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    Futoshi Sasaki • Nomura Securities Co., Ltd.

    Futoshi Sasaki's questions to ORIX Corp (IX) leadership

    Futoshi Sasaki's questions to ORIX Corp (IX) leadership • Q3 2025

    Question

    Futoshi Sasaki of Nomura Securities Co., Ltd. sought clarification on the new mid-term plan, questioning if the company is adopting a more conservative approach, why the plan's formulation seems delayed, and the specific rationale behind management's confidence in achieving an 11% or higher ROE.

    Answer

    Kazuki Yamamoto, Operating Officer in charge of IR, clarified that the new plan is not more conservative but employs a different, long-term back-casting approach rather than a simple 3-year projection. He stressed that achieving an 11%+ ROE is considered essential and requires aggressive capital recycling and a shift to asset management. This involves a more granular review of both new and existing portfolio items, which is why the detailed discussion is taking time. He assured that the company intends to communicate the new strategy as soon as possible.

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    Futoshi Sasaki's questions to Daiwa Securities Group Inc (DSEEY) leadership

    Futoshi Sasaki's questions to Daiwa Securities Group Inc (DSEEY) leadership • Q4 2024

    Question

    Futoshi Sasaki asked for guidance on the earnings outlook for the fiscal year ending March 2026, specifically if ordinary income could exceed JPY 200 billion. He also inquired if another large share buyback could be expected.

    Answer

    Kotaro Yoshida, Executive Managing Director and CFO, declined to provide a specific forecast but noted that while some areas face challenges, the Wealth Management business remains steady. He framed FY2026 as a step towards the medium-term target of JPY 240 billion. He clarified that the FY2024 result was closer to JPY 200 billion excluding a one-off goodwill factor. On future buybacks, he reiterated that the decision would be based on a comprehensive review of multiple factors.

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    Futoshi Sasaki's questions to Daiwa Securities Group Inc (DSEEY) leadership • Q3 2024

    Question

    Futoshi Sasaki from Nomura Securities asked for clarification on several financial details: the composition of the JPY 26.6 billion in non-operating revenues, the nature of gains from equity method investments, and the primary drivers behind the quarterly increase in the Wealth Management division's equity-related revenue.

    Answer

    Kotaro Yoshida, Executive, confirmed that the non-operating revenues included gains from both real estate asset sales and private equity investments. He explained that equity method gains come from minority investments where Daiwa has influence but not full control. He attributed the rise in Wealth Management equity revenue to strong performance in both primary markets, boosted by large IPOs, and secondary markets, particularly in foreign equities.

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