Integral (5842) investor relations material

Executive summary

• 9M FY2026 revenue rose to ¥20,311mn from ¥8,939mn; operating income reached ¥16,097mn and profit attributable to owners was ¥11,060mn.

• Growth was led by higher PE carried interest and investment returns, alongside stronger Real Estate results.

• PE remained the largest business as Real Estate and GlobalTech Growth expanded through new investments and portfolio growth.

Financial highlights

• 9M revenue was ¥20,311mn versus ¥8,939mn; operating income was ¥16,097mn versus ¥5,760mn, and profit before tax was ¥16,058mn versus ¥5,774mn.

• Profit for the period was ¥11,082mn, including ¥11,060mn attributable to owners; basic EPS was ¥324.59 versus ¥107.96.

• Carried interest revenue rose to ¥10,983mn from ¥1,364mn; gross investment return increased to ¥3,389mn from ¥1,770mn.

• Recurring revenue increased to ¥5,932mn from ¥5,800mn.

• Operating cash flow was ¥8,290mn versus ¥5,572mn used a year earlier; cash and cash equivalents reached ¥31,494mn.

Outlook and guidance

• No full-year earnings forecast was issued because results depend on market conditions, investment and exit opportunities, and fair-value movements.

• FY2026 reference forecasts: fund management fees ¥7,579mn, management support fees ¥381mn, recurring expenses ¥5,051mn and one-time expenses ¥564mn.

• Nine-month one-time expenses were ¥730mn, exceeding the FY2026 reference forecast after carried-interest realizations exceeded expectations.

• FY2026 annual dividend forecast remained ¥37 per share, comprising ¥18.50 interim and ¥18.50 year-end.

• Targets include FE AUM growth of 10–20%, fee-related revenue margin of 30–40%, 5-year average ROE of ~15%, DOE of 2% and ~3.0x return on principal investments.