Mitsui Fudosan (8801) investor relations material

Executive summary

• Achieved record highs in revenue, operating income, business income, ordinary income, and net profit for the 9-month/third-quarter period, with all core segments contributing to year-on-year growth.

• Upward revisions to full-year forecasts for all major profit metrics, driven by strong property sales to investors and robust management segment performance.

• Fiscal 2026 profit targets are now expected to be achieved one year ahead of schedule.

• Share repurchase of ¥45.0 billion completed, with cancellation scheduled for February 2026.

• Comprehensive income surged 870.6% year-on-year to ¥190,387 million.

Financial highlights

• 9-month/3Q revenue: ¥1,981.8 billion, up 18.2% year-on-year; operating income: ¥302.6 billion, up 37.2% year-on-year; business income: ¥355.4 billion, up 57.8% year-on-year; ordinary income: ¥247.5 billion, up 43.1% year-on-year; net profit: ¥219.8 billion, up 52.7% year-on-year.

• EPS for 3Q FY2025: ¥79.43 (vs. ¥51.59 YoY).

• Full-year FY2025 forecast: revenue ¥2,700.0 billion, operating income ¥395.0 billion, business income ¥440.0 billion, ordinary income ¥305.0 billion, net profit ¥270.0 billion.

• Progress rates toward full-year guidance: 73.4% (revenue), 80.8% (business income), 81.2% (ordinary income), 81.4% (net profit).

• Dividend forecast for the year ending March 31, 2026, is ¥34.00 per share.

Outlook and guidance

• Full-year forecasts revised upward, with all major profit metrics expected to reach record highs.

• EPS CAGR expected at +11.5% (vs. FY2023 baseline), exceeding the 8% target; ROE target remains at mid-8% level.

• Interest-bearing debt projected at ¥4.7 trillion by fiscal year-end, revised due to FX changes.

• Dividend payout ratio around 35%; total payout return ratio over 50%.

• Fiscal 2026 business income and net profit targets expected to be achieved one year early.