Mizuho Leasing Company, Limited
8425・Prime Market・Other Financing Business
Business
Mizuho Leasing Co., Ltd. is a comprehensive leasing company established in 1969, with 250 subsidiaries and 24 affiliated companies as of the end of March 2026. Its business is organized into three segments—"Leasing & Installment Sales," "Finance," and "Others"—covering a wide range of assets including information-related equipment, real estate, industrial machinery, aircraft, ships, and environment and energy-related facilities. As an equity-method affiliate of Mizuho Financial Group and an equity-method affiliated company of Marubeni Corporation, it provides financial solutions for domestic and overseas corporate clients by leveraging the customer bases and networks of both groups. Operating asset balance reached ¥3,399,877 million, and total assets reached ¥4,175,256 million.
Business Model
In response to customers' capital expenditure needs, the company provides solutions through diverse means such as Finance Lease, Operating Lease, Installment Sales, loans, and equity investments, earning recurring income from lease payments, interest, dividends, and the like. In addition, it utilizes one-time income from the sale of leased assets (¥450,792 million in the current period) and the sale of cross-shareholdings, among others. Funding is achieved through a combination of financial institution borrowings (indirect funding of ¥2,337,035 million) and corporate bonds/CP (direct funding of ¥1,137,022 million), with a structure that secures spreads while managing interest rate risk through ALM operations.
Company Strengths
As an equity-method affiliate of both Mizuho Financial Group, Inc. (capital and business alliance since March 2022) and Marubeni Corporation (capital and business alliance since May 2024), the company can leverage the domestic and overseas customer bases and networks of both groups for its sales activities. Through joint investment in Aircastle Limited and collaboration with Marubeni in aircraft and overseas businesses, the company possesses a dual alliance structure that is difficult for competitors to replicate in a short period.
The company holds operating assets diversified across property types, schemes, and regions, comprising ¥1,963,160 million in Leasing & Installment Sales, ¥1,282,881 million in Finance, and ¥153,835 million in Others. Diversification across varied asset classes such as real estate, aircraft, ships, renewable energy, and IT equipment underpins earnings stability against fluctuations in any specific segment.
Against the Mid-Term Management Plan 2025 non-financial target of "1GW of renewable energy power generation capacity," the company achieved 1,185MW as of the end of fiscal 2025. Through securing power sources via ML Power Co., Ltd. and others, the completion of the tender offer for Japan Infrastructure Fund, Inc. (January 2026), and the start of commercial operation of the Takeo storage battery facility (March 2025), the company has been accumulating real assets and operational know-how in the renewable energy infrastructure business.
ENVALITH's Perspective
Performance Trend
Revenue for FY2026 (ending March 2026) reached a record high of ¥921,592 million (up 32.5% from ¥695,423 million in the prior period), representing an expansion of approximately 66% compared to FY2022. On the other hand, operating profit declined 8.8% to ¥44,674 million from ¥48,966 million in the prior period. Net profit reached a record high of ¥47,609 million (up 13.3% from ¥42,038 million in the prior period), but this was the result of contributions from non-operating income items such as equity in earnings of affiliates of ¥22,464 million and gains on sales of securities. As an external factor, funding costs and interest expenses associated with rising interest rates surged to ¥41,228 million (from ¥30,634 million in the prior period), putting pressure on spread income. Note that corrections to the figures in the cash flow statement and segment information were announced on June 4, 2026, with the corrected operating cash flow of -¥18,413 million and investing cash flow of -¥106,661 million now standing as the official figures.
Growth Strategy
Aiming for dramatic growth through portfolio management across three domains—Core, Growth, and Frontier—and alliance strategy
Promoting continuous accumulation of domestic Leasing & Installment Sales and real estate Operating Lease balances by leveraging the networks of the two major groups. In FY2026 (ending March 2026), sales in the Leasing & Installment Sales segment reached ¥863,595 million (including internal transactions), and revenue generation through portfolio rebalancing utilizing lease asset disposal income of ¥450,792 million continued.
Promoting aircraft finance collaboration with Aircastle Limited through the partnership with Marubeni, expanding Real Estate Finance balances (real estate industry ratio in loan balances at 41.42%), and accumulating investments and loans for renewable energy. Finance segment assets reached ¥1,718,718 million.
Achieved 708MW of renewable energy power generation facility capacity (target: 1GW) through ML Power Co., Ltd. and others. Grid-connected storage battery station began operation in March 2025, and the tender offer for Japan Infrastructure Fund Investment Corporation was successfully completed in January 2026, advancing the expansion of the infrastructure business scale.
Raised the equity stake in Mizuho RA Leasing Pvt. Ltd. to 87.6%, launching full-scale leasing business in the Indian market. Aiming to establish first-mover advantage in emerging Asian markets.
Entering the equity investment and fund business through the newly established Mirise Capital Co., Ltd., aiming to diversify revenue sources in addition to the traditional Leasing & Finance business. Positioned as a Frontier field under the Medium-Term Management Plan, with active allocation of management resources planned.
Last updated: July 19, 2026