HASEKO (1808) Q4 2025 earnings summary

Executive summary

• Net sales for FY2024 rose 7.6% year-over-year to 1,177.4 billion yen, a record high, driven by growth in construction contracts and real estate sales.

• Operating profit declined 1.2% year-over-year to 84.7 billion yen due to higher SG&A expenses.

• Ordinary profit was flat at 83.4 billion yen, while net income attributable to owners of parent dropped 38.5% to 34.5 billion yen, mainly due to extraordinary and impairment losses.

• Orders received (non-consolidated) hit a record 586.6 billion yen, up 9.3% year-over-year, led by private-sector condominiums.

• Comprehensive income decreased to 44.5 billion yen from 79.0 billion yen year-over-year.

Financial highlights

• Gross profit increased 3.7% year-over-year to 166.5 billion yen; gross profit from real estate sales rose 10.8%.

• Operating profit margin decreased from 7.8% to 7.2% year-over-year.

• ROE fell from 11.6% to 6.6% year-over-year.

• Cash and cash equivalents at period end decreased by 47.7 billion yen to 235.8 billion yen.

• Annual dividend per share set at 85 yen, with a forecast of 90 yen for the next fiscal year.

Outlook and guidance

• FY2025 net sales forecasted to rise 4.5% year-over-year to 1,230.0 billion yen; ordinary profit to increase 1.9% to 85.0 billion yen.

• Net income expected to rebound 59.7% to 55.0 billion yen; ROE projected to recover to 10.2%.

• Orders received (non-consolidated) forecast to reach 620.0 billion yen, a third consecutive record.

• Annual dividend per share planned at 90 yen for FY2025, up 5 yen year-over-year; total payout ratio expected at ~80% with a 20.0 billion yen share buyback.

• Non-consolidated net sales expected to rise 2.7% to 800.0 billion yen, with profit up 33.4% to 50.0 billion yen.