FJ Next Holdings Co (8935) Q4 2025 earnings summary

Executive summary

• Net sales reached a record-high ¥112,429 million, up 12.0% year-over-year, with operating income of ¥9,488 million (+0.6% YoY) and net income of ¥6,483 million (+0.5% YoY).

• Sold 3,249 condominium units, setting a new record in the core real estate development business, with pre-owned condominium sales surging 47.1% year-over-year.

• Maintained No. 1 ranking in metropolitan area investment-type condominium supply for the fifth consecutive year.

• Dividend per share increased to ¥54, including ordinary, special, and commemorative dividends.

• Received major industry awards, including the Excellent Business Award and SUUMO Grand Prizes for quality and customer service.

Financial highlights

• Gross profit increased 2.3% YoY to ¥20,644 million; operating margin declined by 1.0pt to 8.4%.

• Net assets rose to ¥72,922 million, with an equity ratio of 69.1%.

• Cash and cash equivalents at period end decreased to ¥24,418 million, mainly due to increased inventories and negative operating cash flow.

• Net income per share was ¥198.11, up from ¥197.31 year-over-year.

• Total assets surpassed ¥100 billion, with low dependency on interest-bearing liabilities (17.3%).

Outlook and guidance

• FY2026 forecast: Net sales of ¥125,000 million (+11.2%), operating income of ¥9,600 million (+1.2%), net income of ¥6,600 million (+1.8%).

• Plan to sell 3,500 condominium units, including 375 in the Gala Residence series; operating margin expected at 7.8% amid rising raw material costs.

• Annual dividend forecast raised to ¥56 per share, up ¥2 YoY, reflecting a progressive dividend policy.