Ichigo (2337) Q2 2026 earnings summary

Executive summary

• Business profit rose 60% year-over-year in H1 FY26/2, with cash EPS up 52%, driven by strong real estate and hotel performance and robust stock and flow earnings across segments.

• Net income reached JPY 8.6 billion (+60.7% YoY), with EPS projected at JPY 38.13 for the full year, supported by share buybacks and a progressive dividend policy.

• Record business profit is forecasted for FY26/2, underpinned by a diversified and sustainable business model and strong market demand.

• Clean energy initiatives and diversification into new sources, including biomass and battery storage, are expanding, supporting sustainability goals.

• Shareholder value initiatives included a JPY 5 billion share buyback and a dividend increase for the fourth consecutive year.

Financial highlights

• Operating profit: JPY 11.3 billion (+64.3% YoY); business profit: JPY 15.1 billion (+60.2% YoY); recurring profit: JPY 9.0 billion (+62.9% YoY).

• Net income: JPY 8.6 billion (+60.7% YoY); cash net income: JPY 11.0 billion (+45.5% YoY).

• EPS (basic): JPY 20.56 (+68.0% YoY); cash net income per share: JPY 26.31 (+52.1% YoY).

• Total assets: JPY 420.2 billion (+3.3% vs. FY25/2-end); net assets: JPY 124.3 billion (+1.3%).

• Cash and cash equivalents at period-end: JPY 47.1 billion, up JPY 4.5 billion from prior year.

Outlook and guidance

• Full-year FY26/2 forecast: operating profit JPY 19.5 billion (+19.6% YoY), business profit JPY 28.4 billion (+14.2%), net income JPY 16.0 billion (+5.4%), cash net income JPY 20.5 billion (+5.7%).

• EPS forecast: JPY 38.13 (+9.4% YoY); cash net income per share: JPY 48.85 (+9.8%).

• Dividend per share forecast raised to JPY 11.5, with a DOE target of 4% or above.

• ROE projected at 14.0%, cash ROE at 17.9%.

• Security token and portfolio sales anticipated in the second half, with strong prospects for further growth.