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The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
Ichigo
Ichigo (2337) investor relations material
Ichigo Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary14 Jan, 2026
Executive summary
Achieved record business profit for FY26/2 Q3, up 25% year-over-year, with EPS up 24% and cash EPS up 19%.
Revenue rose 27.6% year-over-year to JPY 73.0 billion, driven by robust real estate, hotel operations, and asset sales in prime Tokyo locations.
Operating profit increased 46.5% year-over-year to JPY 15.1 billion, and net income grew 18.3% to JPY 10.5 billion, reflecting higher rental income, hotel performance, and asset management fees.
Shareholder returns enhanced by JPY 15B cumulative buybacks and a 10% YOY dividend increase, with dividends raised for the fourth consecutive year.
Recognized for sustainability, selected as CDP Double A List company for climate change and water security two years in a row.
Financial highlights
Operating profit for Q3 was JPY 15,144M (+46.5% YOY); full-year forecast is JPY 19,500M (+19.6%).
Net income for Q3 reached JPY 10,525M (+18.3% YOY); full-year forecast is JPY 16,000M (+5.4%).
Business profit (core) for Q3 was JPY 19,031M (+25.4% YOY); full-year forecast is JPY 28,400M (+14.2%).
Cash net income for Q3 was JPY 13,612M (+13.5% YOY); full-year forecast is JPY 20,500M (+5.7%).
Total assets increased to JPY 444.0 billion (+9.2% vs. FY25/2-end), mainly due to real estate acquisitions and higher cash balances.
Outlook and guidance
On track for record FY26/2 earnings, with both stock and flow earnings expected to hit record levels.
Full-year business profit forecast at JPY 28.4B (+14.2% YOY), with strong growth in Ichigo Owners and SRE segments.
Full-year FY26/2 guidance maintained: Operating profit JPY 19.5 billion (+19.6% YoY), net income JPY 16.0 billion (+5.4% YoY), EPS JPY 38.13 (+9.4% YoY).
Dividend forecast raised to JPY 11.5 (+10% YOY), maintaining a progressive dividend policy.
Impact of expanded share buyback and cancellation
Reason for SRE operating profit decline despite revenue growth?
Role of ESG-linked loans in financial strategy?
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Next Ichigo earnings date
Q4 202617 Apr, 2026
Ichigo
Next Ichigo earnings date
Q4 202617 Apr, 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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