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Ichigo (2337) investor relations material
Ichigo Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary14 Oct, 2025
Executive summary
Business profit rose 60% year-over-year in H1 FY26/2, with cash EPS up 52% and net income up 60.7%, driven by strong real estate and hotel performance and robust business environment.
Full-year net income forecast is JPY 16 billion (+5.4% YoY), with EPS projected at JPY 38.13 (+9.4% YoY), supported by share buybacks and a progressive dividend policy.
Record business profit is forecasted for FY26/2, underpinned by a diversified and sustainable business model and strong segment performance.
Clean energy initiatives and diversification into new energy sources, including biomass and battery storage, are expanding, supporting sustainability goals.
Shareholder value initiatives included a JPY 5 billion share buyback and a dividend increase for the fourth consecutive year.
Financial highlights
Operating profit: JPY 11.3 billion (+64.3% YoY); business profit: JPY 15.1 billion (+60.2% YoY); recurring profit: JPY 9.0 billion (+62.9% YoY).
Net income: JPY 8.6 billion (+60.7% YoY); cash net income: JPY 11.0 billion (+45.5% YoY).
EPS (basic): JPY 20.56 (+68.0% YoY); cash net income per share: JPY 26.31 (+52.1% YoY).
Total assets: JPY 420.2 billion (+3.3% vs. FY25/2-end); net assets: JPY 124.3 billion (+1.3%).
Cash and cash equivalents at period-end: JPY 47.1 billion, up JPY 4.5 billion from prior year.
Outlook and guidance
Full-year FY26/2 forecast: operating profit JPY 19.5 billion (+19.6% YoY), business profit JPY 28.4 billion (+14.2%), net income JPY 16.0 billion (+5.4%), cash net income JPY 20.5 billion (+5.7%).
EPS forecast: JPY 38.13 (+9.4% YoY); cash net income per share: JPY 48.85 (+9.8%).
Dividend per share forecast raised to JPY 11.5, with a DOE target of 4% or above.
ROE projected at 14.0%, cash ROE at 17.9%.
Expectation to be net sellers over the full year, with more capital available for share buybacks and continued dividend increases.
Clean Energy profit decline: What caused it?
Interest rate risk management strategy?
Rationale for DOE dividend policy?
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Q3 20268 Jan, 2026
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Frequently asked questions
Ichigo Inc. is a Japanese real estate and sustainable infrastructure company focused on asset management, real estate development, and renewable energy. The company manages a portfolio of commercial properties, including office buildings and retail spaces, with a focus on generating stable, long-term income through value-enhancing property management. Additionally, Ichigo Inc. invests in and operates solar energy plants across Japan. The company serves both corporate and individual investors, aligning real estate and clean energy initiatives. The company is headquartered in Tokyo, Japan, and its shares are listed on the Tokyo Stock Exchange.
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