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Daiwa House Industry Co (1925) investor relations material

Daiwa House Industry Co Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary13 Nov, 2025

Executive summary

  • Net sales for FY2025 2Q were ¥2,630.9 billion, down 0.8% year-over-year; operating income was ¥221.3 billion (-5.6%), and net income attributable to owners was ¥137.7 billion (-11.9%).

  • Declines were mainly due to reduced sales of development properties, higher SG&A expenses, and global economic uncertainty, though gross margin improved.

  • The company advanced its 7th Medium-Term Management Plan, focusing on evolving its revenue model and optimizing efficiency.

  • Upward revision of full-year forecasts: operating income +¥40 billion, ordinary income +¥31 billion, net income +¥17 billion.

  • Dividend forecast raised by ¥5, marking the 16th consecutive annual increase, with a commemorative dividend for the 70th anniversary.

Financial highlights

  • Gross margin ratio improved to 20.5% (excluding development property sales), up 0.6pt year-over-year.

  • Comprehensive income for the period was ¥89,769 million, a 60.8% decrease year-over-year.

  • Total assets increased to ¥7,364.7 billion as of September 30, 2025, up from ¥7,049.3 billion at the previous fiscal year-end.

  • Net assets rose to ¥2,742.9 billion, with a net assets ratio of 36.0%.

  • Cash and cash equivalents at period-end were ¥343.2 billion, down from ¥515.8 billion a year earlier.

Outlook and guidance

  • FY2025 full-year net sales forecast at ¥5,600.0 billion, up 3.0% year-over-year.

  • Operating income forecast revised to ¥510.0 billion, up ¥40 billion from previous guidance.

  • Net income forecast at ¥290.0 billion, up ¥17 billion from previous guidance.

  • Dividend per share forecast at ¥175, including a ¥10 commemorative dividend.

  • Excluding actuarial differences, operating income is expected to rise 14.6% year-over-year.

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Frequently asked questions

Daiwa House Industry Co., Ltd. is a Japanese construction and real estate development company. The company is involved in the design, construction, and sale of residential, commercial, and industrial properties. Its services include building single-family homes, rental apartments, logistics facilities, retail spaces, and office buildings. The company is headquartered in Osaka, Japan, and its shares are listed on the Tokyo Stock Exchange (TSE).

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