Financial Results
for the 3rd Quarter of Fiscal Year Ending March 31, 2024
Mitsubishi HC Capital Inc.
February 9, 2024

Disclaimer⚫ This presentation contains forward-looking statements regarding estimations, forecasts, targets and plans in relation to the results of operations,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 basedon 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.
⚫ The figures in this presentation, unless specified “by Quarter”, represent values for the cumulative period of this current quarter.
Also, figures 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 otherdecisions. 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◼ Asset-related gain/loss:
The sum of gain/loss on sales and impairment losses of owned assets based on grossprofit in the Customer Solutions, Environment & Energy, Aviation, Logistics, and Real
Estate segments◼ JSA: Jackson Square Aviation (Aircraft leasing company)◼ Base profit: Gross profit other than asset-related gain/loss◼ ELF: Engine Lease Finance (Aircraft engine leasing company)◼ Net Income: Net income (quarterly/annually) attributable to owners of the parent◼ CAI: CAI International (Marine container leasing company)◼ ROA:

Annualized net income(total assets at the end of previous FY + total assets at the end of this quarter) / 2◼ ROE:

Annualized net income(equity at the end of previous FY + equity at the end of this quarter) / 2◼ DAF: Diamond Asset Finance (Share transfer completed in March 2023)◼ CPD: CenterPoint Development (Became a wholly-owned subsidiaryin April 2023)◼ CA:

Mitsubishi HC Capital Auto Lease (Merger with Mitsubishi
Auto Leasing (surviving company) completed in April 2023)◼ Segment Assets:
Operating assets + equity-method investments + goodwill + investment securities, etc.

1

IndexI.

Highlights

II.

Financial Results for 3Q FYE 3/2024

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

2

I. Highlights

Back to Index
3

Highlights
Net income decreased by 5.3 billion yen YoY to 80.5 billion yen.
New transactions volume and segment assets increased.
✓

Net income for 3Q FYE 3/2024 decreased by 5.3 billion yen YoY to 80.5 billion yen and the amount of a decrease in net
income was declined compared with the first half, because the Aviation segment has been steadily recovering and the
Logistics segment progressed favorably compared with the initial plan, despite the losses in U.S. projects in the Real Estatesegment and the impairment losses in the Environment & Energy segment, etc. in the first half.

✓

Further, new transactions volume for 3Q FYE 3/2024 increased by 250.5 billion yen YoY to 2,210.3 billion yen, and segment
assets also increased by 657.4 billion yen to 10,290.4 billion yen compared with FYE 3/2023, thanks to an increase in newtransactions continuing from the first half in the Aviation, Real Estate, and Customer Solutions segments.

The financial forecast for FYE 3/2024 (net income: 120.0 billion yen) remains unchanged.
✓

The progress made toward the full-year financial forecast (net income: 120.0 billion yen) during 3Q FYE 3/2024 was 67.2%.

✓

Despite the progress, the full-year financial forecast remains unchanged, because the Logistics segment has been progressing
favorably compared with the initial plan, the profits in the Aviation segment are planned to be weighted toward the second half andwill exceed the initial plan, and we expect large gains on sales of owned assets in the Real Estate and Environment & Energy
segments.

Decided to invest in a European environmental energy business company toward theevolution and layering of business model.
✓

We have decided to invest (approx. 110.0 billion yen) in European Energy A/S, a Danish company developing and operating
renewable and next generation energy business mainly in Europe. We will acquire 20% of its outstanding shares and makeit our equity-method affiliate (refer to page 21-22 for details).

✓

Toward the evolution and layering of business models in the Medium-term Management Plan (2025 MTMP), we will
accelerate initiatives to enhance development functions in the renewable energy business, which is the core strategy of theEnvironment & Energy business.
4II. Financial Results for 3Q FYE 3/2024

Back to Index
5

Financial Results for 3Q FYE 3/2024◼

Net income for 3Q FYE 3/2024 decreased by 5.3 billion yen YoY to 80.5 billion yen and the amount of a decrease in net income was declined
compared with the first half, because the Aviation segment has been steadily recovering and the Logistics segment progressed favorably comparedwith the initial plan ,despite the losses in U.S. projects in the Real Estate segment and the impairment losses in the Environment & Energy segment,
etc. in the first half.

◼

Further, new transactions volume for 3Q FYE 3/2024 increased by 250.5 billion yen YoY to 2,210.3 billion yen, and segment assets also increased by
657.4 billion yen to 10,290.4 billion yen compared with FYE 3/2023, thanks to an increase in new transactions continuing from the first half in the
Aviation, Real Estate, and Customer Solutions segments.

(Billion Yen)
1
Revenue(a)(b)(c)=(b)-(a)(d)(e)=(c)/(a)3Q
FYE 3/2023

3Q
FYE 3/2024

YoY Change

YoY Change(%)

1,410.4

1,425.0+14.6

Impact of Fluctuation in
Exchange Rates*1
+41.4

+1.0%

2

Gross Profit

264.6

270.0

+5.3

+11.4

+2.0%

3

Operating Income

106.3

101.6

-4.7

+5.0

-4.5%

4

Recurring Income

109.6

104.3

-5.3

+5.1

-4.9%

5

Net Income

85.9

80.5

-5.3

+3.5*2-6.2%

6

New Transactions Volume1,959.7

2,210.3+250.5+97.0+12.8%YoY Change

Impact of Fluctuation in
Exchange Rates*1+566.1(Billion Yen)
7 Total Segment Assets

FYE 3/2023
9,632.93Q
FYE 3/2023

3Q
FYE 3/2024
10,290.4
3Q
FYE 3/2024+657.4

YoY Change
(%)
+6.8%

YoY Change

8

ROA

1.1%

1.0%

-0.1pt

9

ROE

8.0%

6.8%

-1.2pt*1 Calculated by YoY difference in exchange rates when incorporating the financial statements in overseas subsidiaries (refer to page 36 for applied exchange rates)*2 The impact was approx. +5.6 billion yen, including exchange revaluation (positive effects of approx. +2.1 billion yen because of a decrease in exchange revaluation losses) in relation toforeign currency-denominated borrowings for leasing transactions of aircraft owned by MHC
Note: As MHC denominates financial statements in JPY, foreign currency-denominated 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

6Increase/Decrease Factors in Net Income (YoY)◼

The “Business Growth” turned into positive thanks to the recovery and growth in the Aviation segment, while net income decreased YoY due to losses in
U.S. projects in the Real Estate segment and impairment losses in the Environment & Energy segment, etc. in the first half. Although operating expenses
increased YoY due to the reorganization of subsidiaries in the Americas, etc., this increase was within the budget of the initial plan. + : Positive effects on net income- : Negative effects on net income(1) Business Growth*1 (excl. Impairment Losses, etc.*2): Up ¥13.5Bn

Increase/Decrease in Net Income◼ Aviation (+¥12.5Bn):(Billion Yen)

Net Income
-5.3

(1)

+13.5

(5)

+1.4
-7.9

-0.7

(2)

(3)

Business
Growth*1 +5.6

-10.2

-1.4

(4)

(6)

85.9

(2) Impairment Losses, etc.*2: Up ¥7.9Bn

80.5
Positive Factors◼ Global Business(+¥9.3Bn):◼ Mobility (-¥5.4Bn):◼ Customer Solutions(-¥3.6Bn):

An increase in leasing revenues, a decrease in exchange
revaluation losses related to leasing transactions ofaircraft owned by MHC, etc.
Positive effects of the reorganization of subsidiaries in theAmericas*3 (+¥3.1Bn), etc.
Negative effects of the deconsolidation of CA, etc.
Absences of large gains on sales, insurance claim income
in FYE 3/2023, etc.

◼ Real Estate (-¥6.4Bn):◼ Environment & Energy*4(-¥5.8Bn):◼ Logistics (+¥2.4Bn):

Losses in U.S. projects
Impairment losses related to a solar power generation
project
An absence of impairment losses in FYE 3/2023

Negative Factors(3) Credit Costs: Up ¥0.7Bn
3Q
FYE 3/2023

Business
Growth*¹

Impairment
Losses, etc.*²

Credit Costs

OperatingExpenses

Extraordinary
Income/Loss

Others3Q
FYE 3/2024(1) Business Growth*1 (excl. Impairment Losses, etc.*2)

3Q
FYE 3/2023

3Q
FYE 3/2024

272.2

285.8

(2) Impairment Losses, etc.*2

6.9

14.8

(3) Credit Costs

7.6

8.3

148.0

158.2

(5) Extraordinary Income/Loss

6.6

8.0

(6) Others

30.3

31.7

(4) Operating Expenses

An increase in credit costs in the Americas, etc.
A large reversal of allowance for doubtful accounts(4) Operating Expenses: Up ¥10.2Bn(excl. impairment
Losses, etc.*2)(Billion Yen)

◼ Global Business (-¥8.1Bn):◼ Aviation (+¥7.2Bn):◼ Global Business(-¥8.6Bn):

Negative effects of the reorganization of subsidiaries in
the Americas*3 (-¥2.2Bn), an increase in operating
expenses in subsidiaries in Europe and the Americas, etc.

(5) Extraordinary Income/Loss: UP ¥1.4Bn◼ Real Estate (+¥4.8Bn):◼ Customer Solutions(+¥1.8Bn):◼ Global Business(-¥5.4Bn):(Note) Figures shown in (1) through (5) are on a pre-tax basis. Taxes are included in (6)*1 Gross profit + non-operating income/loss(however, non-operating income/loss do not include gains on bad debts recovered)*2 Impairment losses and losses in the Real Estate business in the U.S.A.
*3 Refer to page 26 for details*4 The segment name was changed due to the reorganization on April 1, 2023

Extraordinary income as a result of making CPD a whollyowned subsidiary
Gains on sales of securities
An absence of gains on revaluation of securities in
European subsidiaries in FYE 3/2023

7

III. Segment Updates

Back to Index
8

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

Total: 85.9
3.3

Total: 80.5

7.8

2.3
6.5

12.3
0.0
8.2

14.5

Customer
Solutions

28.8

24.5

-4.2

GlobalBusiness

26.9

15.5

-11.3

Environment& Energy

8.2

3.9

Major Factors for Changes in Segment Profit【 - 】 Absences of large gains on sales related to real estateleasing and of non-operating income (insurance claim
income) in FYE 3/2023, and an increase in credit costs【 - 】 Increases in operating expenses in subsidiaries in Europe
and the Americas, and in credit costs in the Americas, andan absence of gains on revaluation of securities in Europe
in FYE 3/2023-4.3 【 - 】 Impairment losses related to a solar power generation

project, a decrease in profits from equity-method
investments, and the negative effects of the reorganizationof subsidiaries

3.9
15.5

28.8

YoY

【+】 A decrease in tax expenses associated with theabsorption-type merger of subsidiaries

14.2
26.9

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

24.5

-1.6

-1.1

3Q
FYE 3/2023

3Q
FYE 3/2024【+】 An increase in leasing revenue, a large reversal of
allowance for doubtful accounts, and a decrease in
exchange revaluation losses related to leasingtransactions of aircraft owned by MHC

Aviation

0.0

14.2

+14.1

Logistics

12.3

14.5

+2.2 【+】 An increase in gains on sales of owned assets【+】 Extraordinary income as a result of making CPD a whollyowned subsidiary

Real Estate

7.8

6.5

-1.3

Mobility

3.3

2.3-0.9 【 - 】 Negative effects of the deconsolidation of CA in FYE 3/2023

Adjustments

-1.6

-1.1

+0.4

Total

85.9

80.5

-5.3

【 - 】 Losses in U.S. projects and the negative effects of thedeconsolidation of DAF in FYE 3/2023-

9

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

3Q
FYE 3/2024

Comments
YoY

Gross Profit

87.2

85.4

-1.8

Base Profit

83.6

84.6

+1.0

Asset-related Gain/Loss

3.6

0.8

-2.8

Recurring Income

42.6

33.9

-8.6

Segment Profit

28.8

24.5

-4.2

New Transactions Volume

679.6

728.7

+49.0

FYE 3/2023

3Q
FYE 3/2024

Change fromFYE 3/2023

3,227.7

3,184.4-43.2

Segment Assets◼

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

◼

Segment profit decreased YoY due to an increase in credit
costs, an absence of non-operating income (insurance
claim income) in FYE 3/2023, etc., in addition to adecrease in gross profit.

◼

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

Segment Assets of Customer Solutions by Transaction Type
(3Q FYE 3/2024)
Others
5.2%
Installment/Loans
15.4%

Total
3,184.4
Billion Yen

Leasing
79.4%

10

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

3Q
FYE 3/2024

Comments
YoY◼

Gross Profit

92.0

100.8

+8.7

Recurring Income

29.6

22.2

-7.4

Segment Profit

26.9

15.5

-11.3

Europe

17.7

11.5

-6.2

Americas

9.4

2.9

-6.5

China

-0.4

-0.7

-0.3

ASEAN

1.9

2.2

+0.3

Others

-1.7

-0.3

+1.3

989.3

1,037.1+47.7

Europe

547.1

601.8

+54.7

Americas

304.8

319.3

+14.5

China

54.1

27.8

-26.3

ASEAN

83.2

88.1

+4.9

Others---New Transactions Volume

FYE 3/2023

3Q
FYE 3/2024

Change fromFYE 3/2023

2,644.2

2,911.7+267.5

Europe1,310.7

1,490.6+179.9Americas934.8

1,037.7+102.8

China

162.1

128.0

-34.1

ASEAN

234.5

250.0

+15.4

Others

2.0

5.3

+3.3

Segment Assets

Gross profit increased YoY thanks to the positive effects ofadjusting the fiscal period associated with the reorganizationof subsidiaries in the Americas, business growth inEurope, etc.
◼ Segment profit decreased YoY due to increases in operating
expenses in subsidiaries in Europe and the Americas, and in
credit costs in line with the worsening market conditions in
the Americas, and an absence of gains on revaluation of
securities in Europe in FYE 3/2023, etc.
◼ Segment assets increased compared with FYE 3/2023
thanks to the execution of new transactions and the impact
of exchange rates, etc.
Segment Assets of Global Business* by Region (3Q FYE 3/2024)
Others
ASEAN
0.2%
8.6%
China
4.4%

Total
2,911.7
Americas Billion Yen

Europe
51.2%

35.6%

* As the figures are results for the Global Business segment, figures for overseas business in
the Aviation, Logistics, and other segments are not included

11Environment & Energy
Major Figures (Billion Yen)

Gross Profit
Base Profit
Asset-related Gain/Loss
Recurring Income
Segment Profit
New Transactions Volume

3Q
FYE 3/2023
11.1
9.8
1.3
9.7
8.2
28.7
FYE 3/2023

Segment Assets
Renewable Energy Finance
Renewable Energy Business
Domestic
Overseas
Others

433.2
92.9
295.7
219.4
76.2
44.6

3Q
FYE 3/2024
5.1
8.3
-3.2
2.0
3.9
14.3
3Q
FYE 3/2024
422.9
78.2
296.3
216.1
80.1
48.3

Comments
YoY
-6.0
-1.4
-4.5
-7.7
-4.3
-14.3
Change fromFYE 3/2023
-10.3
-14.6
+0.5
-3.3
+3.8
+3.6

Equity-owned Power Generation Capacity of Renewable Energy
Business in Operation*1*2 (MW)FYE 3/2023
Total
Solar Power
Domestic
Overseas
Wind Power
Domestic
Overseas
Others

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

3Q
FYE 3/2024
1,369
1,001
968
32
339
192
147
29

Change fromFYE 3/2023
+3
-19
-21
+2
-1
-1
+24

◼

Gross profit decreased YoY due to impairment losses
related to a solar power generation project and thenegative effects of adjusting fiscal period associated withthe reorganization of subsidiaries, etc.

◼

Segment profit decreased YoY due to decreases in grossprofit and in profits from equity-method investments, etc.,
despite a decrease in tax expenses associated with theabsorption-type merger of subsidiaries.

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

Others2.1%(2) Capacity Including Projects
under Development
Others1.8%

Wind Power
30.1%

Wind Power
24.8%

Total
1,369MW
Solar Power
73.1%

Total
1,614MW
Solar Power
68.1%*1 Management figures*2 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 and a part of the overseas
renewable energy business

12

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

3Q
FYE 3/2024

Comments
YoY

Segment Profit

19.8
21.9
-2.1
0.2
0.0

31.1
30.4
0.6
19.8
14.2

+11.3
+8.5
+2.8
+19.6
+14.1

New Transactions Volume

142.4

280.2

+137.7FYE 3/2023

3Q
FYE 3/2024

Change fromFYE 3/2023

1,640.2
1,203.6
366.5
70.0

2,007.6
1,434.9516.9
55.8+367.4+231.2+150.4-14.2

FYE 3/2023

3Q
FYE 3/2024

Change fromFYE 3/2023

199
13*3
5*3
4.9 years

214
21*4
6*4
5.1 years+15+0.2 years

Average Remaining Leasing
Term (JSA)

7.1 years

7.0 years-0.1 years

Number of Aircraft Engines
(ELF)

347

390

+43

Gross Profit
Base Profit
Asset-related Gain /Loss
Recurring Income

Segment Assets
Aircraft Leasing (JSA)Engine Leasing (ELF)
Aircraft Leasing, etc. (MHC)◼

Gross profit increased YoY thanks to an increase inleasing revenues associated with market recovery, assets
increase, and improvement of engines’ utilization rates,etc. and a decrease in impairment losses, etc.
◼ Segment profit increased YoY thanks to a large reversal of
allowance for doubtful accounts and a decrease in
exchange revaluation losses related to leasingtransactions of aircraft owned by MHC, etc., in addition to
an increase in gross profit.
◼ Segment assets increased compared with FYE 3/2023
thanks to the execution of new leasing transactions ofaircraft and engines, the impact of exchange rates, etc.
Owned Aviation-related Assets (3Q FYE 3/2024)(1) Aircraft Assets
by Type/Region

Owned Aviation-related Assets*1*2

Number of Aircraft (JSA)
Number of Aircraft Purchased
Number of Aircraft Sold

Average Age (JSA)

*1
*2
*3
*4

(2) Aircraft Engines
by Region

Middle East & Others
6.1%

Middle East & Others
8.1%

Others10.7%

Numberof
Aircraft
Narrow Body*5
89.3%

EuropeAmericas25.7% Number
36.9%

of
Aircraft

Asia/Oceania
31.3%

Europe20.7% NumberofEnginesAmericas43.7%

Asia/Oceania
27.5%*5 Single-aisle aircraft mainly used for short-distance flights(A320 series by Airbus, B737
series by Boeing, etc.)

Management figures
Figures before consolidation adjustments
Actual number for FYE 3/2023
Actual number for 3Q FYE 3/2024

13

Logistics
Major Figures (Billion Yen)
3Q
FYE 3/2023

3Q
FYE 3/2024

Comments
YoY

Gross Profit

24.5

28.1

+3.5

Base Profit

24.8

22.9

-1.8

Asset-related Gain/Loss

-0.3

5.1

+5.4

Recurring Income

15.6

18.6

+3.0

Segment Profit

12.3

14.5

+2.2

New Transactions Volume

46.2

29.1

-17.0

FYE 3/2023

3Q
FYE 3/2024

Change fromFYE 3/2023

1,092.9

1,145.2+52.3

Marine Containers

793.0

840.0

+47.0

Railway Freight Cars

256.8

275.8

+19.0

Shipping

43.0

29.3

-13.6

Segment Assets◼

Gross profit and net income increased YoY thanks to anincrease in gains on sales of owned assets (mainly
shipping), etc.

◼

New transactions volume decreased YoY due to thetemporary suppression of execution of new investments inmarine container leasing and railway freight car leasing inconsideration of market conditions.

◼

Segment assets increased compared with FYE 3/2023
thanks to the impact of exchange rates, despite adecrease in new transactions volume and the sale ofshipping assets.

Marine Container Fleet by Asset Type (3Q FYE 3/2024)
Special Container
5.5%

Owned Logistics-related Assets*1
FYE 3/2023

3Q
FYE 3/2024

Change fromFYE 3/2023

Marine Container Fleet(TEU 1,000*2)

3,412

3,274

-137

Marine Container Fleet(CEU 1,000*3)

3,610

3,449

-161

Number ofRailway Freight Cars

22,65422,193-461

ReeferContainer
18.7%

3,449KCEU
Dry Container
75.8%*1 Management figures*2 TEU: Twenty-foot equivalent unit (unit equivalent to the capacity of a 20-feet long container)*3 CEU: Cost equivalent unit (conversion unit for the total average historical prices of various containers owned,
calculated on the basis of 1 CEU = average historical price of a newly built 20-feet dry container)

14

Real Estate
Major Figures (Billion Yen)
3Q
FYE 3/2023

3Q
FYE 3/2024

Comments
YoY

Gross Profit

20.1

12.7

-7.4

Base Profit

11.1

3.2

-7.8

Asset-related Gain/Loss

9.0

9.4

+0.4

Recurring Income

11.7

7.2

-4.5

Segment Profit

7.8

6.5

-1.3

New Transactions Volume

51.6

115.0

+63.3

FYE 3/2023

3Q
FYE 3/2024

Change fromFYE 3/2023

Segment Assets

447.2

527.5

+80.3

Domestic

384.6*1

463.5

+78.9

155.4*1

163.6

+8.1

*1

Finance Business◼

Gross profit decreased YoY due to fair value losses*2 in linewith the worsening conditions in real estate market in the
U.S.A., negative impact of the deconsolidation of DAF, etc.,
despite an increase in gains on sales of owned assets.

◼

Segment profit decreased YoY due to a decrease in grossprofit and an increase in tax expenses, etc., despiteextraordinary income as a result of making CPD a whollyowned subsidiary and a decrease in credit costs, etc.

◼

Segment assets increased compared with FYE 3/2023
thanks to making CPD a wholly-owned subsidiary,
executing large transactions in the investment business, etc.

Domestic Segment Assets (3Q FYE 3/2024)(1) By Type of Assets
OthersResidence 3.2%
6.8%
Commercial
Facility
12.3%

Investment Business

157.1

225.1

+68.0

Rental Business

71.9

74.7

+2.7

Overseas(Finance Business Only)

59.1*1

48.1

-11.0

Others

3.4*1

Total
463.5
Logistics Billion Yen

15.8

+12.3

16.9%

*1 Corrected some figures from the previous year due to changes of definitions(1) The category of overseas transactions (3.7 billion yen) booked at the Head Office waschanged from “Domestic (Finance Business)” to “Overseas”(2) The category of equity method investments for operating companies (1.1 billion yen) waschanged from “Investment Business” to “Others”
Domestic: 389.4 ⇒ 384.6 (-4.8), Domestic (Finance Business): 159.2 ⇒ 155.4 (-3.7),
Investment Business: 158.2 ⇒ 157.1 (-1.1), Overseas: 55.4 ⇒ 59.1 (+3.7), Others: 2.3 ⇒ 3.4 (+1.1)*2 Losses are not included in asset-related gain/loss as those are fair value losses related toinvestees and borrowers, not impairment losses (refer to page 1 for details of asset-related gain/loss)

Hotel
18.3%

(2) By Region

NagoyaMetropolitan
District
9.8%

Office42.5%

Others
9.0%

Total

Osaka
463.5
Metropolitan
Billion Yen
District
18.9%
Tokyo

Metropolitan
District
62.3%

15

Mobility
Major Figures (Billion Yen)
3Q
FYE 3/2023
Gross Profit

Recurring Income

Segment Profit

3Q
FYE 3/2024

7.1

0.8

3.9

2.1

3.3

Comments
YoY

21.6

FYE 3/2023
Segment Assets

41.4

-0.9

11.9

-9.6

51.3

◼

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

◼

Segment assets increased compared with FYE 3/2023
thanks to the transfer of business*3 to the auto leasing
company in Thailand, which was newly established in theprevious fiscal year.

-1.8

2.3

3Q
FYE 3/2024

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

-6.2

.

New Transactions Volume◼

Change fromFYE 3/2023+9.9

Number of Operational Vehicles*1*2 (Unit: 1,000)
FYE 3/2023
Number of Operational
Vehicles

355

3Q
FYE 3/2024

Change fromFYE 3/2023

353

-2

*1 Management figures*2 Including the number of operational vehicles of equity-method affiliates.
The number belongs to the Mobility segment only, not including other segments.
*3 The auto leasing business was transferred from Bangkok Mitsubishi HC Capital,
which belongs to the Global Business segment(Refer to the release on February 1, 2023, “Mitsubishi HC Capital and ALD Agree toEstablish an Auto Leasing Joint Venture in Thailand”)

16IV. Financial Forecast for FYE 3/2024

Back to Index
17

Financial Forecast for FYE 3/2024◼

The progress made toward the full-year financial forecast (net income: 120.0 billion yen) during 3Q FYE 3/2024 was 67.2%.

◼

Despite the progress, the full-year financial forecast remains unchanged, because the Logistics segment has been progressing favorablycompared with the initial plan, the profits in the Aviation segment are planned to be weighted toward the second half and will exceed theinitial plan, and we expect large gains on sales of owned assets in the Real Estate and Environment & Energy segments.
FYE 3/2023

FYE 3/2024*1*2

YoY Change(%)

1

Net Income(Billion Yen)

116.2

120.0

+3.7
(+3.2%)

2

ROA

1.1%

1.1%

-

3

ROE

8.2%

7.8%

-0.4pt4

Dividend per Share〈Payout Ratio〉¥33〈40.8%〉¥37〈44.3%〉+¥4〈+3.5pt〉*1 Financial forecast as of February 9, 2024
*2 The assumed foreign exchange rates are $1=¥130, £1=¥160

18

Dividend Forecast for FYE 3/2024◼

We will return profits to shareholders by distributing dividends and 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 is forecasted to
be 37 yen, up 4 yen YoY.

◼

The interim dividend increased by 3 yen YoY to 18 yen.

Transition of Dividend

57.4%
44.3%
41.1% 40.4% 40.8%
37.0
30.4%

31.5%

25.2%
PayoutRatio*

20.7%
17.4% 15.5% 16.0%

18.9% 19.2% 20.0%

21.8%

11.1%
33.0

Dividend per Share*

23.5

25.0

FYE
3/2019FYE
3/2020

25.5

28.0
18.0

18.0

(Yen)
4.6

4.8

5.0

6.5

8.0

4.2

6.0

9.5

FYE
3/2008FYE
3/2009FYE
3/2010FYE
3/2011FYE
3/2012FYE
3/2013FYE
3/2014FYE
3/2015

12.3

13.0

FYE
3/2016FYE
3/2017FYE
3/2018FYE
3/2021FYE
3/2022FYE
3/2023FYE
3/2024(forecast)* MUL’s results from FYE 3/2008 to FYE 3/2021

19

V. Appendix

Back to Index
20

Initiatives toward the Evolution and Layering of Business Models (1)Investment in a European Company Engaging in Renewable and Next Generation Energy Business✓ As announced on January 19, 2024, we signed an Investment Agreement to invest approximately 700 million Euros (approximately 110.0
billion yen*1) in European Energy A/S (“European Energy”), a Danish company developing and operating renewable and next-generationenergy business mainly in Europe, and to acquire 20% of its outstanding shares. We will execute this investment during 4Q FYE 3/2024, andmake European Energy our equity-method affiliate after the completion of the investment.

Strategic Significance and Objective of This Investment✓ Toward the evolution and layering of business models set forth in the Medium-term Management Plan (2025 MTMP), we have set forth theenhancing of development functions in the renewable energy business as a core strategy for the Environment & Energy business, and thisinvestment will be the pillar of that strategy.
✓ We have also defined hydrogen as one of the key themes to be addressed across segments toward solving social issues and generating social
value and will create synergy with European Energy’s globally leading initiatives of Power-to-X*2 (“PtX”)✓ Through our strategic partnership with European Energy and by leveraging the capability and knowledge of both companies, we will accelerate
the development of renewable and green energy business on a global scale. In this way, we will contribute to realizing a decarbonized society.
Company Overview

Consolidated Results

European Energy A/SName(Mn EUR)

FYE
12/2020

FYE
12/2021FYE
12/2022

Revenues

206

328

438

EBITDA

61

81

134

Head OfficeDenmark

Representative

Knud Erik Andersen, CEO

Stated Capital

40,624,000 Euros(as of end-September 2023)

Net
Income16

5178

Date of
Establishment

April 2004

Net
Assets

235

350

391

Operating Regions 28 countries, mainly in Europe

Total
Assets

739

1,174

1,737

Employees

697 (as of end-September 2023)▲ Power generation facility in Sluseholmen, Denmark,developed by European Energy*1 EUR 1 = JPY157.12*2 Refer to page 22 for details

21

Initiatives toward the Evolution and Layering of Business Models (1)(Cont’d)
Overview of European Energy and Its Strengths✓ European Energy, active in 28 countries, achieved more than accumulated 3GW of renewable energy development and has more than 60GW
of development and construction pipelines mainly in Europe.
✓ European Energy has mainly developed solar and onshore wind power generation and its main sources of profits are sales gains fromdevelopment projects and revenue from electricity sales after completing power source development. It has stably expanded its business andachieved profit growth.
✓ European Energy has also been developing PtX, the production of green hydrogen and e-methanol utilizing electricity generated fromrenewable energy sources, for which demand is expected to grow significantly. In PtX, it has been developing commercial-base projects, forwhich the recipient companies are secured, and is a global pioneer in this field.

[Reference] Power-to-X Business Overview✓ Power-to-X refers to technology using electrolysis by renewable energy to split water in order to produce hydrogen and use the producedhydrogen as a replacement for fossil fuels, materials, etc. The term PtX means converting a renewable energy power source (Power) to green
fuels (X) such as hydrogen, e-methanol, and green ammonia.

Power

X

to
e-methanol

Vehicles, ships, chemistry

SAF*
Renewable energy
power sources

AircraftPower-to-X

GreenhydrogenSupply of green heat

Vehicles, factories, etc.

Greenammonia
Ships, fertilizers, etc.

▲ An e-methanol production plant being planned (conceptual drawing)* Sustainable Aviation Fuel

22

Initiatives toward the Evolution and Layering of Business Models (2)Initiatives toward the Development and Expansion of the Robotics Business✓ To accelerate new business development and advance its business in the robotics field, we have decided to establish the Robotics Business
Development Department on April 1, 2024, a new, specialized organization combining expertise and knowledge from across the entire
company.
✓ We will contribute to solving the labor shortage and other social issues through helping deploy robotics while offering services in various fields
by utilizing our coordination functions, which combine our strengths such as our globally-developed asset-related knowledge, solid customer
base, and finance functions.
✓ Rather than merely providing robots, we aim to become a robot service provider offering solutions integrating robots and digital technologies.
As a part of the evolution and layering of business models set forth in the 2025 MTMP, we intend to built a strong market position with acompetitive advantage in the robotics field which is set to see even greater uptake in the future.

[Reference] Global Market of Robotics Business*1✓ Global market of robotics business is estimated to maintain CAGR*2 of approx. 15% and to grow approx. 13 trillion yen in 2030 in line with thelabor shortage, etc.

CAGR*2
Approx.

+15%
2020
Approx.

2030
Approx.

¥13Tn

¥3Tn
*1 Our assumption based on “Survey on the current status of robot introduction, needs for introduction, R&D status, etc.
in Europe, the U.S.A., and Asia, etc.” (March 2023, Japanese only) by NEDO
*2 CAGR：Compound Annual Growth Rate

23

Initiatives toward the Evolution and Layering of Business Models (2)(Cont’d)Examples of Initiatives✓ From FYE 3/2022, in each industry, such as food products, facility management, and logistics, etc., we have started demonstration experiments
and initiatives toward commercialization in collaboration with partner companies. We have also participated in multiple demonstration
businesses and subsidized businesses led by METI designed to create a robot-friendly environment where robots are effectively utilized.

✓ Going forward, we will accelerate to form alliances with partner companies, including startups, in an even wider range of industries, including
retail and construction, etc. We aim to provide automated solutions that contribute to solving social issues in various industries and areas.

Food Products

Facility Management

Logistics

Automated solutions
at food product factories

Automated management solutions for
entire facilities at offices, buildings, etc.

Automated piece picking solutions
for logistics facilities

An automatic arrangement robot for side dishes

An indoor transport robot for hotels, etc.

Piece picking robots operating at logistics facilities

24

Transition of Major Figures◼

The Medium-term Management Plan (“2025 MTMP”) covering the three-year period from FYE 3/2024 was formulated and announced in
May 2023.

◼

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

Transition of Net Income*1 and ROE*1

8.8%

approx.10%

9.1%

8.9%
8.0%

7.3%

8.2%

8.0%

7.8%

ROE*1
Net Income*1(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

116.2

120.0

FYE 3/2023

FYE 3/2024(Forecast)

FYE 3/2017 FYE 3/2018 FYE 3/2019 FYE 3/2020 FYE 3/2021 FYE 3/2022 FYE 3/2023

CAGR+11.2%

160.0(Compared to
FYE 3/2023)･･･

FYE 3/2026(Final Fiscal
Year of MTMP)FYE 3/2024*3
YoY(Forecast)(Change)

FYE 3/2026(Final Fiscal Yearof MTMP)1

Net Income*1 (Bn Yen)

86.0

95.7

88.1

101.4

87.3

99.4

116.2

120.0

+3.7

160.0

2

ROA*1

1.0%

1.1%

1.0%

1.0%

0.9%

1.0%

1.1%

1.1%

-

Approx. 1.5%

3

ROE*1

8.8%

9.1%

8.0%

8.9%

7.3%

8.0%

8.2%

7.8%

-0.4ptApprox. 10%

4

Dividend per Share*2

¥13.0

¥18.0

¥23.5

¥25.0

¥25.5

¥28.0

¥33.0

¥37.0

+¥4.0

-

5

Payout Ratio*2

21.8%

25.2%

30.4%

31.5%

41.1%

40.4%

40.8%

44.3%

+3.5pt40% or more

*1 Figures for 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)*2 MUL’s results from FYE 3/2017 to FYE 3/2021*3 The assumed foreign exchange rates for FYE 3/2024 are $1=¥130, £1=¥160

25

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 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

MHCA

1 Effect of profit increase(FYE: March)

1Q

2Q

3Q

4Q
MHCA

Former
MHCUSAand ENGS(FYE: December)

FYE 3/2023
1Q

2Q(FYE: March)

FYE 3/2024
3Q

1Q

1 1Q

4Q

FYE 3/2023

FYE 3/2024

Energy(FYE: January)

The financial results of theformer MHCUSA and ENGS
for the period from January to
March 2023 (three months)
were incorporated in addition
to the results of MHCA for theperiod from April to June
2023 (three months) after themerger of the threecompanies.

Energy
1Q

2Q

3Q

4Q

(FYE: January)

1Q
FYE 3/2023

2

Former HGE(FYE: March)

YoY Impact on PL

1Q

2Q

3Q

4Q

2 Cause of profit decrease
For the former HGE, thefinancial results for April 2023
(one month) only
were incorporated.

26

Segment Profit (1) (by Quarter)FYE 3/2023(Billion Yen)

1Q

2Q

FYE 3/2024
3Q

1Q

2Q

3Q

QoQ

YoY

1

Gross Profit

31.2

28.0

27.9

27.8

27.7

29.8

+2.0

+1.9

2

Base Profit

28.5

27.6

27.3

27.7

27.7

29.2

+1.5

+1.8

Asset-related Gain/Loss

2.6

0.4

0.5

0.1

0.0

0.6

+0.5

0.0

3

Customer
Solutions

4

Recurring Income

16.7

13.5

12.2

11.3

9.7

12.8

+3.0

+0.5

5

Segment Profit

11.2

9.3

8.1

8.2

7.0

9.3

+2.3

+1.1
.

Gross Profit

31.2

30.2

30.6

33.9

32.6

34.2

+1.6

+3.6

Recurring Income

12.6

10.2

6.7

7.0

8.3

6.8

-1.5

0.0

8

Segment Profit

10.2

13.3

3.3

4.0

6.1

5.3

-0.8

+2.0

9

Gross Profit

3.2

4.1

3.7

1.8

-0.1

3.4

+3.6

-0.2

10

Base Profit

2.4

3.6

3.7

1.8

3.0

3.4

+0.4

-0.2

Asset-related Gain/Loss

0.8

0.5

-

0.0

-3.2

-

+3.2

-

6
7

11

GlobalBusiness

Environment& Energy

12

Recurring Income

2.6

3.4

3.7

0.6

-0.6

2.0

+2.6

-1.7

13

Segment Profit

1.9

3.5

2.8

2.6

0.0

1.3

+1.3

-1.5

14

Gross Profit

6.7

4.5

8.5

9.0

9.8

12.2

+2.4

+3.6

15

Base Profit

6.0

7.9

7.9

8.0

9.5

12.8

+3.3

+4.9

Asset-related Gain/Loss

0.6

-3.4

0.5

1.0

0.2

-0.6

-0.9

-1.2

16

Aviation

17

Recurring Income

-1.2

-2.5

4.0

2.8

7.6

9.2

+1.6

+5.2

18

Segment Profit

-0.9

-1.8

2.8

2.3

4.9

6.9

+2.0

+4.1

27

Segment Profit (2) (by Quarter)FYE 3/2023(Billion Yen)

1Q

2Q

FYE 3/2024
3Q

1Q

2Q

3Q

QoQ

YoY

19

Gross Profit

8.5

8.8

7.1

9.5

9.0

9.5

+0.4

+2.3

20

Base Profit

7.3

8.4

9.0

7.5

7.4

7.9

+0.5

-1.1

Asset-related Gain/Loss

1.2

0.3

-1.9

1.9

1.5

1.5

0.0

+3.4

21

Logistics

22

Recurring Income

5.8

5.8

3.9

6.6

5.9

6.0

+0.1

+2.0

23

Segment Profit

4.6

4.5

3.1

5.4

4.4

4.6

+0.1

+1.4

24

Gross Profit

8.1

6.6

5.3

9.8

0.3

2.4

+2.0

-2.8

25

Base Profit

3.8

3.3

3.8

3.0

-2.2

2.4

+4.7

-1.4

Asset-related Gain/Loss

4.2

3.2

1.4

6.7

2.6

-

-2.6

-1.4

+1.8

-3.0

+4.4

-2.6

26

Real Estate

27

Recurring Income

4.1

4.2

3.2

8.5

-1.6

0.2

28

Segment Profit

2.6

2.8

2.2

11.7

-4.8

-0.3
.

Gross Profit

2.5

2.2

2.3

0.3

0.2

0.3

0.0

-2.0

Recurring Income

1.6

1.1

1.1

0.8

0.6

0.6

0.0

-0.4

31

Segment Profit

1.3

1.0

0.9

0.8

0.7

0.7

0.0

-0.1

32

Gross Profit

1.4

0.0

1.0

2.1

0.6

2.8

+2.2

+1.8

-0.5

-2.2

-1.2

-0.3

-0.9

-0.5

+0.4

+0.7

29
30

33

Mobility

Adjustments Recurring Income

34

Segment Profit

0.8

-1.6

-0.8

-0.2

-0.7

-0.1

+0.6

+0.6

35

Gross Profit

93.2

84.6

86.7

94.6

80.3

94.9

+14.6

+8.2

36

Base Profit

83.5

83.5

86.0

84.7

78.9

93.4

+14.4

+7.4

Asset-related Gain/Loss

9.7

1.1

0.6

9.9

1.4

1.5

+0.1

+0.8

37

Total

38

Recurring Income

41.9

33.8

33.8

37.7

29.1

37.3

+8.2

+3.4

39

Segment Profit

32.0

31.1

22.7

35.1

17.6

27.8

+10.2

+5.0

28

Asset-related Gain/Loss (by Quarter)FYE 3/2023(Billion Yen)

1Q

2Q

FYE 3/2024
3Q

1Q

2Q

3Q

QoQ

YoY

1

Customer Solutions

2.6

0.4

0.5

0.1

0.0

0.6

+0.5

0.0

2

Gain/Loss on Sales

2.6

0.4

0.5

0.1

0.0

0.6

+0.5

0.0

3

Impairment Losses

-

-

-

-

-

-

-

-

4

Environment & Energy

0.8

0.5

-

0.0

-3.2

-

+3.2

-

5

Gain/Loss on Sales

0.8

0.5

-

0.0

2.6

-

-2.6

-

6

Impairment Losses

-

-

-

-

-5.8

-

+5.8

-

0.6

-3.4

0.5

1.0

0.2

-0.6

-0.9

-1.2

7

Aviation

8

Gain/Loss on Sales

0.6

0.6

1.0

1.0

0.2

2.0

+1.7

+0.9

9

Impairment Losses

-

-4.0

-0.4

-

-

-2.6

-2.6

-2.1

1.2

0.3

-1.9

1.9

1.5

1.5

0.0

+3.4

10

Logistics

11

Gain/Loss on Sales

1.2

0.3

0.5

1.9

1.5

1.5

0.0

+1.0

12

Impairment Losses

-

-

-2.4

-

-

-

-

+2.4

4.2

3.2

1.4

6.7

2.6

-

-2.6

-1.4

13

Real Estate

14

Gain/Loss on Sales

4.2

3.2

1.4

6.7

2.6

-

-2.6

-1.4

15

Impairment Losses

-

-

-

-

-

-

-

-

9.7

1.1

0.6

9.9

1.4

1.5

+0.1

+0.8

16

Total Asset-related Gain/Loss

17

Gain/Loss on Sales

9.7

5.2

3.5

9.9

7.2

4.2

-3.0

+0.6

18

Impairment Losses

-

-4.0

-2.8

-

-5.8

-2.6

+3.1

+0.2

(Note) Based on gross profit

29Notes by Segment (excl. Asset-related Gain/Loss)3Q
FYE 3/2023
1

2

3

4

5

6

Customer
Solutions

1Q： 【+】 Non-operating income from a certain deal (insurance claim income):approx. JPY1.0Bn
2Q： 【+】 Gains on revaluation of securities due to the exclusionof a European subsidiary from the scope of the equity
method: approx. JPY7.0Bn

1Q： 【+】 Positive effects of the reorganization of subsidiaries in the Americas:
approx. JPY1.0Bn【 - 】 Credit costs in line with the worsening market conditions in theAmericas: approx. JPY2.0Bn

3Q： 【 - 】 Losses from revaluation of strategic shareholdings: approx. JPY2.0Bn【 - 】 Temporary IT-related expenses in Europe: approx. JPY1.0Bn【 - 】 Temporary operating expenses in China: approx. JPY1.0Bn

3Q： 【 - 】 Credit costs in line with the worsening market conditions in theAmericas: approx. JPY4.0Bn

1Q： 【+】 An increase in profit from an equity method investment
in a wind power generation project in Europe: approx. JPY1.0Bn

1Q： 【+】 A decrease in tax expenses associated with theabsorption-type merger of subsidiaries*: approx. JPY2.0Bn

Global Business

Environment &EnergyAviation

3Q
FYE 3/2024

2Q： 【+】 Gains on sales of equity interests in some projects in infrastructurebusiness: approx. JPY2.0Bn

1Q： 【 - 】 Exchange revaluation losses related to leasingtransactions of aircraft owned by MHC: approx. JPY3.5Bn

1Q： 【 - 】 Exchange revaluation losses related to leasing transactions ofaircraft owned by MHC: approx. JPY1.5Bn

2Q： 【 - 】 Exchange- revaluation losses related to leasingtransactions of aircraft owned by MHC: approx. JPY3.0Bn

2Q： 【+】 A large reversal of allowance for doubtful accounts: approx. JPY4.0Bn【 - 】 Exchange revaluation losses related to leasing transactions ofaircraft owned by MHC: approx. JPY2.5Bn

3Q： 【 - 】 Exchange revaluation losses related to leasingtransactions of aircraft owned by MHC: approx. JPY1.0Bn

3Q： 【+】 A large reversal of allowance for doubtful accounts: approx. JPY1.5Bn

1Q： 【 - 】 Large credit costs: approx. JPY2.0Bn

1Q： 【+】 Extraordinary income as a result of making CPD a wholly-owned
subsidiary*: approx. JPY4.8Bn

Logistics

Real Estate

2Q： 【 - 】 Losses in the U.S. real estate business*: approx. JPY5.5Bn
An increase in tax expenses*: approx. JPY1.5Bn
3Q： 【 - 】 Losses in the U.S. real estate business*: approx. JPY1.0Bn

7

Mobility

8

Adjustments

1Q： 【+】 Positive effects of reorganization of subsidiaries in the Americas:
approx. JPY1.5Bn(Note) Based on figures before taxes, but figures with “*” are after taxes

30

Segment Assets(Billion Yen)FYE 3/2022

FYE 3/2023

3Q
FYE 3/2024

Change fromFYE 3/2023

1 Customer Solutions

3,337.6

3,227.7

3,184.4

-43.2

2

35.7%

33.5%

31.0%

-2.5pt2,316.3

2,644.2

2,911.7+267.53

Percentage of Total
Global Business

4

Percentage of Total

24.8%

27.5%

28.3%

+0.8pt5

Environment & Energy

419.3

433.2

422.9

-10.3

6

Percentage of Total

4.5%

4.5%

4.1%

-0.4pt1,365.1

1,640.2

2,007.6+367.4

14.6%

17.0%

19.5%

+2.5pt

1,026.7

1,092.9

1,145.2

+52.3

11.0%

11.4%

11.1%

-0.3pt11 Real Estate

712.7

447.2

527.5

+80.3

12

7.6%

4.6%

5.1%

+0.5pt13 Mobility

129.4

41.4

51.3

+9.9

14

1.4%

0.4%

0.5%

+0.1pt15 Adjustments

37.9

105.8

39.3

-66.4

16

Percentage of Total

0.4%

1.1%

0.4%

-0.7pt17 Total Segment Assets

9,345.3

9,632.9

10,290.4+657.47
8
9
10

Aviation
Percentage of Total
Logistics
Percentage of Total

Percentage of Total

Percentage of Total

31

New Transactions Volume by Segment(Billion Yen)

3Q
FYE 3/2023

3Q
FYE 3/2024

YoY Change

YoY Change (%)

1

Customer Solutions

679.6

728.7

+49.0

+7.2%

2

Global Business

989.3

1,037.1

+47.7

+4.8%

3

Environment & Energy

28.7

14.3

-14.3

-50.0%

4

Aviation

142.4

280.2

+137.7+96.7%

5

Logistics

46.2

29.1

-17.0

-36.9%

6

Real Estate

51.6

115.0

+63.3

+122.6%

7

Mobility

21.6

11.9

-9.6

-44.5%

8

Total New Transactions
Volume1,959.7

2,210.3*+250.5+12.8%* Including -6.3 billion yen of adjustments

32

Credit Costs by Segment(Billion Yen)

3Q
FYE 3/2023

3Q
FYE 3/2024

YoY Change

1

Customer Solutions

-0.6

2.2

+2.8

2

Global Business

4.2

12.3

+8.1

3

Environment & Energy

0.7

0.1

-0.6

4

Aviation

0.8

-6.4

-7.2

5

Logistics

0.0

0.0

0.0

6

Real Estate

2.4

0.1

-2.3

7

Mobility

0.0

0.0

0.0

8

Adjustments

0.0

0.0

0.0

9

Total Credit Costs

7.6

8.3

+0.7

33

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

3Q
FYE 3/2021*

3Q
FYE 3/2022

1,273,355
1,051,959
70,624
221,395
145,531
68,23958,943
18,34875,864
82,114
11,31012962,728-1,312,987+3.1%
1,073,769+2.1%
56,800-19.6%
239,218+8.1%
157,558+8.3%
72,210+5.8%
61,561+4.4%
23,786+29.6%
81,659+7.6%
82,252+0.2%
29,101+157.3%335+159.5%75,748+20.8%3Q
FYE 3/2023

1,410,472+7.4%
1,145,809+6.7%
95,184+67.6%
264,662+10.6%
158,277+0.5%
82,529+14.3%
65,481+6.4%
10,266-56.8%
106,384+30.3%
109,666+33.3%
9,218-68.3%
2,572+667.1%
85,927+13.4%3Q
FYE 3/2024

1,425,097+1.0%
1,155,066+0.8%
150,333+57.9%
270,031+2.0%
168,386+6.4%
89,762+8.8%
68,501+4.6%
10,123-1.4%
101,644-4.5%
104,301
-4.9%
8,531
-7.4%
463
-82.0%
80,581-6.2%(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

34

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

Distressed Receivables

9

Allowance for
Doubtful Accounts

10

Net Balance ofDistressed Receivables

11 Equity Ratio
12 ROE
13 ROAFYE 3/2021*(end-Mar. 2021)

FYE 3/2022(end-Mar. 2022)

FYE 3/2023(end-Mar. 2023)

3Q FYE 3/2024(end-Dec. 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%+0.1pt421,631-28.5%
1,673,206+7.9%
11,256,396+4.9%
10,290,460+6.8%
9,940,192+6.8%
172,759+5.9%
177,508+11.9%
109,024+9.1%
64,761-5.9%
44,262+42.3%
14.7%+0.4pt6.8%-1.4pt1.0%-0.1pt(Note) Percentage figures (%) in the lower column are vs. end of the previous fiscal year
* 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

35

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

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

FYE 3/2022(end-Mar. 2022)

FYE 3/2023(end-Mar. 2023)

3Q FYE 3/2024(end-Dec. 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%

8,504,927+3.3%
4,876,391+0.6%
3,628,535+7.1%
814,952+45.7%
573,311-5.1%
2,240,272
+0.7%

45.1%
81.5%
43.1%
-

44.0%
-1.1pt81.1%-0.4pt49.4%+6.3pt41.2%-2.8pt82.5%+1.4pt56.3%+6.9pt42.7%+1.5pt82.0%-0.5pt58.5%+2.2pt20 Direct Funding Ratio
21 Long-Term Funding Ratio
22 Foreign Currency Funding Ratio(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

3Q FYE 3/2023*3

3Q FYE 3/2024

3Q FYE 3/2023*3

23 Exchange Rate Applied to PL$1＝JPY128.05$1＝JPY138.11£1＝JPY163.91$1＝JPY136.51£1＝JPY179.52$1＝JPY143.29

24 Exchange Rate Applied to BS$1＝JPY132.70$1＝JPY149.58£1＝JPY165.56$1＝JPY133.53£1＝JPY180.68$1＝JPY141.83*2 Major overseas subsidiaries with⇒ Average exchange rates from January through September applied to PL
FY ending in December
FYE 3/2023 BS: exchange rate as of end-Dec. 2022 is applied
3Q FYE 3/2024 BS: exchange rate as of end-Sep. 2023 is applied
Major overseas subsidiaries with⇒ Average exchange rates from April through December applied to PL
FY ending in MarchFYE 3/2023 BS: exchange rate as of end-Mar. 2023 is applied
3Q FYE 3/2024 BS: exchange rate as of end-Dec. 2023 is applied*3 Exchange rates applied to BS are as of FYE 3/2023

3Q FYE 3/2024

36

Inquiries and Others

Inquiries

Corporate Communications Department

TEL：+81 3-6865-3002

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

Information published on our website

37