Hulic (3003) investor relations material

Executive summary

• 9M 2026 revenue was ¥574,725 million, up 35.4% YoY; operating profit was ¥120,503 million, up 13.2%, ordinary profit ¥101,098 million, up 10.4%, and net income attributable to owners ¥69,470 million, up 14.5%.

• Excluding ¥4,814 million of additional goodwill amortization, operating profit was ¥125.3bn (+17.8%), ordinary profit ¥105.9bn (+15.6%), and net income ¥74.3bn (+22.5%).

• Stable leasing income and real estate sales supported growth; revised FY2026 guidance and dividend plan were announced October 28.

Financial highlights

• Operating revenue increased ¥150.5bn to ¥574.7bn; M&A contributions, hotels/ryokans and real estate sales supported growth.

• Operating gross profit was ¥210,411 million versus ¥173,210 million; SG&A was ¥89,907 million versus ¥66,838 million.

• Interest expenses increased ¥7.6bn YoY, reflecting front-loaded financing; profit before taxes was ¥102,071 million versus ¥93,100 million.

• Comprehensive income was ¥90,597 million, up 23.4%, including ¥19,648 million of other comprehensive income; EPS was ¥91.48 versus ¥79.79.

Outlook and guidance

• FY2026 guidance: revenue ¥900,000 million, operating profit ¥217,000 million, ordinary profit ¥190,000 million, net income attributable to owners ¥126,000 million and EPS ¥165.92.

• Annual dividend guidance rose to ¥70 per share, comprising ¥33.50 interim and ¥36.50 year-end, versus ¥62 for FY2025.

• All profit items are forecast to reach records for an 18th consecutive year of profit growth.

• Medium-term ordinary profit targets are ¥220bn in FY2029 and ¥300bn in FY2036; operating profit targets are ¥260bn and ¥380bn, respectively.

• FY2029 targets include ROE around 12% or higher, debt/EBITDA around 10x, net D/E in the high-1x range and a 45% dividend payout ratio.