SBI Leasing Services Co., Ltd.
5834・Growth Market・Securities & Commodity Futures
Business
SBI Leasing Service is a specialty company under the SBI Group, established in 2017, whose core business is the formation and marketing of Japanese Operating Lease (JOL/JOLCO) funds targeting aircraft, vessels, containers, and similar assets. The company structures funds for corporate investors using voluntary partnership (任意組合) or anonymous partnership (匿名組合) arrangements, offering deals in which lessees include major airlines such as Emirates and Air France as well as leading shipping companies. With offices in Tokyo, Osaka, Fukuoka, Nagoya, Takamatsu, and Hiroshima, the company reaches corporate investors nationwide through 445 business matching partner firms (regional financial institutions, tax accountants, certified public accountants, etc.). In addition to its fund business, the company also operates the General Aviation Business (small aircraft and helicopters) and the Principal Investment Business.
Business Model
An SPC acquires aircraft and vessels by combining investor equity contributions with non-recourse loans from financial institutions (approximately 70% of the asset price), and leases them to airlines and shipping companies under operating leases. The Company receives fund formation fees, management fees, asset sales revenue, and sales commissions on anonymous partnership equity interests. For JOL Fund products, sales proceeds from selling aircraft to voluntary partnerships account for the majority of revenue, while for JOLCO Fund products, formation and sales fees are the main source of revenue. A key feature is the asset-light revenue structure, in which the Company does not hold the risk on its own balance sheet over the long term.
Company Strengths
The number of business matching contract partners expanded 2.5x over four years, from 179 companies at the end of FY2022 (ending March 2022) to 445 companies at the end of FY2026 (ending March 2026). Through contracts with regional financial institutions, securities firms, tax accountant and certified public accountant offices, and others, the company secures access to corporate investors nationwide. In FY2026 (ending March 2026), the sales amount of product contributions, etc. reached ¥126,930 million (up 22.5% year on year), demonstrating that the expansion of the partner network directly translates into sales capability.
Through collaboration with BNP Paribas, a global leader in ship finance, and the SBI Shinsei Bank Group, the company has continuously originated deals with controlled credit risk, such as an aircraft JOLCO Fund for Emirates, a JOL Fund for Air France, and ship JOLCO Funds for leading shipping companies. In FY2026 (ending March 2026), the product origination amount reached a record high of ¥407,195 million (up 28.2% year on year).
The company offers a diverse range of products combining JOL (without purchase option) and JOLCO (with purchase option), aircraft and vessels/containers, yen-denominated and dollar-denominated structures, and varying lease terms. In FY2026 (ending March 2026), the origination amount for JOLCO vessel and container products reached ¥220,359 million, up 18% year on year, achieving a diversified product mix that has moved away from a heavy reliance on aircraft.
ENVALITH's Perspective
Performance Trend
Revenue expanded from ¥39,572 million in FY2023 → ¥54,146 million in FY2024 → ¥41,916 million in FY2025 (down 22.6% year on year) → ¥64,257 million in FY2026 (up 53.3% year on year), showing an overall expansionary trend despite fluctuations driven by deal dependency. Meanwhile, operating profit rose for four consecutive periods, from ¥4,025 million in FY2023 → ¥5,310 million in FY2024 → ¥6,728 million in FY2025 → ¥9,730 million in FY2026, demonstrating the stability of profit growth independent of revenue fluctuations. The main drivers in FY2026 (ending March 2026) were the sale of 8 JOL Fund aircraft (versus 5 in the previous period) and sales of JOLCO Fund products exceeding the initial plan. Externally, sustained high levels of international passenger demand and elevated shipping market conditions supported the business environment. The operating profit margin declined slightly to 15.1% (from 16.1% in the previous period), but ROE improved to 22.5% (from 19.0% in the previous period), indicating an improvement in the quality of earnings.
Growth Strategy
Pursuing stable growth through building up JOLCO inventory, continued JOL sales, and diversification of fund procurement
Providing competitive products while maintaining sufficient inventory levels, and promoting the development and sales of high-quality customers together with strong partners. In FY2026 (ending March 2026), sales performance significantly exceeded the initial plan, with the balance of merchandise investment funds expanding to ¥76,363 million (up 47.5% year on year).
Continuing to structure, propose, and sell products that accurately capture investor needs. In FY2026 (ending March 2026), a cumulative total of 8 aircraft, including JOL products for Air France, were sold as originally planned. Also focusing on structuring deals with limited credit risk, including JOLCO products for Emirates.
To move away from a funding structure centered on short-term bank borrowings, issued ¥6,000 million in straight bonds in December 2025 and procured ¥10,100 million in long-term borrowings. Total fixed liabilities expanded to ¥25,396 million (up ¥15,597 million year on year), enhancing the ability to structure large-scale and multiple deals simultaneously.
Implemented a stock split at a ratio of 2 shares for every 1 share of common stock, effective April 1, 2026. By lowering the amount per investment unit, aims to improve stock liquidity and further expand the investor base. Total number of issued shares doubled from 7,963,600 shares to 15,927,200 shares.
Last updated: July 19, 2026