Ichigo (2337) Q1 2025 earnings summary

Executive summary

• All-in operating profit rose 119% year-on-year to JPY 5.88B, with cash net income up 30% to JPY 4.49B and revenue up 147.2% to JPY 25,096 million, reflecting robust business momentum.

• Record stock earnings and asset management growth, with AUM up JPY 25.6B and expansion into private REITs and global clean energy, including a 24.39% stake in GIGA.GREEN.

• Net income rose 146.8% year-on-year to JPY 3.59B, and comprehensive income increased 221.1% to JPY 4.28B.

• Launched generative AI solutions and expanded sports business through arena management.

• Focused on transparency, consistent disclosures, and long-term value creation.

Financial highlights

• All-in operating profit: JPY 5.88B (+118.5% YOY); recurring profit: JPY 5.38B (+213.3% YOY); net income: JPY 3.59B (+146.8% YOY); cash net income: JPY 4.49B (+29.6% YOY).

• Cash EPS increased 34% year-on-year to JPY 10.22, outpacing net income growth due to share buybacks.

• Total assets grew to JPY 378,498 million; shareholders’ equity ratio at 27.4%.

• Q1 asset sales: JPY 22.1B; stock earnings: JPY 5.4B (+7% YOY).

• Cash and cash equivalents at period-end increased to JPY 59,844 million.

Outlook and guidance

• Full-year FY25/2 guidance: operating profit JPY 16,000 million (+23.5% YoY), net income JPY 14,000 million (+15.6% YoY), EPS JPY 32.10 (+19.4% YoY).

• All-in operating profit forecast: JPY 24,000 million (+13.2% YoY); cash net income per share expected at JPY 42.42 (+6.8% YoY).

• Ichigo Residence Token AUM forecast: JPY 60B in FY25/2, JPY 100B in FY26/2.

• Targeting 100% renewable energy across operations by 2025.

• Anticipates continued robust hotel earnings and further growth in asset management and clean energy segments.