Ichigo (2337) Q4 2025 earnings summary

Executive summary

• Achieved record high cash earnings of JPY 38.6B (+15% YOY) and stock earnings of JPY 22.9B (+18% YOY), with all-in operating profit up 17% year-over-year, driven by real estate inflation and value-add strategies.

• Robust growth in hotel and asset management segments, with hotel & hotel AM cash earnings up 38% YOY and AUM up 12% to JPY 385B.

• Maintained a capital-efficient model, enabling simultaneous asset acquisitions, share buybacks, and dividend increases.

• Strong focus on sustainability, ESG financing, and shareholder returns, including increased dividends and flexible buybacks.

• Expanded segment reporting now includes Asset Management, Sustainable Real Estate, Ichigo Owners, Hotel, and Clean Energy.

Financial highlights

• All-in operating profit up 17% year-over-year to JPY 24,864 million; cash EPS up 12% to JPY 44.51.

• Net income rose 25.4% YOY to JPY 15.2B; EPS increased 29.6% to JPY 34.86.

• ROE at 14.1%, cash ROE at 18%.

• Dividend increased 17% YOY to JPY 10.5, with DOE at 4.1%.

• Share buybacks totaled JPY 5.5B (3.3% of shares), with a new JPY 5B buyback in progress.

Outlook and guidance

• FY26/2 guidance projects operating profit of JPY 19,500 million (+19.6% YOY), net income of JPY 16,000 million (+5.4%), and cash EPS of JPY 48.85 (+9.8%).

• Forecasts two consecutive years of record high cash earnings and three years of record high stock earnings.

• SRE and Ichigo Owners segments expected to drive growth; hotel and clean energy segments to see temporary declines due to rebranding and maintenance.

• Clean energy segment expected to decline due to maintenance and power purchase suspensions.

• Net income per share forecasted at JPY 38.13 (+9.4% YOY).