Integral (5842) investor relations material

Executive summary

• Revenue for the six months ended June 30, 2026, was ¥15,699 million, up from ¥4,955 million year-over-year, driven by realized carried interest from private equity exits and strong real estate asset revaluations.

• Profit attributable to owners rose to ¥8,788 million in Q2 2026 from ¥1,699 million in Q2 2025.

• Continued expansion across three business pillars: Private Equity, Real Estate, and GlobalTech Growth, with active investments, exits, and team growth.

• Transition to a group management structure scheduled for October 2026 to optimize capital allocation and manage conflicts as asset classes expand.

• Significant increases in fair value changes, management fees, and carried interest contributed to the results.

Financial highlights

• Profit before income taxes was ¥12,674 million, up from ¥2,893 million year-over-year.

• Basic earnings per share rose to ¥257.32 from ¥50.32, and diluted EPS to ¥251.53 from ¥48.22.

• Total assets increased to ¥99,842 million from ¥83,303 million at the previous year-end.

• Fee-earning AUM as of June 30, 2026, was ¥3,789 hundred million, and economic net worth was ¥857 hundred million.

• Interim dividend of JPY 18.50 per share declared, with FY2026 forecasted annual dividend of JPY 37.00 per share.

Outlook and guidance

• Fee-earning AUM growth rate targeted at 10–20% annually, with a fee-related revenue margin of 30–40%.

• Five-year average ROE targeted at approximately 15%, with a dividend on equity (DOE) of 2%.

• MOIC target for principal investment set at approximately 3.0x.

• No formal earnings forecast provided due to high dependency on market conditions and fair value estimates.

• Reference recurring profit/loss forecasts for FY2026: fund management fees ¥7,579 million, management support fees ¥381 million, operating expenses ¥5,615 million, one-time expenses ¥564 million.