Hulic (3003) Q2 2026 earnings summary

Executive summary

• Operating profit rose to JPY80.3 bn (+7.0% YoY), ordinary profit to JPY70.8 bn (+6.4% YoY), and net income to JPY49.9 bn (+11.3% YoY); underlying ordinary profit increased 14% YoY, with comprehensive income up 27.5% YoY.

• Operating revenue for the six months ended June 30, 2026, rose 38.8% YoY to JPY416.6 bn, driven by stable leasing income and strong real estate sales.

• Three M&A and capital alliance transactions were completed, including the acquisition of SALOWIN and Tetsuryokukai, and an alliance with Farmind.

• A secondary offering increased foreign ownership to 20%, enhancing shareholder diversity and liquidity.

Financial highlights

• Operating revenue grew 38.8% YoY to JPY416.6 bn; operating profit up 7.0% YoY; ordinary profit JPY70.8 bn (+6.4% YoY); net income attributable to owners JPY49.9 bn (+11.3% YoY).

• EPS for the period was JPY65.82, up from JPY59.06 a year earlier.

• Total assets as of June 30, 2026, were JPY3,592.5 bn, up JPY86.4 bn from December 31, 2025.

• Net assets increased to JPY980.3 bn, with an equity ratio of 26.3%.

• Cash and cash equivalents at period end were JPY155.9 bn.

Outlook and guidance

• On track for an 18th consecutive year of record-high profit.

• Medium- and long-term plan targets operating profit of JPY260.0 bn in FY2029 and JPY380.0 bn in FY2036.

• Dividend payout ratio to be raised to 45% by FY2029.

• Full-year 2026 forecasts: Operating revenue JPY210.0 bn (+12.4% YoY), operating profit JPY185.0 bn (+6.9% YoY), profit attributable to owners JPY121.0 bn (+5.8% YoY), EPS JPY159.34.

• No changes to previously announced forecasts as business performance is proceeding as planned.