023

1Q
FYE 3/2024

3,412

3,330

Change fromFYE 3/2023-81

Marine Container Fleet(CEU 1,000*5)

3,610

3,501

-109

Number ofRailway Freight Cars

22,65422,608-46*3 Management figures*4 TEU: Twenty-foot equivalent unit (unit equivalent to the capacity of a 20-feet long container)*5 CEU: Cost equivalent unit (conversion unit for various container volumes, calculated on thebasis of 1 CEU = average historical price of a newly built 20-foot dry container)

2,980
1,611

3,203
1,688

1,368

1,515

FYE 3/2020

FYE 3/2021

3,492

3,412

3,330

FYE 3/2022

FYE 3/2023

1Q
FYE 3/2024

BIL

CAI

*6 The figures of CAI for FYE 3/2020 and FYE 3/2021 are pre-acquisition figures provided forreference15

Real Estate
Major Figures (Billion Yen)

Comments
1Q
FYE 3/2023*1

1Q
FYE 3/2024

YoY*2

Gross Profit

8.1

9.8

+1.7

Recurring Income

4.1

8.5

+4.3

Segment Profit

2.6

11.7

+9.0



Gross profit increased YoY thanks to the posting of large
gains on sales in investment business, etc., despite thenegative effects by deconsolidation of DAF.



Segment profit increased YoY thanks to an absence ofcredit costs for a project in the U.S.A recorded in
1Q FYE 3/2023, and posting of extraordinary income as aresult of making CPD our wholly-owned subsidiary, etc.

Segment assets increased compared to FYE 3/2023
thanks to making CPD our wholly-owned subsidiary, etc.

.

New Transactions Volume

23.2

16.9

-6.2

Segment Assets

447.2

470.4

+23.1

Domestic

389.4

411.5

+22.0

Finance Business

159.2

148.0

-11.1

Investment Business

158.2

188.3

+30.0

Rental Business

71.9

75.1

+3.1

Overseas(Finance Business Only)

55.4

56.3

+0.9

Others

2.3

2.5

+0.1

*1 Segment assets figures are for FYE 3/2023*2 Segment assets figures are a comparison between FYE 3/2023 and this quarter-end

16

Mobility
Major Figures (Billion Yen)
1Q
FYE 3/2023*1

1Q
FYE 3/2024

Comments
YoY*2

Gross Profit

2.5

0.3

-2.2

Recurring Income

1.6

0.8

-0.7

Segment Profit

1.3

0.8

-0.4

New Transactions Volume

5.4

1.4

-4.0

Segment Assets

41.4

40.9

-0.4



Each profit item decreased YoY due to the negative
effects by the deconsolidation of CA associated with thereorganization of subsidiaries, etc.



New transactions volume decreased YoY due to thedeconsolidation of CA, etc.

*1 Segment assets figures are for FYE 3/2023*2 Segment assets figures are a comparison between FYE 3/2023 and this quarter-end

Number of Operational Vehicles*3 (Unit: 1,000)
FYE 3/2023
Number of Operational
Vehicles*4

355

1Q
FYE 3/2024
354

Change fromFYE 3/2023-1*3 Management figures*4 Including the number of operational vehicles of equity-method affiliates

17IV. Financial Forecast for FYE 3/2024

18

Financial Forecast for FYE 3/2024
Progress against the financial forecast (net income of 120.0 billion yen) was 29.3%.

Financial forecast for FYE 3/2024 remains unchanged.
FYE 3/2023

FYE 3/2024*2*3

YoY Change(%)

1

Net Income (Billion Yen)

116.2

120.0

+3.7
(+3.2%)

2

ROA*1

1.1%

1.1%

-

3

ROE*1

8.2%

7.8%

-0.4pt4

Dividend per Share〈Payout Ratio〉¥33〈40.8%〉¥37〈44.3%〉+¥4〈+3.5pt〉*1 Based on net income*2 Financial forecast as of August 10, 2023
*3 The assumed foreign exchange rates are $1=¥130, £1=¥160

19

Transition of Major Figures
The Medium-term Management Plan (“2025 MTMP”) covering the three-year period from FYE 3/2024 was formulated andannounced in May 2023.

Financial targets for the final fiscal year of the 2025 MTMP (FYE 3/2026) are net income of 160.0 billion yen, ROA *1 ofapprox. 1.5%, and ROE*1 of approx. 10%.

Transition of Net Income*2 and ROE*1*2

8.8%

approx.10%

9.1%

8.9%
8.0%

7.3%

8.0%

8.2%

7.8%

ROE*1*2

Net Income*2(Billion Yen)

86.0

95.7

88.1

101.4

87.3

99.4

FYE 3/2017

FYE 3/2018

FYE 3/2019

FYE 3/2020

FYE 3/2021

FYE 3/2022

CAGR+11.2%

116.2

120.0

FYE 3/2023

FYE 3/2024(Forecast)(Compared to
FYE 3/2023)

FYE 3/2017 FYE 3/2018 FYE 3/2019 FYE 3/2020 FYE 3/2021 FYE 3/2022 FYE 3/2023 FYE 3/2024*4

1 Net Income*2 (Bn Yen)

160.0

･･･

FYE 3/2026(Final Fiscal
Year of MTMP)FYE 3/2026

YoY(Change)(Final Fiscal
Year of MTMP)

86.0

95.7

88.1

101.4

87.3

99.4

116.2

120.0

+3.7

160.0

2

ROA*1*2

1.0%

1.1%

1.0%

1.0%

0.9%

1.0%

1.1%

1.1%

-

Approx. 1.5%

3

ROE*1*2

8.8%

9.1%

8.0%

8.9%

7.3%

8.0%

8.2%

7.8%

-0.4ptApprox. 10%

4

Dividend per Share*3

¥13.0

¥18.0

¥23.5

¥25.0

¥25.5

¥28.0

¥33.0

¥37.0

+¥4.0

-

21.8%

25.2%

30.4%

31.5%

41.1%

40.4%

40.8%

44.3%

+3.5pt40% or More

5 Payout Ratio*3*1 Based on net income*2 Figures from FYE 3/2017 to FYE 3/2021 are simple sums of MUL’s (net income attributable to owners of the parent under
J-GAAP) and HC’s (net income attributable to owners of the parent under IFRS)*3 MUL’s results from FYE 3/2017 to FYE 3/2021*4 The assumed foreign exchange rates for FYE 3/2024 are $1=¥130, £1=¥160

20

Dividend Forecast for FYE 3/2024
We will return profits to shareholders by distributing dividends and sustainably increase the total amount of dividend
payments through profit growth.
The payout ratio during the 2025 MTMP is targeted to be 40% or more. The annual dividend per share for FYE 3/2024 isforecast to be 37 yen, up 4 yen YoY.
Assuming a net income of 120.0 billion yen and dividend per share of 37 yen, the payout ratio is estimated to be 44.3%.

Transition of Dividend

57.4%
44.3%
41.1% 40.4% 40.8%

30.4%

31.5%

25.2%
20.7%

PayoutRatio*

17.4% 15.5%

18.9% 19.2% 20.0%

21.8%

16.0%

11.1%
37.0

33.0
Dividend per Share*
(Yen)

4.2

23.5

25.0

25.5

28.0

18.0

4.6

4.8

5.0

6.0

6.5

8.0

9.5

12.3

13.0

FYE 3/2008 FYE 3/2009 FYE 3/2010 FYE 3/2011 FYE 3/2012 FYE 3/2013 FYE 3/2014 FYE 3/2015 FYE 3/2016 FYE 3/2017 FYE 3/2018 FYE 3/2019 FYE 3/2020 FYE 3/2021 FYE 3/2022 FYE 3/2023 FYE 3/2024(forecast)* MUL’s results from FYE 3/2008 to FYE 3/2021

21

V. Appendix

22

Segment Profit (by Quarter)FYE 3/2023
1Q(Billion Yen)
1 Customer Solutions
2 Global Business
3 Environment & Energy
4 Aviation
5 Logistics
6 Real Estate
7 Mobility
8 Adjustments
9 Total Segment Profit

FYE 3/2024
1Q

YoY

11.2
10.2
1.9
-0.9
4.6
2.6
1.3
0.8
32.0

8.2
4.0
2.6
2.3
5.4
11.7
0.8
-0.2

-3.0
-6.2
+0.7
+3.2
+0.7
+9.0
-0.4
-1.1

35.1

+3.0

Notes (Pre-tax Basis)
1Q FYE 3/2023

1Q FYE 3/2024【+ 】 Large gains on sales related to real estate leasing: approx. JPY2.0Bn

1

Customer Solutions

Non-operating income in a certain deal (insurance claim income):approx. JPY1.0Bn【+】 Positive effects by reorganization of subsidiaries in the Americas:

2

Global Business-approx. JPY1.0Bn【 - 】 Credit costs in line with the worsening market conditions in theAmericas: approx. JPY2.0Bn

3

Environment & Energy【+ 】 Increases in profit from equity-method investment in a wind power

generation project in Europe: approx. JPY1.0Bn【 - 】 Exchange revaluation losses related to aircraft leasing transactions in

MHC: approx. JPY3.5Bn【+】 A decrease in tax expenses associated with the absorption-type mergerof subsidiaries*: approx. JPY2.0Bn【+】 Gains on sales of owned assets: approx. JPY1.0Bn【 - 】 Exchange revaluation losses related to aircraft leasing transactions in

4

Aviation

5

Logistics【+ 】 Gains on sales of owned assets: approx. JPY1.0Bn【+】 Gains on sales of owned assets: approx. JPY2.0Bn【+ 】 Gains on sales of owned assets: approx. JPY4.0Bn【+】 Gains on sales of owned assets: approx. JPY7.0Bn

6Real Estate【 - 】 Large credit costs: approx. JPY2.0Bn

7

Mobility

MHC: approx. JPY1.5Bn

8Adjustments--

Posting of extraordinary income as a result of making CPD ourwholly-owned subsidiary*: approx. JPY4.8Bn【+】 Positive effects by reorganization of subsidiaries in the Americas:

approx. JPY1.5Bn* Based on figures after tax

23

Segment Assets by Segment(Billion Yen)
1
2
3

Customer Solutions
Percentage of Total
Global Business

FYE 3/2022

FYE 3/2023

1Q
FYE 3/2024

Change fromFYE 3/2023

3,337.6

3,227.7

3,205.8

-21.8

35.7%

33.5%

32.4%

-1.1pt2,316.3

2,644.2

2,922.0+277.74

Percentage of Total

24.8%

27.5%

29.5%

+2.0pt5

Environment & Energy

419.3

433.2

440.9

+7.6

6

Percentage of Total

4.5%

4.5%

4.5%

0.0pt

1,365.1

1,640.2

1,654.4

+14.2

14.6%

17.0%

16.7%

-0.3pt

1,026.7

1,092.9

1,090.2

-2.6

11.0%

11.4%

11.0%

-0.4pt

712.7

447.2

470.4

+23.1

7.6%

4.6%

4.8%

+0.2pt

129.4

41.4

40.9

-0.4

1.4%

0.4%

0.4%

0.0pt

37.9

105.8

65.3

-40.5

7
8
9
10
11
12
13
14
15

Aviation
Percentage of Total
Logistics
Percentage of Total
Real Estate
Percentage of Total
Mobility
Percentage of Total
Adjustments

16

Percentage of Total

0.4%

1.1%

0.7%

-0.4pt17

Total Segment Assets

9,345.3

9,632.9

9,890.2+257.324

New Transactions Volume by Segment(Billion Yen)

1Q
FYE 3/2023

1Q
FYE 3/2024

YoY Change

YoY Change (%)

1

Customer Solutions

211.2

232.9

+21.6

+10.2%

2

Global Business

322.3

355.5

+33.1

+10.3%

3

Environment & Energy

17.7

4.4

-13.3

-74.9%

4

Aviation

13.5

41.8

+28.2

+208.6%

5

Logistics

15.5

5.1

-10.4

-67.0%

6

Real Estate

23.2

16.9

-6.2

-27.0%

7

Mobility

5.4

1.4

-4.0

-73.3%

8

Total New Transactions
Volume

609.2

658.3

+49.0

+8.1%

25

Credit Costs by Segment(Billion Yen)

1Q
FYE 3/2023

1Q
FYE 3/2024

YoY Change

1

Customer Solutions

0.2

0.2

0.0

2

Global Business

0.6

3.4

+2.7

3

Environment & Energy

0.6

0.3

-0.3

4

Aviation

0.7

0.4

-0.3

5

Logistics

0.0

0.0

0.0

6

Real Estate

2.1

0.0

-2.1

7

Mobility

0.0

0.0

0.0

8

Adjustments

0.0

0.0

0.0

9

Total Credit Costs

4.5

4.4

0.0

26

Financial Performance: Profit & Loss Statement(Million Yen)
1

Revenues

2

Cost of Revenues

3

Cost of Funds

4

Gross Profit

5

SG&A Expenses

6

Personnel Expenses

7

Non-personnel Expenses

8

Allowance

9

Operating Income

10

Recurring Income

11

Extraordinary Income

12

Extraordinary Loss13

Net Income Attributable to
Owners of the Parent

1Q
FYE 3/2021*

1Q
FYE 3/2022

419,756
341,892
25,16977,864
49,17722,55519,991
6,631
28,68730,627384
020,641-

407,735-2.9%
336,428-1.6%
18,538-26.3%
71,306-8.4%
50,573+2.8%
23,964+6.2%
20,716+3.6%
5,892-11.1%
20,733-27.7%
20,622-32.7%
27,186+6,978.4%
229
33,169+60.7%1Q
FYE 3/2023
460,347+12.9%
367,078+9.1%
25,801+39.2%
93,269+30.8%
52,797+4.4%
26,724+11.5%
20,564
-0.7%
5,507
-6.5%
40,471+95.2%
41,931+103.3%300-98.9%
0
32,046-3.4%

1Q
FYE 3/2024
476,814+3.6%
382,175+4.1%
45,298+75.6%
94,639+1.5%
58,349+10.5%
30,090+12.6%
23,231+13.0%
5,028-8.7%
36,289-10.3%
37,754-10.0%
6,201+1,962.8%
13835,108+9.6%(Note) Percentage figures (%) in the lower column are YoY* Figures for FYE 3/2021 are the sum of consolidated results of MUL and those of HC (IFRS basis)converted into J-GAAP basis in a simplified manner, and are presented as reference values

27

Financial Performance: Balance Sheet, etc.
(Million Yen)
1

Cash and Cash Equivalents

2

Total Equity

3

Total Assets

4

Segment Assets

5

Operating Assets

6

Equity-Method
Investments

7

Goodwill, Investment
Securities, etc.

8

Impaired Assets

9

Allowance

10

Net Balance of Impaired
Assets11

Equity Ratio

12

ROE*2

13

ROA*2

FYE 3/2021*1(end-Mar. 2021)

FYE 3/2022(end-Mar. 2022)

FYE 3/2023(end-Mar. 2023)

603,3211,250,216
9,730,027
8,604,876
8,259,624
140,291
204,960
95,54358,06637,476
12.5%-

540,942-10.3%
1,333,467+6.7%
10,328,872+6.2%
9,345,376+8.6%
9,058,273+9.7%
142,469+1.6%
144,633-29.4%
108,188+13.2%
76,791+32.2%
31,397-16.2%
12.7%+0.2pt8.0%
1.0%-589,688+9.0%
1,551,029+16.3%
10,726,196+3.8%
9,632,966+3.1%
9,311,185+2.8%
163,109+14.5%
158,670+9.7%
99,912-7.6%
68,806-10.4%
31,106-0.9%
14.3%+1.6pt8.2%+0.2pt1.1%+0.1pt(Note) Percentage figures (%) in the lower column are vs. end of the previous fiscal year
*1 Figures for FYE 3/2021 are the sum of consolidated results of MUL and those of HC (IFRS basis)converted into J-GAAP basis in a simplified manner, and are presented as reference values*2 Based on net income*3 Annualized net income by quadrupling the net income for 1Q FYE 3/2024

1Q FYE 3/2024(end-Jun. 2023)
569,664-3.4%
1,615,972+4.2%
11,146,942+3.9%
9,890,288+2.7%
9,549,913+2.6%
174,677+7.1%
165,697+4.4%
107,385+7.5%
66,893-2.8%
40,491+30.2%
14.3%
0.0pt
9.0%*3+0.8pt
1.3%*3+0.2pt28

Financial Performance: Balance Sheet, etc. (Cont’d)(Million Yen)
14

Total Funding

15

Indirect Funding

16

Direct Funding

17

CP

18

Securitization

19

Corporate Bonds

20

Direct Funding Ratio

21

Long-Term Funding Ratio

22

Foreign Currency Funding
Ratio

FYE 3/2021*1(end-Mar. 2021)

FYE 3/2022(end-Mar. 2022)

FYE 3/2023(end-Mar. 2023)

1Q FYE 3/2024(end-Jun. 2023)

7,633,836
4,193,928
3,439,908
643,812584,565
2,211,530-

8,066,082+5.7%
4,515,103+7.7%3,550,978+3.2%
682,593+6.0%
604,493+3.4%
2,263,891+2.4%

8,236,106+2.1%
4,846,586+7.3%
3,389,520-4.5%
559,485-18.0%
604,3020.0%
2,225,731-1.7%

8,589,640+4.3%
4,992,759+3.0%
3,596,880+6.1%
736,878+31.7%
578,415-4.3%
2,281,586
+2.5%

45.1%
81.5%
43.1%
-

44.0%
-1.1pt81.1%-0.4pt49.4%+6.3pt41.2%-2.8pt82.5%+1.4pt56.3%+6.9pt41.9%+0.7pt82.4%-0.1pt57.9%+1.6pt(Note) Percentage figures (%) in the lower column are vs. end of the previous fiscal year
*1 Figures for FYE 3/2021 are the sum of consolidated results of MUL and those of HC (IFRS basis) converted into J-GAAP basis in a simplified manner, and are presented as reference values

Exchange Rate Applied to Financial Results of Major Overseas Subsidiaries*2
Major Overseas Subsidiaries withFY Ending in December

Major Overseas Subsidiaries with FY Ending in March

1Q FYE 3/2023*3

1Q FYE 3/2024

1Q FYE 3/2023*3

1Q FYE 3/2024

23

Exchange Rate Applied to PL$1＝JPY116.20$1＝JPY132.34£1＝JPY162.96$1＝JPY129.57£1＝JPY171.91$1＝JPY137.37

24

Exchange Rate Applied to BS$1＝JPY132.70$1＝JPY133.53£1＝JPY165.56$1＝JPY133.53£1＝JPY182.95$1＝JPY144.99*2 Major overseas subsidiaries with⇒ Average exchange rates from Jan. through Mar. applied to PL
FY ending in December
FYE 3/2023 BS: exchange rate as of end-Dec. 2022 is applied
1Q FYE 3/2024 BS: exchange rate as of end-Mar. 2023 is applied
Major overseas subsidiaries with⇒ Average exchange rates from Apr. through Jun. applied to PL
FY ending in MarchFYE 3/2023 BS: exchange rate as of end-Mar. 2023 is applied
1Q FYE 3/2024 BS: exchange rate as of end-Jun. 2023 is applied*3 Exchange rates applied to BS are as of FYE 3/2023

29

Inquiries

Corporate Communications Department
I

Inquiries
TEL： +81 3-6865-3002

II

Websitehttps://www.mitsubishi-hc-capital.com/english/30