Integral (5842) investor relations material

Executive summary

• Achieved strong revenue and profit growth in Q1 2026, driven by significant carried interest realization and fair value gains in the private equity and real estate segments.

• Robust investment and exit activity in private equity and real estate, including 1 new investment and 3 exits in PE, strategic alliances, and asset sales.

• Real estate business saw the final closing of Fund I, exceeding initial fundraising targets, and two new property acquisitions.

• GlobalTech Growth business completed two new investments, expanding its portfolio, but is not a reportable segment due to immateriality.

Financial highlights

• Q1 2026 revenue reached ¥13.6 billion, up from ¥6.0 billion in Q1 2025, mainly due to realized carried interest; another report states revenue at ¥11,283 million, up from ¥1,003 million last year.

• Profit attributable to owners rose to ¥11.2 billion from ¥0.6 billion year-over-year; another report shows ¥6,716 million, reversing a loss of ¥272 million.

• Carried interest realized in Q1 2026 was ¥8.9 billion, a substantial increase from zero in Q1 2025.

• Fee-earning AUM at ¥3,685 billion as of Q1 2026, with total AUM at ¥5,103 billion; another report lists AUM at ¥576.5 billion and fee-earning AUM at ¥378.9 billion.

• Basic EPS: ¥197.24 (loss of ¥8.08 last year); Diluted EPS: ¥192.47.

Outlook and guidance

• Targeting fee-earning AUM growth rate of 10–20% and fee-related revenue margin of 30–40%.

• Five-year average ROE goal of approximately 15% and target MOIC of around 3.0x for principal investments.

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

• Recurring profit/loss forecast for FY2026: Recurring expenses expected to rise 18.2% to ¥5,051 million; operating expenses up 27.6% to ¥5,615 million; one-time expenses up 350.8% to ¥564 million.

• The Group aims to expand AUM and maximize carried interest over the medium to long term.