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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Ichigo
Ichigo (2337) investor relations material
Ichigo Q2 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2027 earnings summary14 Oct, 2026
Executive summary
H1 business profit rose 2.6% to ¥15.5bn; net income fell 1.9% to ¥8.5bn, while cash net income increased 9.8% to ¥12.1bn.
SRE, Ichigo Owners and AM growth offset weaker Hotel and Clean Energy earnings; acquisitions and existing-asset NOI growth helped cushion lower stock earnings.
FY27/2 guidance remains unchanged, targeting record business profit of ¥34bn, net income of ¥18bn and a ¥15.5 per-share dividend.
Financial highlights
H1 revenue fell 22.0% to ¥39.8bn, reflecting lower real estate sales after prior-year bulk residential sales; gross profit was ¥15.3bn versus ¥16.0bn.
Operating profit declined 5.7% to ¥10.6bn; recurring profit fell 1.0% to ¥9.0bn and net income fell 1.9% to ¥8.5bn.
Extraordinary gains rose to ¥4.9bn, including ¥3.0bn from affiliate-share sales and ¥1.9bn from SRE asset sales.
Business profit increased 2.6% to ¥15.5bn; cash earnings rose 2% to ¥22.6bn, comprising ¥12.5bn stock earnings and ¥10.0bn flow earnings.
Operating cash flow was -¥16.9bn, mainly reflecting a ¥22.9bn increase in real estate for sale; period-end cash was ¥39.2bn.
Outlook and guidance
FY27/2 forecasts: business profit ¥34.0bn (+21.2%), net income ¥18.0bn (+8.2%), EPS ¥45.13 (+12.5%) and cash net income ¥24.0bn (+30.1%).
Full-year cash EPS is forecast at ¥60.17 (+35.3%); record cash earnings of ¥47.8bn are expected, with flow earnings accelerating in H2.
FY27 stock earnings are forecast at ¥25bn, above the prior-year record ¥24.3bn and the ¥23.8bn embedded forecast.
H2 asset sales, including contracted transactions, support the outlook; the ¥400bn AUM target is aspirational and difficult to reach in H2.
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Latest events from Ichigo
- Business profit up 45% year-on-year, with record cash earnings and higher dividends forecast.2337
Q1 2027 - Record profit and dividend growth forecast, driven by real estate and sustainability gains.2337Q4 2026
- Record profit and revenue growth, expanded buybacks, and strong ESG leadership.2337Q3 2026
- Profits soared on real estate and hotel strength, with record forecasts and rising shareholder returns.2337Q2 2026
- Q1 profit fell, but strong segments and asset sales support a record full-year outlook.2337Q1 2026
- Stock earnings up 11% YoY, revenue up 37%, and a JPY 6B share buyback announced.2337Q2 2025
- Operating profit up 119% year-on-year, led by record earnings and robust real estate growth.2337Q1 2025
- All-in operating profit up 17% and net income up 25.4%, with record cash earnings.2337Q4 2025
- Record stock earnings and 49% revenue growth offset profit dip, with higher dividend and buybacks.2337Q3 2025
Next Ichigo earnings date
Q3 202714 Jan, 2027
Ichigo
Next Ichigo earnings date
Q3 202714 Jan, 2027
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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.