Recycling capital

J-POWER sells electricity generated in Japan and purchased from the market, while its group transmission facilities support transfers between regions. Overseas, it combines long-term electricity contracts with sales of equity interests in developed projects. In the year ended March 2026, equity-method earnings associated with North American gas-power interests supported higher ordinary profit. Operating profit fell, and extraordinary losses also reduced final profit. Electricity sales, gains from equity sales and reassessments of equipment value appear at different stages of the accounts.

MUFG’s project-finance business includes originating loans and selling them to investors. The approximately 90% distribution figure for large AI data-center deals is limited to MUFG’s own share in projects it originated. Fees accounted for 45% of Americas gross profit in the year ended March 2026. Alongside funding and investment supported by domestic deposits, decisions about which assets to retain and where to allocate capital shape the banking group’s business.

Sekisui House undertakes construction, manages completed rental housing and sells developed property. All three Japanese business models increased operating profit in the year ended January 2026, offsetting the international decline. Shorter vacancies support rental management; customer proposals and project economics influence construction; transaction timing matters in development. The following year’s plan also changes segment classifications, so identically named profit lines cannot be compared without using the recast figures.

In the year ended March 2026, Mitsui Fudosan reported ¥2,709.7bn in group revenue and ¥397.8bn in operating profit. Its segments recorded revenue of ¥936.6bn from Leasing, ¥729.3bn from Property Sales, ¥511.5bn from Management and ¥244.1bn from Facility Operations; Other contributed another ¥288.3bn. Leasing was larger in revenue than Property Sales, yet Property Sales business income (¥193.2bn) exceeded Leasing (¥177.0bn) this year. The company-defined business income and consolidated operating profit are different accounting measures and require adjustments. From its origin in property management in 1941 through 1968 skyscraper and 1981 shopping-center development to a 2001 J-REIT, Mitsui Fudosan widened not just its assets but how it earns from them.

ORIX expanded from leasing equipment to businesses into operations and investment. FY2026 capital gains of ¥265.2bn measure profit; Cash In of ¥1.1tn and Cash Out of ¥800bn measure capital recoupment and new investment. Greenko’s ¥95.0bn includes sale and valuation gains. Decisions about what to own, where to take part in operations and when to recover capital connect the group’s varied businesses.