Hulic (3003) Q3 2025 earnings summary

Executive summary

• Achieved record-high profits for 3Q FY2025, with all profit items at new peaks and guidance revised upward.

• Operating revenue for the nine months ended September 30, 2025, rose 34.6% YoY to ¥424,218 million, with operating profit up 19.7% to ¥106,371 million and net income up 11.0% to ¥60,624 million.

• Growth was driven by stable leasing income from real estate, steady sales of real estate for sale, and robust performance in the hotels/ryokans segment due to strong inbound demand.

• Cumulative gross investment in 3Q exceeded JPY540.0 bn, with over JPY70.0 bn more expected in 4Q.

• Major completions include Hulic Ginza Building, Nihonbashi Center (urban data center), and Sapporo II.

Financial highlights

• Operating revenue for 3Q FY2025 reached JPY424.2 bn, up 34.6% YoY; operating profit JPY106.4 bn, up 19.7% YoY.

• Ordinary profit JPY91.6 bn (+12.1% YoY), net income JPY60.6 bn (+11.0% YoY).

• FY2025 annual guidance revised: operating revenue JPY710.0 bn (+20.0% YoY), operating profit JPY183.0 bn (+12.0% YoY), ordinary profit JPY170.0 bn (+10.1% YoY), net income JPY112.0 bn (+9.4% YoY), EPS forecast raised to 147.43 yen.

• Dividend plan revised upward to 60.0 yen per share for FY2025.

• Total assets as of September 30, 2025, were ¥3,411,686 million, up ¥362,750 million from December 31, 2024.

Outlook and guidance

• FY2027 ordinary profit target of JPY180.0 bn is within reach.

• Plan to achieve 17th consecutive year of profit growth and increase dividends for 17th straight year.

• Net investments of JPY930.0 bn planned over three years to sustain profit growth.

• Full-year 2025 forecast: operating revenue ¥710,000 million (+20.0% YoY), operating profit ¥183,000 million (+12.0% YoY), ordinary profit ¥170,000 million (+10.1% YoY), net income ¥112,000 million (+9.4% YoY), EPS ¥147.43.

• Dividend plan revised upward to ¥60.00 per share for FY2025.