Integral Corporation, the Tokyo-listed buyout firm, told regulators its half-year profit attributable to shareholders reached ¥8.77bn for the six months to June, up from ¥1.70bn a year earlier, in a semiannual report filed with the Kanto Local Finance Bureau on August 12, 2026. Revenue for the period rose to ¥15.7bn from ¥4.96bn.
| Metric | H1 2026 (Jan-Jun) | H1 2025 (Jan-Jun) |
|---|---|---|
| Revenue | ¥15.7bn | ¥4.96bn |
| Profit before tax | ¥12.7bn | ¥2.89bn |
| Net profit attributable to owners | ¥8.77bn | ¥1.70bn |
| Gross investment return | ¥680mn | -¥237mn |
The gain traces to a run of completed exits inside Integral's private-equity funds. The firm's third-fund series sold its entire stake in M&I, the IT consultancy formerly known as Mamezou K2TOP Holdings, and separately sold out of Toyo Engineering through an on-market trade. Both sales triggered distributions to fund investors and let Integral book carried interest, its cut of profits above a return hurdle, as revenue. A fourth-fund holding, MUTOH Holdings, was also exited after Integral tendered its shares into that company's own buyback offer.
The private-equity segment carried the half, generating ¥14.0bn of revenue and ¥12.4bn of segment profit, up from ¥4.81bn and ¥3.66bn a year earlier. Gross investment return, a filing line that nets fair-value swings, realized gains, dividends and interest across the whole portfolio rather than tracking unrealized value alone, came to ¥680mn for the half, versus a ¥237mn shortfall in the same period last year. Integral said the value of its listed holdings rose with their share prices, while unlisted holdings lost ground as higher discount rates and weaker multiples at comparable listed peers pulled valuations down.
Away from the exits, Integral's real estate arm closed its first property fund, the Integral Real Estate No. 1 investment partnership, at ¥23.5bn in May. Management fees also shifted: the newest, fifth fund series contributed a full six months of fees for the first time, while fees tied to the third and fourth fund series fell as their investment balances shrank following the exits.
The half-year swing is a function of timing two large exits rather than a change in ongoing fee income, and investors should not assume the pace repeats.