Fuyo General Lease Co., Ltd.
8424・Prime Market・Other Financing Business
Business
Fuyo General Lease Co., Ltd. is a comprehensive lease company established in 1969 by the Fuyo Group, centered around Marubeni and Mizuho Bank. The corporate group consists of 233 consolidated subsidiaries and 16 affiliated companies, and operates three segments: leasing and installment sales of diverse assets such as information equipment, industrial machinery, aircraft, and real estate (Leasing and Installment Sales segment); money lending, securities investment management, and Anonymous Partnership (Tokumei Kumiai) Formation Business (Finance segment); and Environment & Energy, BPO, and Mobility (Other segment). The company's main customers are domestic and overseas corporate clients, and it is listed on the Prime Market of the Tokyo Stock Exchange. As of the end of March 2025, the operating asset balance reached ¥3,072,143 million.
Business Model
In the Leasing and Installment Sales segment, the company owns and manages leased assets, generating revenue from the profit differential between net sales and cost of sales (gross profit before deduction of cost of funds). In the Finance segment, the company accumulates financial income such as interest on loans, dividends received, and investment gains. In the Other segment, the company earns service fees from areas such as Environment & Energy, BPO, and Mobility. In FY2025 (ended March 2025), total gross profit expanded to ¥149,849 million (up 16.6% year on year), continuing an upward trend.
Company Strengths
Operating profit for FY2025 (ending March 2025) was ¥64,760 million (up 7.9% year on year), and ordinary profit was ¥69,036 million (up 1.0% year on year), both marking record highs. Ordinary profit, the key management target metric in the medium-term management plan, has renewed its record high for 8 consecutive periods, demonstrating stable earnings expansion capability.
The operating asset balance as of the end of March 2025 was ¥3,072,143 million (up 6.8% from the previous fiscal year-end). Leasing and Installment Sales accounted for ¥1,929,673 million and Finance for ¥1,109,628 million, forming the two main pillars. The Operating Lease balance for aircraft and Mobility/Logistics expanded to ¥990,028 million, reflecting progress in asset diversification and accumulation.
Backed by the credibility of the Fuyo Group, centered on Marubeni and Mizuho Bank, the company has 191 domestic and 42 overseas consolidated subsidiaries. It has local subsidiaries in the United States, Ireland, Hong Kong, Singapore, China, Thailand, and other locations, and operates global businesses including aircraft leasing, renewable energy, and EV-related businesses.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) reached ¥788,669 million (up 16.3% year on year), the highest level in the past five fiscal years, while operating profit fell to ¥40,542 million (down 37.4% year on year), ordinary profit fell to ¥38,249 million (down 44.6% year on year), and profit attributable to owners of parent fell sharply to ¥21,565 million (down 52.4% year on year). The main cause was a total of approximately ¥28,278 million in losses recognized in connection with concerns over the collectability of receivables related to the European renewable energy business. External factors, including an increase in interest expenses (from ¥2,942 million to ¥4,320 million) associated with rising domestic interest rates and the recognition of a ¥1,737 million loss on equity-method investments, also weighed on profit. For FY2027 (ending March 2027), the company expects a substantial recovery, forecasting operating profit of ¥70,000 million and net profit of ¥48,000 million.
Growth Strategy
Pursuing sustainable growth through concentrated investment in seven business areas under 'Fuyo Shared Value 2026'
Finance contract execution volume, including Medical & Long-Term Care Receivables Factoring, expanded rapidly in FY2026 (ending March 2026) to ¥1,629,640 million (up 24.0% year on year). The business loan balance also reached ¥498,982 million (up 30.5% from the end of the previous fiscal year); however, a significant profit decline occurred due to issues related to European renewable energy receivables, making the strengthening of credit management a key challenge.
Operating Lease contract execution volume continued to expand, reaching ¥254,982 million (up 21.1% year on year). Through diverse leased assets including aircraft, transport equipment, and real estate, the rental asset balance increased to ¥1,074,174 million (up 3.4% from the end of the previous fiscal year), contributing to the strengthening of the medium-term earnings base.
M&A activities such as CB Holdings (Healthcare Services, consolidated in January 2025) and Wako Pallet (logistics, consolidated in March 2025) have expanded the business foundation of the Other segment. Other segment revenue in FY2026 (ending March 2026) continued to grow, reaching ¥66,093 million (up 18.6% year on year), with continued investment in the BPO/ICT and Mobility/Logistics areas as well.
With respect to receivables related to European renewable energy projects, primarily in Spain, the policy is to pursue recovery through sales to third parties and other means. Total losses of approximately ¥28,278 million had already been recognized in FY2026 (ending March 2026), and assessing the recoverability of remaining receivables while curbing additional losses is a prerequisite for achieving the FY2027 (ending March 2027) earnings forecast.
Last updated: July 17, 2026