SBI Leasing Services Co., Ltd.

Business Details

The company group is a single-segment company centered on the origination and sales of operating lease funds (JOL, JOLCO) targeting large depreciable assets such as aircraft and vessels. The company organizes funds via anonymous partnership or voluntary partnership structures for corporate investors, earning fee and sales revenue through an asset-light business model. Through collaboration with BNP Paribas and SBI Shinsei Bank Group, among others, the company originates deals for major airlines such as Emirates and Air France, as well as leading shipping companies.

Recent Overview

Sales of 8 JOL aircraft and JOLCO sales exceeding the initial plan drove a 53% increase in net sales, with significant growth in both revenue and profit

In FY2026 (ending March 2026), the company sold 8 aircraft (up from 5 in the prior period) under JOL products, and JOLCO products also achieved sales performance that significantly exceeded the initial plan. Net sales reached ¥64,257 million (up 53.3% year on year), operating income reached ¥9,730 million (up 44.6%), and net income reached ¥6,051 million (up 37.9%), marking record highs across all profit line items. The fund origination amount was ¥407,195 million (up 28.2%), and the sales amount of fund contributions, etc. was ¥126,930 million (up 22.5%). As part of diversifying its funding sources, the company issued ¥6,000 million in straight corporate bonds in December 2025. Effective April 1, 2026, the company implemented a 1-for-2 stock split aimed at expanding its investor base. For FY2027 (ending March 2027), the company forecasts net sales of ¥66,000 million (up 2.7% year on year) and operating income of ¥10,400 million (up 6.9%).

Key Products

Growth Drivers

• Continued expansion of sales amounts through inventory buildup of JOLCO products and aggressive sales promotion (in FY2026 (ending March 2026), sales performance significantly exceeded the initial plan)
• Steady trend in aircraft leasing demand supported by the continued expansion of air passenger demand (particularly international routes)
• Sustained high shipping market conditions (route changes and longer voyage durations due to factors such as the situation in the Middle East supporting vessel prices and freight rates)
• Strengthened capability to originate high-quality deals through collaboration with BNP Paribas and SBI Shinsei Bank Group, among others
• Origination of deals with reduced credit risk targeting major airlines such as Emirates and Air France and leading shipping companies
• Responding to diverse customer needs through a varied product lineup combining JOL, JOLCO, aircraft, vessels, yen-denominated and dollar-denominated products, and short- and long-term structures
• Improved capability to simultaneously originate large-scale and multiple deals through diversification of funding sources (commercial paper, corporate bond issuance, long-term borrowings)
• Improved stock liquidity and further expansion of the investor base through a stock split (1-for-2, effective April 1, 2026)

Risks

• Interest rate rise risk: Continued Bank of Japan rate hikes and rising long-term interest rates may increase borrowing costs (interest expense of ¥1,230 million in FY2026 (ending March 2026), up from ¥877 million in the prior period), potentially worsening fund economics and profitability
• Foreign exchange risk: Sharp fluctuations in the yen (depreciation or appreciation) may affect investor decision-making, potentially causing delays in sales plans for JOL products, etc.
• Geopolitical risk: Risk of sudden changes in the aviation and shipping markets due to factors such as the situation in the Middle East and Ukraine, and risk of airline earnings deterioration due to rising fuel prices
• Aircraft manufacturer supply chain issues: Delays in new aircraft deliveries and parts shortages may affect deal origination and product supply
• Fundraising risk: Continued reliance on short-term borrowings (¥43,500 million) and commercial paper (¥3,000 million) poses a risk that necessary funds may become difficult to raise during financial market disruptions
• Deal dependency risk for JOL products: Since net sales fluctuate significantly based on the number of aircraft sold under JOL products (8 aircraft in FY2026 (ending March 2026) versus 5 in FY2025 (ending March 2025)), performance is subject to large period-to-period volatility
• Carbon neutrality response: Rising costs associated with new fuel-efficient vessels and environmental regulation compliance may affect the management of lessees, potentially impacting the asset value of leased property
• Talent acquisition risk: Given the highly specialized nature of the business, securing and retaining talented personnel may become a constraint on business growth