NEC Capital : Consolidated Financial Results for the Fiscal Year Ended March 31, 2026. 241KB (2026/04/28)

‌Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event of any discrepancy between this translated document and the Japanese original, the original shall prevail.

April 28, 2026

Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 (Under Japanese GAAP)

Company name: NEC Capital Solutions Limited Listing: Tokyo Stock Exchange

Securities code: 8793

URL: https://www.necap.co.jp/

Representative: Masaaki Suganuma President

Inquiries: Takaaki Koreeda Department Manager of IR & PR Department Telephone: [phone]

Scheduled date of annual general meeting of shareholders: June 26, 2026 Scheduled date to commence dividend payments: June 8, 2026 Scheduled date to file annual securities report: June 22, 2026

Preparation of supplementary material on financial results: Yes Holding of financial results briefing: Yes

(Yen amounts are rounded down to millions, unless otherwise noted.)

1. Consolidated financial results for the fiscal year ended March 31, 2026 (from April 1, 2025 to March 31, 2026)
   1. Consolidated operating results (Percentages indicate year-on-year changes.)

      	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent
      Fiscal year ended March 31, 2026 March 31, 2025	Millions of yen 306,155 254,879	% 20.1 (0.4)	Millions of yen 10,617 7,782	% 36.4 (33.5)	Millions of yen 11,427 9,437	% 21.1 (20.1)	Millions of yen 9,180 6,611	% 38.9 (6.0)

      Note: Comprehensive income	For the fiscal year ended March 31, 2026:	¥	10,800 million [	38.2%]
      	For the fiscal year ended March 31, 2025:	¥	7,813 million [	(22.5) %]

      	Basic earnings per share	Diluted earnings per share	Rate of return on equity	Ordinary profit to total assets ratio	Operating profit to net sales ratio
      Fiscal year ended	Yen	Yen	%	%	%
      March 31, 2026	426.15	-	7.3	0.9	3.5
      March 31, 2025	306.98	-	5.6	0.8	3.1

      Reference: Share of profit (loss) of entities accounted for using equity method

      For the fiscal year ended March 31, 2026:	¥	79 million
      For the fiscal year ended March 31, 2025:	¥	687 million

   2. Consolidated financial position

      	Total assets	Net assets	Equity-to-asset ratio	Net assets per share
      As of March 31, 2026 March 31, 2025	Millions of yen 1,341,752 1,224,797	Millions of yen 153,604 142,385	% 9.7 9.9	Yen 6,048.65 5,617.59

      Reference: Equity

      As of March 31, 2026:	¥	130,317 million
      As of March 31, 2025:	¥	121,002 million

   3. Consolidated cash flows

   	Cash flows from operating activities	Cash flows from investing activities	Cash flows from financing activities	Cash and cash equivalents at end of period
   Fiscal year ended March 31, 2026 March 31, 2025	Millions of yen (66,070) (34,005)	Millions of yen (29,502) (15,010)	Millions of yen 55,512 105,641	Millions of yen 68,886 110,097

2. Cash dividends

   	Annual dividends per share					Total cash dividends (Total)	Payout ratio (Consolidated)	Ratio of dividends to net assets (Consolidated)
   	First quarter-end	Second quarter-end	Third quarter-end	Fiscal year-end	Total
   	Yen	Yen	Yen	Yen	Yen	Millions of yen	%	%
   Fiscal year ended March 31, 2025	-	75.00	-	75.00	150.00	3,231	48.9	2.7
   Fiscal year ended March 31, 2026	-	75.00	-	75.00	150.00	3,232	35.2	2.6
   Fiscal year ending March 31, 2027 (Forecast)	-	75.00	-	75.00	150.00		32.3

3. Consolidated financial result forecasts for the fiscal year ending March 31, 2027 (from April 1, 2026 to March 31, 2027)

(Percentages indicate year-on-year changes.)

	Net sales		Operating profit		Ordinary profit		Profit attributable to owners of parent		Basic earnings per share
Full year	Millions of yen 310,000	% 1.3	Millions of yen 16,500	% 55.4	Millions of yen 17,000	% 48.8	Millions of yen 10,000	% 8.9	Yen 464.15

* Notes

1. Significant changes in the scope of consolidation during the period: Yes

   RISA RT Asset Management & Loan Services Corporation,

   RISA Corporate Solutions Fund No. 6 Investment Limited Partnership, Newly included: 6 companies( Silent Partnership Secondary Low-voltage Solar GK, )

   Obihiro Business Succession Fund No.1 Investment Limited Partnership,

   R-Fund No.9, Inc. Keystone Inc.

   Excluded: - companies( )

2. Changes in accounting policies, changes in accounting estimates, and restatement

   1. Changes in accounting policies due to revisions to accounting standards and other regulations: None

   2. Changes in accounting policies due to other reasons: None

   3. Changes in accounting estimates: None

   4. Restatement: None

3. Number of issued shares (common shares)

   1. Total number of issued shares at the end of the period (including treasury shares)

      As of March 31, 2026	21,549,427 shares
      As of March 31, 2025	21,544,538 shares

   2. Number of treasury shares at the end of the period

      As of March 31, 2026	4,596 shares
      As of March 31, 2025	4,596 shares

   3. Average number of shares outstanding during the period

Fiscal Year ended March 31, 2026	21,543,608 shares
Fiscal Year ended March 31, 2025	21,538,632 shares

• Financial results reports are exempt from audit conducted by certified public accountants or an audit firm.

• Proper use of earnings forecasts, and other special matters

Forecasts are based on the information available to management at the time they were made. Actual results may differ materially from forecasts for a number of reasons.

‌Consolidated Financial Statements and Primary Notes

Consolidated Balance Sheet

(Millions of yen)

As of March 31, 2025

As of March 31, 2026

Assets

Current assets
Cash and deposits	110,298	68,886
Installment receivables	31,602	28,512
Lease receivables and investments in leases	512,090	590,066
Accounts receivable - lease	25,560	30,800
Accounts receivable - operating loans	220,537	241,758
Purchased receivables	10,709	33,134
Operational investment securities	26,556	31,438
Real estate for sale	51,005	47,097
Real estate for sale in process	4,211	5,640
Securities	546	546
Prepaid expenses	2,279	3,372
Income taxes refund receivable	273	10
Other	14,868	20,155
Allowance for doubtful accounts	(8,235)	(9,666)
Total current assets	1,002,303	1,091,753
Non-current assets
Property, plant and equipment
Assets for lease	99,461	104,196
Other operating assets	10,646	9,625
Own-used assets
Buildings, net	160	152
Equipment, net	192	285
Construction in progress	64	26
Other, net	16	182
Total own-used assets	433	647
Total property, plant and equipment	110,542	114,469
Intangible assets
Assets for lease	768	647
Other intangible assets
Software	1,335	1,211
Software in progress	7,464	7,766
Goodwill	1,304	4,634
Other	2,093	2,312
Total other intangible assets	12,197	15,925
Total intangible assets	12,966	16,573

	As of March 31, 2025	As of March 31, 2026
Investments and other assets
Investment securities	85,090	95,083
Distressed receivables	4,686	4,596
Long-term prepaid expenses	2,639	2,744
Retirement benefit asset	374	628
Deferred tax assets	5,617	10,426
Other	5,069	9,850
Allowance for doubtful accounts	(4,491)	(4,374)
Total investments and other assets	98,985	118,956
Total non-current assets	222,494	249,998
Total assets	1,224,797	1,341,752
Liabilities
Current liabilities
Notes payable - trade	166	-
Accounts payable - trade	13,113	22,054
Short-term borrowings	88,520	60,577
Current portion of long-term borrowings	151,367	150,147
Current portion of bonds payable	20,000	30,600
Commercial papers	266,000	270,000
Payables under securitization of lease receivables	420	199
Accounts payable - other	2,015	1,038
Accrued expenses	7,707	8,784
Income taxes payable	1,443	9,420
Advances received - lease	13,872	30,329
Deposits received	3,538	4,506
Unearned revenue	356	738
Provision for bonuses	926	1,482
Provision for bonuses for directors (and other officers)	44	55
Provision for loss on guarantees	-	61
Other	2,257	3,371
Total current liabilities	571,751	593,369
Non-current liabilities
Bonds payable	93,600	102,500
Long-term borrowings	402,613	477,045
Long-term payables under securitization of lease	1,794	1,594
receivables
Retirement benefit liability	1,885	1,618
Other	10,767	12,018
Total non-current liabilities	510,661	594,777
Total liabilities	1,082,412	1,188,147

As of March 31, 2025 As of March 31, 2026

Net assets
Shareholders' equity
Share capital	3,794	3,803
Capital surplus	4,665	4,675
Retained earnings	104,788	110,704
Treasury shares	(10)	(10)
Total shareholders' equity	113,237	119,172
Accumulated other comprehensive income
Valuation difference on available-for-sale securities	1,685	2,352
Deferred gains or losses on hedges	2,179	3,927
Foreign currency translation adjustment	3,981	4,562
Remeasurements of defined benefit plans	(80)	302
Total accumulated other comprehensive income	7,764	11,144
Non-controlling interests	21,382	23,287
Total net assets	142,385	153,604
Total liabilities and net assets	1,224,797	1,341,752

Consolidated Statement of Income

Loss on valuation of shares of subsidiaries and associates	-	14
Loss on liquidation of subsidiaries and associates	477	-
Loss on sale of shares of subsidiaries and associates	66	-
Loss on transfer of bonds of subsidiaries and affiliates	51	-
Total extraordinary losses	595	662
Profit before income taxes	8,864	11,646
Income taxes - current	2,136	10,454
Income taxes - deferred	557	(6,229)
Total income taxes	2,693	4,225
Profit	6,170	7,420
Loss attributable to non-controlling interests	(440)	(1,759)
Profit attributable to owners of parent	6,611	9,180

(Millions of yen)

Loss on tax purpose reduction entry of non-current assets

-

268

Share of profit of entities accounted for using equity method

687

79

For the fiscal year ended March 31, 2025

For the fiscal year ended March 31, 2026

Cost of sales

225,218

269,566

Selling, general and administrative expenses

21,878

25,971

Non-operating income

Dividend income

54

51

Gain on investments in partnerships

1,154

561

Other

244

422

Non-operating expenses

Loss on investments in partnerships

64

297

Foreign exchange losses

160

-

Total non-operating expenses

524

857

Extraordinary income

Subsidy income

-

268

Total extraordinary income

23

881

Loss on guarantees

-

379

Extraordinary losses

Gain on bargain purchase - 257

Gain on sale of shares of subsidiaries and associates 23 355

Ordinary profit 9,437 11,427

Other 11 37

Loss on valuation of investment securities 6 375

Interest expenses 281 146

Total non-operating income 2,179 1,667

Foreign exchange gains - 494

Interest income 38 57

Operating profit 7,782 10,617

Gross profit 29,660 36,589

Net sales 254,879 306,155

(Millions of yen)

	For the fiscal year	For the fiscal year
	ended March 31, 2025	ended March 31, 2026
Profit	6,170	7,420
Other comprehensive income
Valuation difference on available-for-sale securities	(67)	1,087
Deferred gains or losses on hedges	1,672	1,594
Foreign currency translation adjustment	811	231
Remeasurements of defined benefit plans, net of tax Share of other comprehensive income of entities	(143)	382
accounted for using equity method Total other comprehensive income	1,642	3,379
Comprehensive income	7,813	10,800
Comprehensive income attributable to
Comprehensive income attributable to owners of 8,254 12,560 parent

Comprehensive income attributable to non-controlling interests

(440) (1,759)

For the fiscal year ended March 31, 2025

(Millions of yen)

	Shareholders' equity
	Share capital	Capital surplus	Retained earnings	Treasury shares	Total shareholders' equity
Balance at beginning of period	3,783	4,655	101,192	(9)	109,620
Changes during period
Dividends of surplus			(3,015)		(3,015)
Profit attributable to owners of parent			6,611		6,611
Purchase of treasury shares				(0)	(0)
Change in scope of consolidation					-
Restricted stock compensation	10	10			21
Net changes in items other than shareholders' equity
Total changes during period	10	10	3,596	(0)	3,616
Balance at end of period	3,794	4,665	104,788	(10)	113,237

	Accumulated other comprehensive income					Non-controlling interests	Total net assets
	Valuation difference on available-for-sale securities	Deferred gains or losses on hedges	Foreign currency translation adjustment	Remeasurements of defined benefit plans	Total accumulated other comprehensive income
Balance at beginning of period	1,600	413	4,044	62	6,122	21,047	136,790
Changes during period
Dividends of surplus							(3,015)
Profit attributable to owners of parent							6,611
Purchase of treasury shares							(0)
Change in scope of consolidation							-
Restricted stock compensation							21
Net changes in items other than shareholders' equity	84	1,765	(63)	(143)	1,642	335	1,978
Total changes during period	84	1,765	(63)	(143)	1,642	335	5,595
Balance at end of period	1,685	2,179	3,981	(80)	7,764	21,382	142,385

(Millions of yen)

	Shareholders' equity
	Share capital	Capital surplus	Retained earnings	Treasury shares	Total shareholders' equity
Balance at beginning of period	3,794	4,665	104,788	(10)	113,237
Changes during period
Dividends of surplus			(3,231)		(3,231)
Profit attributable to owners of parent			9,180		9,180
Purchase of treasury shares					-
Change in scope of consolidation			(33)		(33)
Restricted stock compensation	9	9			19
Net changes in items other than shareholders' equity
Total changes during period	9	9	5,915	-	5,935
Balance at end of period	3,803	4,675	110,704	(10)	119,172

	Accumulated other comprehensive income					Non-controlling interests	Total net assets
	Valuation difference on available-for-sale securities	Deferred gains or losses on hedges	Foreign currency translation adjustment	Remeasurements of defined benefit plans	Total accumulated other comprehensive income
Balance at beginning of period	1,685	2,179	3,981	(80)	7,764	21,382	142,385
Changes during period
Dividends of surplus							(3,231)
Profit attributable to owners of parent							9,180
Purchase of treasury shares							-
Change in scope of consolidation							(33)
Restricted stock compensation							19
Net changes in items other than shareholders' equity	666	1,747	581	383	3,379	1,904	5,284
Total changes during period	666	1,747	581	383	3,379	1,904	11,219
Balance at end of period	2,352	3,927	4,562	302	11,144	23,287	153,604

(Millions of yen)

	For the fiscal year	For the fiscal year
	ended March 31, 2025	ended March 31, 2026
Cash flows from operating activities
Profit before income taxes	8,864	11,646
Depreciation	30,253	22,746
Amortization of goodwill	206	263
Increase (decrease) in allowance for doubtful accounts	(592)	(809)
Increase (decrease) in provision for bonuses	(6)	438
Increase (decrease) in provision for bonuses for 30 10 directors (and other officers)
Increase (decrease) in provision for loss on guarantees	-	61
Increase (decrease) in net defined benefit asset and liability	(69)	(78)
Interest and dividend income	(92)	(109)
Capital costs and interest expenses	10,388	13,550
Share of loss (profit) of entities accounted for using equity method	(687)	(79)
Foreign exchange losses (gains)	(19)	4,374
Gain on bargain purchase	-	(257)
Loss (gain) on sale of investment securities	-	(436)

Loss (gain) on sale of shares of subsidiaries and

associates

43 (355)

Loss on liquidation of subsidiaries and associates 477 -

Loss on tax purpose reduction entry of non-current assets	-	268
Subsidy income	-	(268)
Loss on guarantees	-	379
Decrease (increase) in installment receivables	5,037	3,089
Net decrease (increase) in lease receivables and investments in leases	(22,635)	(76,453)
Decrease (increase) in accounts receivable - operating loans	9,730	(19,972)
Decrease (increase) in trade receivables	(1,746)	(5,137)
Decrease (increase) in purchased receivable-trade	(1,569)	(1,537)
Decrease (increase) in operational investment securities	(704)	(4,881)
Decrease (increase) in real estate for sale	(17,629)	7,156
Decrease (increase) in real estate for sale in process	(925)	(1,429)
Purchase of assets for lease	(37,745)	(27,719)
Proceeds from sale of assets for lease	3,289	3,559
Increase (decrease) in trade payables	2,221	8,960
Increase (decrease) in advances received-lease	(6,343)	16,457
Other, net	(1,556)	(4,785)
Subtotal	(21,778)	(51,347)
Interest and dividends received	148	973
Interest paid	(10,632)	(13,073)
Income taxes paid	(1,743)	(2,621)
Net cash provided by (used in) operating activities	(34,005)	(66,070)

(Millions of yen)

Purchase of shares of subsidiaries resulting in change in scope of consolidation

-

(15,479)

Repayments of payables under securitization of lease receivables

(483)

(420)

For the fiscal year ended March 31, 2025

For the fiscal year ended March 31, 2026

Purchase of investment securities

(30,987)

(32,072)

Proceeds from redemption of investment securities

19,205

11,985

Other, net

(3,311)

(69)

Cash flows from financing activities

Net increase (decrease) in commercial papers

(6,000)

4,000

Repayments of long-term borrowings

(178,645)

(159,114)

Proceeds from issuance of bonds

28,000

39,500

Dividends paid

(3,217)

(3,030)

Proceeds from share issuance to non-controlling shareholders

756

5,914

Dividends paid to non-controlling interests (690) (2,198)

Redemption of bonds (15,150) (20,000)

Net increase (decrease) in short-term borrowings 51,299 (33,103)

Net cash provided by (used in) investing activities (15,010) (29,502)

Proceeds from sale of investment securities 81 6,133

Cash flows from investing activities

Proceeds from long-term borrowings 229,750 223,947

Other, net 22 16

Net cash provided by (used in) financing activities 105,641 55,512

Effect of exchange rate change on cash and cash equivalents	(250)	(1,150)
Net increase (decrease) in cash and cash equivalents	56,374	(41,211)
Cash and cash equivalents at beginning of period	53,722	110,097
Cash and cash equivalents at end of period	110,097	68,886