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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 stock and flow earnings across segments.
Full-year net income forecast is JPY 16.0 billion (+5.4% YoY), with EPS projected at JPY 38.13 (+9.4% YoY), supported by share buybacks and a diversified, sustainable business model.
Record business profit is forecasted for FY26/2, underpinned by strong segment performance and sustainability initiatives, including a completed renewable energy transition.
Shareholder value initiatives included a JPY 5 billion share buyback and a progressive dividend policy, with dividends increased for the fourth consecutive year.
Clean energy initiatives and diversification into new energy sources, including biomass and battery storage, are expanding, supporting sustainability goals.
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).
Completed JPY 5B share buyback; dividend for FY26/2 up 10% YoY to JPY 11.5.
Total assets: JPY 420.2 billion (+3.3% vs. FY25/2-end); net assets: JPY 124.3 billion (+1.3%).
Outlook and guidance
Forecasting record FY26/2 business profit of JPY 28.4 billion (+14.2% YoY), operating profit JPY 19.5 billion (+19.6% YoY), and net income JPY 16.0 billion (+5.4% YoY).
EPS forecast: JPY 38.13 (+9.4% YoY); cash net income per share: JPY 48.85 (+9.8%).
Both stock and flow earnings expected to reach record levels, supporting strong cash generation.
ROE projected at 14.0%, cash ROE at 17.9%.
Plans to continue increasing dividends and allocate more capital to share buybacks as the balance sheet shrinks.
Clean Energy profit decline: What caused it?
Interest rate risk management strategy?
Rationale for DOE dividend policy?
Construction inflation: asset strategy impact
Future growth: preferred asset classes
Scaling the security token business
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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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